Mobile Bank loans cheaply for 10 years

People who borrow larger amounts often look for cash loans with the longest repayment period.

Many such bank customers assume that the installment should be as low as possible

cash loan

 

It is worth remembering that a long loan period does not exclude the possibility of paying back the debt earlier. Unfortunately, many domestic banks limit the repayment period of cash loans, e.g. to 7 years – 8 years.

Therefore, the “cash” market offer with the longest loan term (10 years) is quite poor. Fortunately, a new and very interesting proposal has recently appeared on the market. I am talking about a promotional cash loan from Mobile Bank .

The “cash” commission will be reduced by 50% or even 100% 

cash loan

 

The mentioned promotion of a cash loan from Mobile Bank deserves attention because it is very simple and devoid of “hooks”. It can be used by people who currently do not have and previously did not have a cash loan from Mobile Bank. As part of the promotion, which lasts until June 11, 2019, Mobile Bank offers such people much lower installments. The decrease in cash loan costs results from the reduction of the commission fee by:

  • 50% – in the case of a loan up to USD 50,000
  • 100% – for a loan of more than USD 50,000

If, apart from a reduced or zero preparatory commission, we take into account a rather low interest rate, then it turns out that the promotional cash loan Mobile Bank is one of the best offers on the entire market. Calculate the installment for yourself »

The customer will extend the loan for free or repay the debt early

cash loan

 

The promotional cash loan offer from Mobile Bank stands out not only with the low cost of borrowing funds. It is also worth remembering that the said bank offers a very different repayment period as part of a cash loan (from 3 months to 96 months / 120 months in the case of loans minimum value of USD 30,000).

The promotional loan from Mobile Bank will interest people who need both very small (minimum USD 500) and large amounts (maximum USD 150,000). Attention should also be paid to the option of choosing a repayment day and free extension of the loan period. Importantly, Mobile Bank does not charge any commission for early repayment of a cash loan.

This is an individual loan proposal prepared on the basis of the client’s previous cooperation with Mobile Bank – addressed to clients whose creditworthiness examined by the bank enables the granting of the requested credit limit.

This limit may be changed because its amount is updated on a regular basis. If the client is married without divorce, a loan above USD 70,000 gross (including costs credited) requires the consent of the spouse who he will sign in the facility. If we assess your creditworthiness positively, you will be able to receive a loan.

Categories
Uncategorized

Credit to finance supplier debt

Many companies are left with supplier debts, it is important to quickly find a solution to repay these debts and rebalance the accounts of the company. Learn more at lorrytrans.com

Supplier debt: principle and solutions

Supplier debt: principle and solutions

Supplier debt corresponds to one or more invoices received by the company from one or more suppliers. When these invoices are unpaid, they are designated as supplier debts. It is quite simply the gap which is noted between the purchase and the disbursement of the funds associated with it. The longer the payment period, the more the treasury will be optimal for the company, but suppliers must be paid in due time to avoid deterioration of the relationship. Note that the payment period is capped at 45 days.

It sometimes happens that a company is forced to face cash flow problems, which can impact supplier regulations and therefore lead to a tense relationship. It is important to quickly find solutions to restore the regulations on time and to maintain a good relationship with its suppliers, several solutions are to be considered such as professional loan.

Cash credit and supplier debt

Cash credit and supplier debt

Cash management is a key success factor for a business, it is important to maintain a positive professional bank account while having the capacity to settle all debts, including supplier debts, on time. Deadline negotiations can be started with suppliers, some of whom have become partners over the years, but it is important to find a solution to the treasury problem. Professional credit can be a solution to put the company’s financial situation in order.

In addition, it is important to specify that a bank overdraft is assimilated to a credit, but the cost can be more important for the company rather than to request a bank loan. Credit institutions precisely offer professional financing to allow the company to restore cash and honor its debts with its suppliers. It is obviously necessary to file a request and justify with certain documents (balance sheets) the financial situation of the company, this will quickly obtain a feasibility opinion.

Support you in financing your debts

Support you in financing your debts

The use of professional credit is one solution among many others but it is important to be accompanied by a brokerage firm with all the solutions in hand to allow society to find balance. Whether through supplier debts, through late payments or to fill a cash flow need, We are at your side to offer you tailor-made solutions, meeting your current needs and allowing you to rebalance the accounts. of your company. A first point can be made on the financial situation of the company, this allowing to better present the possible solutions and in particular the steps to be accomplished.

