Student loan, basic information

 

Are you going to university while not having enough money to live? You don’t know if it will be possible to combine casual work with studies? Are you thinking about help in the form of a student loan? In the article we will try to describe what a student loan is. Why is it good to use it, and what are its weaknesses?

For whom student loan

For whom student loanFor whom student loan

“The right to receive loans is granted to students and doctoral students referred to in the Act of 27 July 2005 – Law on Higher Education (Journal of Laws of 2016, item 1842, as amended), who are civilians, provided they started their studies before the age of 25. Candidates for studies may also apply for a loan, but in order to sign a loan agreement they must confirm the status of a student or doctoral student in the bank. “

Guarantor in a student loan

Guarantor in a student loan

The best solution is to guarantee one of your parents. Such collateral will cause greater credibility and the bank will have no grounds to refuse credit. However, if the parents’ situation is not the best, they show no income or they have no job, you can get a loan secured. In the case of living in a rural area, the institution competent to issue guarantees is the Agency for Restructuring and Modernization of Agriculture.

Student loan repayment period

Student loan repayment period

The loan is intended for maintenance during the study period, the maximum payment period is 6 years. The overwhelming majority of students sign credit agreements for 3 years of undergraduate studies. The maximum period applies to students of uniform studies. In the case of doctoral studies, the maximum period for collecting a student loan is 4 years. A student or doctoral student receives monthly payments, so-called tranches for 10 months of the academic year.

The basic condition for receiving a loan is to have student status. The student is obliged to present his / her student ID to the bank every year, which confirms the continuation of studies. For foreign studies, a certificate of continuation of studies will be required. A student or doctoral student is also obliged to inform the bank about the situation of dropping out.

Why do companies offer free first loans?

Loan companies have a real paradise , which is why despite the changes in the regulations regarding maximum costs they are still extremely well. In recent years, a new Product literally appeared on the same market every day. Payday loan attract with accessibility, the option of obtaining it through the internet, without certificates or also that the capital can be thanks to technology, even in 15 minutes on the account. Thanks to this they are so common among the still extremely indebted society.

What are free payday loans and loans?

What are free payday loans and loans?

Free payday loans or loans are no different from the traditional versions we can take with private loan companies. Their mechanism of obtaining, the conditions to be met or paying off is the same as in a typical interest rate mode. To be able to receive them, first find the right company that offers such a promotion, then select it on the website and submit the application. After completing it and sending it, we are waiting for approval. When the loan or payday loan is given to us, we will receive an appropriate SMS or e-mail.

Who uses free payday loans?

Who uses free payday loans?

Free payday loans are a benefit for both parties. Profit on the part of the consumer is certain – he obtains additional cash without any special expenses, quickly and without time-consuming procedures, so while maintaining all relevant benefits. Meanwhile, it is easier for lenders to create a consumer base – it is because the huge probability that a consumer convinced by a free loan will be interested in the company’s services in the future. We rarely think about the fact that for non-bank companies, payday loans are an article with great danger. Additional expenses and commissions added to the sum of the loan are collateral for the company in the event of repayment problems.

Why do companies grant free loans?

Why do companies grant free loans?

Many consumers may wonder why non-bank loan companies are offering free loans. Is it worth it at all? In the case of free loans, we can talk about mutual benefit. The company draws the consumer’s attention with a promotional offer. The borrower receives the article without any special costs, while the creditor, in the meantime, establishes a bond with the contractor, and if he is satisfied, he can use the services of the company again. From the perspective of the company’s operation, granting interest-free loans is quite dangerous. It should be remembered, however, that in this way lenders create their own consumer base, which in the future they can offer next monetary items.

Which companies give the first loan for free

Which companies give the first loan for free

There are several companies offering the first loan for free. It is important, however, that we pay back such loans over time, because in other cases they will cease to be free and they will cost us a lot. There are a lot of huge rankings of loan companies on the Internet, but often several companies belong to the same organization, which is important when we take the first free loan.

Quick loans for important occasions, how to take loans wisely

The need for a sudden financial injection appears many times in every person’s life. The most important thing is that decisions about taking a quick loan are not taken lightly. A momentary impulse, which is the need for cash, will result in the subsequent consequence of paying high monthly installments. How to wisely manage short-term obligations for important life needs? Are quick loans always a good option? We will try to advise in what life situation such financing is necessary and in what situations it could be done in other ways.

When we are faced with the urgent need to get quick cash, there is also the temptation to waste money in an unnecessary way. Emotions that meet us in important moments of life effectively contribute to this. Therefore, the most important is planning and wise management of the funds obtained.