Refinancing a loan – what is it about?

As statistics show, loans are more and more willingly taken by Poles not only because of their easy availability but also due to favorable contract terms. Unfortunately, in each of us’ lives, there are various difficult situations, e.g. job loss or important expenses related to treatment. These types of factors disturb our home budget and may result in a lack of adequate funds to pay back the loan.

What is loan refinancing?

What is loan refinancing?

We help with refinancing the loan. What is loan refinancing? In short, it involves making another commitment, which we intend to spend on paying off previous debts. As you know, most payday loans are usually granted for a short period, e.g. 30 or 60 days.

It is also not possible to extend the repayment date, as is the case, for example, in the case of long-term loans. And even if such an option is available, it involves reporting information to Credit Checker and incurring additional costs. Loan refinancing takes a completely different form and is available to people who are debtors and have a bad history at Credit Checker.

Refinanced loan – what do you need to know about it?

Refinanced loan - what do you need to know about it?

We have already mentioned what refinancing a loan is about. A refinancing loan is nothing but a financial product proposed by non-bank companies. It enables repayment of earlier liabilities and very often may be associated with more favorable conditions than in the case of earlier loans.

Especially when we consider the interest and additional commissions that we have to pay for late payments of previous loans. The refinancing loan is most often chosen by clients from an offer of a different parabank than the one in which they took out payday loans. It is provided in exactly the same amount as the previous commitment, which we cannot cope with.

It is important here that the borrower does not receive funds into his bank account, and they are transferred directly to the company in which he has debts. It is a safe and reliable way to pay back the arrears. If you take a refinancing loan, it is obvious that we also receive a new repayment date.

How to apply for a loan refinancing?

How to apply for a loan refinancing?

People who want to apply for a refinancing loan should first pay attention to the offers available on the market. These types of services are becoming more and more popular, and loan companies are constantly introducing more and more favorable conditions for future clients.

It is not worth choosing the first offer from the edge, because it may turn out that we will miss the opportunity to receive really profitable conditions. Once we find an offer for ourselves, we can proceed to the application process. Contrary to appearances, it is not complicated, because all you have to do is submit an online form on the website of the selected parabank.

A lot of loan companies allow you to enter basic information on your site, such as the amount of the loan you have, and select the refinancing option, after which they speak to their clients by phone or email to make an offer.

Is refinancing a loan profitable?

Most of those who are thinking about taking out a refinanced loan is also thinking about whether this method is certainly more profitable than, for example, extending the repayment date?

It is worth mentioning here that many companies may charge an additional fee for such a service, but it is fixed in advance, and we receive information about its amount almost immediately after submitting a query on the website. There will also be a fee for taking a new loan. However, it is worth, to sum up, the costs in detail, because this option may, in turn, prove to be more advantageous.

Advantages of refinancing a loan:

  • A refinancing loan allows you to pay off your liabilities almost immediately. Thanks to this, we avoid contractual penalties and debt collector;
  • We get a new loan repayment date, so we have more time to collect the appropriate funds;
  • We do not need to complete a large number of formalities. The refinancing process runs smoothly and smoothly ;
  • Refinancing will not adversely affect the history of Credit Checker.

Disadvantages of a refinancing loan:

Refinancing has many advantages, but it doesn’t mean that it doesn’t have its drawbacks either. Definitely the disadvantages of a refinancing loan are:

  • additional costs that we will have to pay due to the longer term of the loan,
  • incurring refinancing fees (however, they are often lower than fines for late loan repayment).

Missselling activities in the case of non-bank loans

When planning a loan or using another financial service, you probably assume that before you will be thoroughly presented all the terms of the offer and the best solutions. Unfortunately, you may find a dishonest seller who will talk you into a service that completely does not suit your situation or even expose you to serious financial losses.

What is misselling?

What is misselling?

The word misselling comes from English and literally means misplaced sales. This concept appeared in Great Britain in the 1990s and initially concerned the sale of loans combined with insurance policies. Such policies were very expensive and in many cases did not provide any protection.

The sale of such products was therefore misguided because it did not meet the customers’ needs and in addition exposed them to unreasonable costs. Today, however, in response to the question of what misselling is, there are many more irregular actions taken against consumers. This phenomenon may consist of:

  • sales of financial products that are not suited to the needs and capabilities of customers,
  • deliberate misleading customers,
  • lack of reliable information on the sale of financial products, e.g. on all costs of the loan.

The above practices are on the verge of law and can be described as unfair behavior towards clients in order to achieve the highest possible profit.

Misselling and legal issues

Misselling and legal issues

The problem of misselling has been noticed in Poland many years ago, among others on the basis of numerous customer complaints about the activities of financial institutions, which they reported to the courts and the Office of Competition and Consumer Protection.

In order to provide them with better protection, amendments were introduced in 2016 to the Act of 16 February 2007 on competition and consumer protection. They relate to the phenomenon known as misselling – the Act in Art. 24 expressly prohibits the use of so-called practices infringing collective consumer interests such as:

  • offering consumers financial services that do not meet their needs,
  • sale of financial services in an inadequate manner to their nature,
  • failure to comply with the obligation to provide clients with reliable, true and complete information about a financial product.

Financial institutions are subject to specific sanctions for violating the above prohibitions, even fines up to the equivalent of 10% of turnover.

How does misselling work in practice?

bank

We can talk about misselling when the seller intentionally misleads the customer or hides important information from him in order to effectively sell him a product that does not meet his actual needs. In the case of financial services, it is not difficult to persuade you to use a given offer.

Sellers use here insufficient knowledge of customers about the principles of operation of individual solutions, especially those that are new and still not sufficiently widespread on the market. It is also quite easy to sell an unnecessary product to people who are in a difficult situation and are looking for a way to solve their problems.

A client who needs cash for rape will probably agree to use an additional service to increase his chances of getting a loan. In practice, you can meet with misselling both in a small financial intermediary office and in a branch of a reputable bank.

Unfortunately, the financial institution itself is not always behind dishonest practices, but simply a person who wants to earn the highest commission will do everything to achieve this goal, even by committing unethical actions.

Quick loan – what should you know about it?

Quick loan – what should you know about it? Quick loan – what is the reason for the short loan term? Who is the quick loan for? Great offers for quick loans Fast loans for free – conditions for granting them

Quick loans from the hands and allow you to repair your household budget in a short time. It is worth knowing where and how to obtain such loans on the most favorable terms.

Quick loan – what should you know about it?

Quick loan - what should you know about it?

The offer of loan companies operating in the non-banking segment is already well established on the Polish financial market. There is talk now slowly of the dominance of low-value cash loans in loan companies over cash loans in banks.

There is no doubt that quick loans that can be used in non-bank companies have many advantages. It’s the fastest way to raise extra money for any credit purpose, without leaving your home.

The entire process of applying for express loans can be done online. It is a convenient option for those who would like to raise additional funds at any time of the day or night.

One should know that online loans have simplified rules for applying for financing for clients. Therefore, you do not need to submit a stack of documents and certificates with your loan application.

Some loan companies declare that the loan will immediately go to the borrower’s account. A quick loan in 15 minutes is the most available, but it depends largely on how quickly the customer verifies his identity.

Quick loan – what is the reason for the short loan term?

Quick loan - what is the reason for the short loan term?

The high availability of fast loans over the internet means that many people can take advantage of them. The biggest advantage that a lot of borrowers pay attention to is the speed with which money can be withdrawn to the customer’s bank account. How is it possible that a quick loan for everyone goes to the borrower’s account on the same day he applied for the loan from the loan company?

Well, everything is related to the automated process of verification and evaluation of the loan application. Fast loans are mainly available on the internet for customers. All you have to do is submit a loan application and the employees of the loan company or the programming algorithm created for this purpose will check whether the client can be granted such an obligation.

Unlike banks, loan companies are not required to calculate the creditworthiness of potential customers or to control their data in the Credit Information Bureau.

The credit process may extend customer credibility checks in publicly available databases of Economic Information Bureaus, but it will not last too long. Banks have obligations arising from the recommendations of the Polish Financial Supervision Authority, while loan companies are not covered by them.

Who is the quick loan for?

Who is the quick loan for?