Cash loan for development and education

Cash loan for development and education

The best investment is an investment in yourself. This wise slogan works best if we invest in ourselves wisely. We have an idea for ourselves and there is nothing wrong with the fact that we obtain a bank loan for larger expenses to contribute to our development. Studies and a trip to a reputable foreign internship can significantly affect our subsequent employment, which will ensure multiple reimbursement of incurred costs.

Unfortunately, not all of us can afford 5 years of studies, during which we can focus only on education. A group of students studying for parents’ money and staying in a big city may feel elitist. Unfortunately, not every parent can afford to keep a child in a larger city, pay him everything. This is a considerable cost, renting a room, in a cheaper version of the dorm, daily expenses, those related to studies are from 1000-2000 USD per month. Of course depending on the child’s standard of living.

Student Loans

Student Loans

Student loans have been created for this purpose, which are a good option to help, however, their limits are relatively small. Certainly they are not enough for all costs of student functioning. Of course, there are also opportunities to choose extramural programs or evening schools that facilitate the acquisition of knowledge. A young man can work normally during the week and explore the secrets of knowledge in his free time. Many people do this successfully. Here, however, the problem arises that a person who does not yet have appropriate education will not find a very good job.

It may turn out that despite working full-time and earning a minimum national minimum, or slightly above it, the young man will still have a problem to be enough for everything. Here are the costs of tuition which is certainly not the cheapest. A separate field for polemics are the differences between renowned full-time and extramural studies. Certainly more students gain in full-time studies, where not only basic classes but also scientific circles, trips, internships prepare them to enter adult life.

The best solution seems to be a solution in which a young man attends full-time studies working on weekends. There is a lot of work for young people possible to perform in the weekend cycle, such as work in gastronomy, services. In addition, it is worth supporting a student loan , which is a loan with attractive terms.

As for taking loans for its development, the school works out when we have to incur higher expenses, such as training, travel, which significantly affect our attractiveness on the labor market. Specialized training, after which we are sure that we will get a raise or find a better job will definitely be worth applying for a loan . Foreign internship, admittedly free but allowing us to gain invaluable experience very similarly. A cash loan with a low installment guaranteeing that we won’t have a problem with its repayment will help us grow professionally.

A cash loan for a wedding, grand wedding anniversary or other occasion

A cash loan for a wedding, grand wedding anniversary or other occasion

It is no accident that Poles mention family as the greatest value. The family in Poland is the real foundation of society. We can be proud of this feature. A traditional Polish wedding, a grand party for the whole family on the occasion of the 25th wedding anniversary, is a real indicator of Polish families. Young people deciding to get married must take into account considerable expenses. Even if they would see this extraordinary event as an intimate celebration in the company of loved ones, the family and its influence can prevail.

Breaking out of the tradition of boisterous weddings may not be received well. Therefore, you will have to invite over 100 people, including an aunt from the other part of Poland, whom we haven’t seen for 10 years. Such a Polish mentality, in this case it seems apt to say “put yourself and put yourself”. Although it would probably make no difference to young people, a wedding cannot take place after cheapness in a firehouse or a folk house. The whole family will gather, so show yourself, preferably in the more expensive hotel ballroom. Price is not important, everyone’s eye will turn white when they see such a rich ceremony.

If only expenses related to the premises of the orchestra, cameramen and everything else can be covered from our own pocket, everything is “ok”. What if we don’t have such huge cash? After the wedding, is the amount collected from “envelopes” sufficient to cover all expenses? There is nothing to charm yourself. Not enough. Therefore, it is worth thinking in advance about a secure financial pillow, cheap cash loan so that your wedding day will be unique.

Reasonable key planning

Reasonable key planning

It is worth calculating the cost of the ceremony accordingly. Don’t kidnap one of the most expensive wedding orchestras or 10 violinists in the church. Let’s measure our strengths, let’s realistically assess our capabilities. It makes no sense to start living together with a high loan . It is definitely better to balance all the services we need. It is also worth thinking about a good, cheap cash loan in advance so that its future repayment would not be too burdensome for the home budget.

The principle of wise conduct also applies to other important family celebrations. Child’s communion, round wedding anniversary and more. If we can not afford the organization of communion for 80 people in an expensive place, let’s go as a gift for a child as a compromise. You can get financing, choose a cheaper place and a cheaper gift. It will not be something bad and we will not dig into a big loan, repaid over the next 5 years. Let’s not act under the influence of emotions, comparing how it was at other family events.

Additional costs planned

Additional costs planned

Remember to always reserve a small surplus. Damage that any of the guests will cause in the rented premises, additional not necessary cameraman services. It’s worth keeping some safe amount in store that we could use.

Even if we organize an event with a bank loan, and the surplus will remain, we can overpay the loan and thus have a lower installment. A good credit counselor will help you arrange this procedure wisely.

What is consumer credit?

 

According to the adopted regulations, consumer products are considered to be banking products as well as those offered by loan companies. The amount of the liability may not exceed 255 thousand dollar. Tegu type financial services must have a clearly defined contract. What is the difference between consumer credit and consumer credit? We invite you to read!

Consumer credit must be stipulated in the contract

Consumer credit must be stipulated in the contract

Consumer credit is regulated by the Act of May 12, 2011. According to the adopted regulations, the loan amount may not exceed 255 thousand dollar. Within the meaning of the adopted legal act, both a bank loan and a non-bank loan are considered as such a financial product. Important – this financial service must be stipulated in the contract. A consumer loan agreement is:

  • loan agreement,
  • loan agreement within the meaning of the banking law,
  • agreement on deferring the date of payment of the cash benefit to the consumer, if the consumer is obligated to bear any costs related to the deferral of performance of the benefit,
  • credit agreement, in which the creditor incurs a liability to a third party and the consumer undertakes to return the fulfilled benefit to the creditor,
  • revolving credit agreement (credit card).

Differences between a bank loan and a loan from a non-bank institution

Differences between a bank loan and a loan from a non-bank institution

Banks have a statutory obligation to check the BIK score of a potential customer. Loan companies do this voluntarily. It is worth noting that banking institutions attach great importance to financial liquidity.

If the borrower does not receive a sufficiently high salary and, which is even worse, is employed under a mandate or work contract, he may have considerable problems obtaining a loan. Interestingly, the amount of the bank loan depends not only on earnings, but also on the profession of the borrower. In the privileged group are lawyers and doctors.

Loan companies look kindly at the borrower’s credit history. Previous financial liabilities that have not been repaid on time should not affect the decision to grant the so-called repayable financing. However, you should be aware that loans without BIK do not currently exist. If a given loan company does not use the Credit Information Bureau databases, it cooperates with competing registers – eg ERIF or KRD.

In the case of non-banking sector products, the application procedure is maximally simplified. In online loans, the entire application process is done electronically. Money is received by transfer.

Consumer credit and consumer credit

Consumer credit and consumer credit

The basic difference between consumer and consumer credit is the fact that in the case of the former the customer must specify the purpose for which he incurs the commitment. Meanwhile, consumer credit money can be distributed voluntarily. To sum up, a car loan or an apartment loan is a consumer loan, while a quick payday loan is a consumer loan.

Consumer loan for a car – in a bank or a loan company?

Consumer loan for a car - in a bank or a loan company?

The consumer car loan is granted by both banks and loan companies. The banking offer can be used by people who have impeccable credit history and high earnings. On the other hand, loan companies offer their products to people without financial liquidity. Lite lender does not require income certificates. This is because the loan is bought and bought.

Borrower’s rights in the process of obtaining a bank loan

 

Everyday use of online banking, possession of banking products by the majority of society forces us to contact banking institutions. Contact can take place completely online, dealing with all matters via online banking, or visiting our bank’s branch in a traditional way. Due to this state of affairs, it is worth knowing what rights we have as borrowers or customers of banks. What are the responsibilities of the adviser we meet at the bank and what are the responsibilities of the bank itself. Knowledge will allow us to effectively enforce and exercise our rights. The rights of the borrower are not only the entries in the bank documents, but actually the rights due to us that are worth using!

What rights do you have that the bank must abide by, what obligations does the bank have towards the borrower?

What rights do you have that the bank must abide by, what obligations does the bank have towards the borrower?

When applying for a cash or consolidation loan, we can often act in a hurry. The bank is obliged to inform us about all the rules of the loan and its costs. However, despite the general information, sometimes we may not understand something or read what we see only after signing the loan agreement. The very process of signing a loan agreement in banks looks like we get dozens of pages written in fine print. How to read and understand exactly when in the facility, seeing more customers in the queue and adviser rush?

Withdrawal from the bank loan agreement up to 14 days

Withdrawal from the bank loan agreement up to 14 days

Therefore, a very good tool was created for borrowers which is the option of withdrawing from the loan agreement. At any time up to 14 days after signing the loan agreement, each customer may cancel it by returning the financing to the bank. This solution does not burden the customer, there are no additional fees. We simply give back how much we borrowed without taking into account commission or insurance fees. Furthermore, the customer is not required to provide a reason for resignation. This is his autonomous decision in which the bank does not interfere.