An instant loan online is the best and fastest way for consumers to get more money. Lenders, i.e. non-bank loan companies, offer quick loans that can be used in any way. The offer is directed to people who meet certain requirements, such as:

  • age – at least 18 years or more – some lenders only allow the possibility of granting a loan immediately to persons aged 21-23;
  • Polish nationality;
  • place of residence in the Republic of Poland;
  • no negative entries in Credit Checker, although not all loan companies reach for data from such offices when verifying the borrower’s creditworthiness;
  • having an account in a Polish bank, registered in your own name.

The customer must submit a complete loan application so that a quick instant loan can be finally granted. Some lenders require customers to declare their monthly income and expenses incurred at the same time to be able to calculate their estimated creditworthiness. On this basis, the lender determines whether the customer can afford the loan.

Great offers for quick loans

Great offers for quick loans

A quick loan for everyone is available in numerous loan companies operating on the Polish market. This creates a problem for potential customers because they do not know which offer is actually worth using.

When comparing proposals for quick non-bank loans, you must take into account not only their interest rate but all other costs. Loan companies may charge a commission for joining the committee, as well as other fees. Therefore, it can be concluded that a quick loan is indeed beneficial to the customer if its APRC is lower than for the other loan offers obtained by him.

APRC is the annual actual interest rate that reflects the total level of borrowing costs. The lower it is, the better for the borrower.

When comparing, it is also worth paying attention to the total cost of the loan or the total amount to be repaid. The comparison will make sense if we combine only such quick loans that have the same amount and repayment period.

Fast loans for free – conditions for granting them

In the search for the best offer for quick loans immediately we will come across free loans. In their case, a quick loan for 60 days can be granted completely free of charge. This is a very good offer, but only available to new clients of selected loan companies. A free express loan will be granted to a customer who has never borrowed in a given non-bank company before.

In addition, a quick instant loan will remain free of charge and the borrower will reimburse the loan company exactly the amount it has obtained if it is not late with paying it within the period specified in the loan agreement. Otherwise, the lender will be entitled to charge additional fees and commissions, including interest.

A quick cash loan is available at numerous online loan companies. Just submit a loan application and meet the conditions set by the lender to be able to reach even for a free instant loan.

Account credit limit – what is it and how does it work?

Before we move on to the more complex issue and explain how the credit limit works, we will first try to answer the basic question: what is the credit limit?

Simply put, it is an additional amount of funds available on your account that you can use if needed. The mere fact of granting a credit limit does not mean that you have to use it every month or use it immediately. You can use it according to your needs because these funds are available directly on your account in the form of debt.

How to get the limit?

How to get the limit?

Any adult who is a customer of a given bank (has an account or is a co-owner), has a regular income and lives on Polish territory can apply for the limit. You and the bank decide how high the personal account limit will be. This amount is usually calculated on the basis of your creditworthiness – first of all, regular inflows to your account are taken into account.

The limit may also be affected by additional factors such as seniority of the account or your possession of other financial products of this institution.

You can apply for a credit limit at a branch of a specific bank, or (in some cases) via electronic banking. If you do not have a limit yet, the bank usually prepares an offer for you, which is available online with a few clicks.

Credit limit – costs and commissions

In fact, you can apply for a credit limit on your personal account at any bank. This product is so popular that banks do not regulate what the customer will spend these funds on, as everyone has the right to use them at their own discretion. By default, the funds available within the credit limit should always be “on hand”. However, this privilege can cost a lot.

Account credit limit – fees

Account credit limit - fees

Fortunately, the mere possession of a credit limit does not involve additional fees. The bank only charges them when you start using it and only from the part you used. If we assume that your limit is USD 2,000 and you have used half of it, the commission will be calculated only on the USD 1,000 used.

The account limit is fortunately not as expensive as it may seem. It is also often more profitable than a cash loan. The interest rate on the limit is usually around 12 – 16%, while the APRC of cash loans is often 18%, and there are also more expensive offers.

The credit limit on personal and company accounts

An account with a credit limit is really everyday life among financial products. If you do not have a personal account yet or have not used the credit limit, you should think about which bank has prepared the best promotion in this area.

Banks wanting to attract new customers often offer them a limited account. This means that as a new customer of the bank and not using any financial products, you immediately receive a kind of trust loan and a credit limit is assigned to your account. Such an offer has been prepared.