Withdrawal from the loan agreement can be a bit problematic if we consolidate our loans. If the loan funds are transferred by other banks to our liabilities it may no longer be possible to withdraw these instructions.

Document regarding fees as the basis for selecting an offer

Document regarding fees as the basis for selecting an offer

Each bank product, whether it is a ROR (Savings and Settlement Account) cash, consolidation loan or account limit must have a document regarding fees within a given product. A simple list of the costs we incur using the product proposed by the bank. Knowledge of this information will help us choose the cheapest loan or ROR.

Each bank employee is required to issue such a document to the customer before the customer signs a contract with the bank for any of these products.

It is the bank’s responsibility to provide reliable information. The loan that the client is trying to affect will affect his future, its repayment is the borrower’s next 10 years. It is even more important that the decisions taken by borrowers result from specific and reliable information, not the promises of a bank employee.

You don’t have to sign the loan agreement right away

You don

Analyzing the rights of the borrower, we can see that the bank also gives the opportunity to calmly think about how much the loan he proposes. Depending on the banks, there are different periods of validity for the generated contract to be signed by the customer. Averaging it can be from 7 to 14 days. So much time we can be sure that the loan agreement generated by the bank will be waiting for our signing. After this time, the bank may cancel the offer and you will need to re-apply for it.

Mortgages have different laws. Their scope is regulated by the Mortgage Act. For example, it imposes an obligation on the bank to take a credit decision within no more than 21 days of submitting the application. This means that the bank cannot deceive the customer for longer after asking for additional documents. He is obliged to make a decision in such the longest time. A rigid time frame makes it easier for borrowers to plan ahead.

In summary words:

We have only discussed some of the obligations imposed on banks. The ones we mentioned focused on the rights of borrowers and their possibilities. Knowledge of such factors, obligations of a bank or banking advisor will certainly help us when applying for a cheap cash or consolidation loan. It will avoid unpleasant disappointments when you accrue additional fees for using our bank account. Borrower’s rights, ie knowledge, are definitely the basis for applying for bank loans

Where can you get payday loans without verification?

Payday loans are financial products that even indebted people can apply for. Quick loans without bases are a minimum of formalities, usually you only need an ID card to get them. What is worth knowing about payday loans without BIK? Where can you get a loan online without a BIK?

Payday loans without BIK – or what?

Payday loans without BIK - or what?

Generally speaking payday loans are small loans, they are also called micro loans. The payday loan is usually up to several thousand dollars. You can take it for a short time from 14 to 60 days . It happens that some parabanks extend this time at the request of the customer who has problems with repayment.

Loans without BIK and KRD means that they are not subject to meticulous verification of the applicant, as is the case with bank loans. Loan companies do not check your credit history, they provide payday loans, regardless of whether someone has already had debts or not. The only requirement for such payday loans is the age of the customer. Most parabanks require that the applicant be 18 years old, although it is possible that this minimum age is raised to 21 years.

Payday loans without BIK – for whom?

Payday loans without BIK - for whom?

Most often these are payday loans for those in debt. They are taken by people who are already repaying obligations and need more money to cover their debts. Loans without bases are also taken by people who in the past had problems repaying loans or credits on time and have a negative credit history . Often, payday loans without BIK and KRD are taken by people without a steady source of income, the unemployed, students, etc. Unfortunately, this can lead to debts, because a person may not have the money to pay the payday payday on time, which will be charged additional costs.

Consolidation of payday loans – how does it work?

Many people who take loans online without BIK take another loan to pay off their debts . The only reasonable way out of this spiral of debt is to consolidate payday loans. It is a combination of several liabilities into one, the repayment period is extended and one installment is set in such amount that the indebted person is able to pay it off without a significant burden on the household budget.

Instantaneous pay without BIK – where to look?

Instantaneous pay without BIK - where to look?

Many parabanks offer payday loans without BIK. However, it is worth comparing offers and checking their parameters. Particular attention should be paid to the APRC, i.e. the cost of such a loan. Payday loans comparison websites, where loan companies offering commitments without BIK can be analyzed. It is also worth familiarizing with the offer terms and regulations before sending the application. Additional fees may apply . Such costs are usually associated with the loan being not repaid on time. These could be fees for sending reminders to pay back. As a last resort debt collection and court costs also appear if the customer does not repay the amounts due and there is no way to settle the obligations.

How to withdraw from a bank loan agreement?

Incurring credit obligations should be supported by an accurate reassessment of your situation and repayment options. The decision to take a cash or consolidation loan will affect us over the next few years. We cannot allow ill-considered funding to weigh on us for such a long period.

There are times when decisions about taking a loan are made under the influence of the moment or even the pressure of a bank employee. We sign an expensive loan agreement and only after a few days we find it too expensive that the competition offers much cheaper loans. What to do in that case? How to unscrew a loan we have already signed? We often hear these questions, so we invite you to read the entry

Consumer loan, withdrawal from the bank loan agreement

Consumer loan, withdrawal from the bank loan agreement

Banks are institutions very precisely regulated by legal acts. Thanks to this, the basis for withdrawing from a loan agreement can easily be found by everyone in public sources. The legal act that regulates the issue we are discussing is the Consumer Credit Act. (Journal of Laws 2019.0.1083 i.e. – Act of 12 May 2011 on consumer credit)

Consumer Credit Act, what does it mean?

Article 53 of this Act responds to all doubts raised by us

“1. The consumer has the right, without giving any reason, to withdraw from the consumer credit agreement within 14 days of the date of the contract. “

The article immediately tells us in what maximum time the person who obtained the loan can resign from it. In addition, it should be remembered that the date is determined by the date the document was sent, not delivered.

“3. At the conclusion of the contract, the creditor or credit intermediary is required to provide the consumer, on a durable medium, with a specimen declaration of withdrawal from the contract, indicating his name, surname (name) and address of residence (registered office). 

Why do we need a model withdrawal from a loan agreement?

Why do we need a model withdrawal from a loan agreement?

Every time we sign a loan agreement, whether it is with a bank adviser, broker or even online, we must receive a model withdrawal. The person who grants us the loan is obliged to inform us about the possibility of such resignation from the credit agreement we have signed. Withdrawal from the loan agreement within 14 days of its launch requires a special print. That is why the model withdrawal statement is so important.

The withdrawal also applies to other loans, such as mortgage or consolidation. It is slightly more difficult in the case of consolidation loans. When we close several of our liabilities, during these 14 days banks can already distribute the funds by counting them as closed loans. Then it is necessary to talk to the bank to withdraw the closed loans and return the funds.

Loan for pensioners, how to get a bank loan?

 

A person who receives a pension is not in the best income situation. The low amount, usually granted for a limited period, is not well perceived by banks. How do you get the largest amount of credit , paid for as long as possible? We invite you to read about lending to pensioners.

Lending to pensioners by banks

Lending to pensioners by banks

Seniors are a large group of borrowers. Despite the poor perception, banks have relatively high confidence in them, because the repayment of loans by older people is definitely better than by younger years. The amount of social pension in 2019 is around USD 1063. Such remuneration taken into account by banks will not cause high creditworthiness , but pensioners can get up to USD 30,000 in bank credit. An installment spread over 10 years will result in convenient repayment possibilities.

Purpose of loans obtained by pensioners

Purpose of loans obtained by pensioners

Contrary to appearances, the most common purpose of crediting pensioners is not medicine or ongoing fees. Relatively the most common reason for applying for a loan from people on a disability pension is to help the family. Indebtedness to renovate an apartment or house is also popular. Cash loans provided by the bank have no specific purpose. The borrower can use the obtained loan for any desired purpose.

Which banks lend to pensioners?

Which banks lend to pensioners?

Most banks have loans for pensioners. The most important is achieving the minimum income required by the bank. Income minima start at the level of 600-700 dollars, end up at 1.2 thousand dollars. The overwhelming majority of banks accept revenues of around USD 1,000.

An additional factor when crediting pensioners is the borrower’s age . It is worth remembering the available maximum age of the person applying for a loan in a given bank. Banks usually specify the maximum age that falls on the borrower’s last repayment installment.

The last no less important factor is the period for which the pension was granted . Some banks will be able to offer a loan for the duration of the annuity, others after demonstrating the continuity of the annuity, its renewal will be able to grant loans for up to 10 years.

Pension credit to the pensioner and credit history

Pension credit to the pensioner and credit history

Obtaining a bank loan for a survivor will certainly be easier if the borrower already has a credit history . Each timely regulated installment improves history, hence banks will be willing to borrow more money on better terms.

It is definitely better to apply for a loan from banking institutions. Loan companies are very happy to give loans to pensioners, but later pensioners have big problems with paying them back. It is recommended to ask an experienced credit broker for help. A professional credit broker will definitely help us get the cheapest available loan solution.