The offers of other banks are also popular, where within the credit limit we can be given a really large sum. The Good Credit Bank has prepared a proposition for its clients: the Good Credit credit limit – up to USD 150,000 in additional cash.

If you are interested in large limits, you can also check the Fine Bank credit limit. The bank grants up to USD 50,000 limit, and currently, the “Welcome offer” promotion is underway, thanks to which you can use an individual credit line without a commission for granting the limit.

If we look deeper, we can see that E-Money has just prepared a spring promotion E-Money credit limit – up to 90 days without interest (APR 9.99%). In addition, he provided customers with a revolving loan calculator so that they can easily and quickly check all loan costs.

And what does the limit case look like for business accounts? It will be difficult to find a company account with a credit limit for starters, but it is not difficult to find a revolving loan offer that works in company accounts on the financial services market.

An example would be E-Money, which grants companies a limit from day 1, provided that the creditworthiness is assessed positively. Under this limit, you can get up to USD 150,000.

Credit limit – summary

Credit limit - summary

Credit limits are a good option for people who want to have a security cushion in case of unplanned expenses. When time plays a major role, you will not need to complete documents, apply for a loan, and wait for a decision.

The account limit can be dangerous, however, if at some point you overdo the expenses and the total credit limits exceed your monthly inflows. This will mean that you are unable to pay back the used limit on an ongoing basis, and the last option will be a consolidation loan.

Remember that if you belong to people who spend money very quickly and who have on their account, it is better to give up the limit at all. Late repayments, apart from additional costs, also generate additional problems.

Failure to meet the repayment deadline will definitely be recorded in the Credit Information Bureau and will have a direct impact on your creditworthiness.

Therefore, if you really need additional funds and you do not trust yourself in this matter, it is better to use a one-time cash loan instead of a revolving limit.

The interest rate on the loans will change?

Only persons dealing with civil law know that from the beginning of 2016 new regulations regarding statutory interest, statutory interest for delay, maximum interest and maximum interest for approx. We are talking about interest which is calculated as remuneration for the use of someone else’s money or Check penalty points online.

Penalty for late payment of obligations

Penalty for late payment of obligations

Despite the introduction of new regulations on at the beginning of January 2016, the maximum interest rate on liabilities did not increase and still amounts to 10.00% per annum.

Changes in loan conditions are more visible when the VVBC reference rate is adjusted for the first time (currently: 1 , 50%.) Therefore, it is worth carefully presenting the new rules for calculating statutory and maximum interest.

For now, the January changes in regulations are beneficial for debtors

credit money loan cash

At the beginning it is worth mentioning that the principles set out in the Civil Code apply only to the interest rates on various obligations (e.g. loans and borrowings), and not to the total remuneration which the bank or lending company charges funds for making them available.

In the case of loans and advances to non-entrepreneurs (consumers), additional restrictions on non-interest costs have been in place since March 2016. They also relate to a fee for extending the repayment deadline during the first 120 days of transferring funds.

When it comes to changes in interest regulations, they seem to be quite beneficial for debtors. Compared to the end of December 2015, the maximum contractual interest rate did not change (10.00% per annum). It should also be noted that statutory interest and statutory interest for delay fell (from 8.00% / year to 5.00% / year and 7.00% / year).

Only a change in the maximum interest for delay will not necessarily please the debtors. Until January 1, 2016, the amount of such interest was not limited by the Civil Code, but courts often recognized that the standard maximum interest rate should apply (i.e. up to 10.00 %/year). After the January changes, the maximum amount of interest on delay was specifically set as 200% of statutory interest on delay (currently: 14.00% per annum).

The relationship between the “old” and the new interest limits will obviously change when the Monetary Policy Council announces an adjustment to the VVBC reference rate. It should be noted that the aforementioned rate now directly affects the level of statutory interest and statutory interest for delay.

Earlier, these rates were determined on the basis of the regulation, and the current amount of interest rates was only one of the criteria taken into account by the Council of Ministers.

Thanks to the new solution, economic turnover is more reliable and stable, because immediately after the change in the VVBC reference rate, a new level of statutory interest can be calculated (see the table below). It is worth mentioning that from January 1, 2016, new rules for determining interest rates in transactions relating to enterprises apply. The effect of this change is the setting of interest for delay charged between companies at 9.50% (VVBC reference rate + 8.00 percentage points).

Changes in interest rates on liabilities (from January 1, 2016)

Type of interest The amount and rules for calculating interest from January 1, 2016 (as at July 31, 2016) The amount and rules for calculating interest until January 1, 2016.
Statutory interest
(calculated when the parties did not specify debt interest in the contract)
VVBC reference rate + 3.50 percentage point
(current rate: 5.00% / year)
determined by ordinance of the Council of Ministers
(last rate: 8.00% / year)
Maximum interest
(highest possible interest rate on liabilities)
200% of statutory interest
(current rate: 10.00% / year)
400% of the VVBC lombard rate
(last rate: 10.00% / year)
Statutory interest for delay
(calculated when the parties did not specify interest for delay in the contract)
VVBC reference rate + 5.50 percentage point
(current rate: 7.00% / year)
determined by ordinance of the Council of Ministers
(last rate: 8.00% / year)
Maximum interest for delay
(highest possible interest rate on arrears)
200% of statutory interest for delay
(current rate: 14.00% / year)
equal to maximum interest
(last rate: 10.00% / year)

 

The old regulations still apply to old debts …

credit money loan cash

The introduction of changes in liabilities interest rate required the establishment of certain transitional standards. They are valid for persons with debt before 2016.

Therefore, it is worth explaining that for interest due for the period before 1 January 2016, the following applies: provisions of the Civil Code in the previous wording.

Loan remission: Which credit is taxable

The decision to write off the debt results in a reduction of the borrower’s liabilities.

A customer using the bank’s favor does not receive any cash benefits

cash loan

Despite this, the tax authorities believe that a person who does not conduct business activity after the loan has been redeemed should pay a higher tax.

The said interpretation meets with the disapproval of banks and their clients. The last word in this dispute, however, belongs to the tax office. Therefore, people who benefit from the redemption of a loan should show them in the annual PIT declaration and pay the tax due …

 

The tax office may postpone or even cancel your tax

cash loan

A few months ago, tax authorities gained another argument in a dispute with people who do not want to pay tax on forgiven loans. I am talking about the judgment of the Supreme Administrative Court of February 14, 2013 (file reference number II FSK 1269/11). The NSA referred to the situation of spouses who did not include the amount of the canceled credit obligation (PLN 110,000) in their PIT declaration.

This taxpayer action resulted in sanctions from the tax authorities. The Supreme Administrative Court confirmed in a final judgment that the tax office was right to demand payment of the tax on forgiven debt. An identical position on the same matter was also presented by the Voivodship Administrative Court.

The ruling of the Supreme Administrative Court perfectly fits into the case-law which has been representing national courts and offices for several years. Borrowers, unfortunately, have to accept it. In this context, it is worth adding that people in financial difficulties may request that the amount of income tax due be divided into several installments (see Article 67a of the Tax Code). The tax office does not have to agree to this form of repayment. In the event of a positive decision of the tax office, the debtor is obliged to pay an additional extension fee (its annual amount is 5.75% of the tax liability).

Amortized interest is also taxable

Amortized interest is also taxable

As a supplement, it should be noted that the tax obligations relate not only to the amount of redeemed capital. Similar consequences for the debtor are caused by the situation in which the bank waives its right to credit interest. Detailed guidelines of the Ministry of Finance indicate that due interest should be included in the tax base and capitalized interest. The inclusion of criminal interest is justified only if the bank provides for its unconditional application in every situation (i.e. it does not leave the right to discretion).

Detailed information on the amounts canceled can be found in the annual PIT-8C form. The bank that redeems should provide such a document within two months of the beginning of the following year. On the basis of the received PIT-8C form, the taxpayer must complete a PIT declaration – 36. Some tax offices make it possible to show the amount of redemption in the PIT-37 form (unless the taxpayer does not conduct business activity ). In both cases, the value of the proceeds from the write-off of the debt should be entered in the column entitled “Other sources, not mentioned in lines from … to …”.

The reduction in interest may be more favorable than redemption  

It is worth knowing that the reduction of accrued interest as opposed to redemption is not treated as tax revenue. This rule, which consistently applies the national tax authorities, leads to bizarre situations. After taking into account taxation, it turns out that a significant reduction of interest (e.g. by 90%) is more favorable than the option consisting in their cancellation.