The combination of several claims in our country offers both banks and companies specialized in the provision of financial services, which, however, are not subject to banking law (so-called parabanks). So we have to deal with a lot of competition on the market, which on the service providers forces constant increasing the attractiveness of offers. The comparison of consolidation loans that we can enlist is extremely difficult – there are various rankings and calculators to find the offer best suited to the needs of a potential borrower, but firstly, we can rarely trust their reliability, and second – their algorithms are based only on part of the criteria, and thirdly – almost never take into account additional services that can only be dealt with in one or two banks. Below we will compare the most interesting offers on the market, taking into account all factors that may be important for the customer. More commentary at progconcepts.com
Among the most interesting consolidation loans, the maximum amount of debt is from PLN 120,000 to PLN 200,000. The range is, as you can see, quite significant, even though the three best banks in this respect offered the same amounts. The list is as follows:
|Meteor Bank||PLN 200,000.00|
|S-Mobile Banking Services||PLN 200,000.00|
|Millenial Bank||PLN 120,000.00|
In this ranking only Millenium Bank clearly lags behind – the difference between the sBank’s proposal and the three ranking leaders is really insignificant.
The longer the repayment period enables the consolidation loan provider, the more opportunities there are for lowering the installment. It is true that along with the extension of the repayment period, the total cost of credit increases, however, for many potential borrowers this factor will definitely be the most important. Below is a list of the most advantageous offers in this respect.
Demand for consolidation loans
|Meteor Bank||10 years|
|S-Mobile Banking Services||10 years|
|Millenial Bank||7 years|
Although the interest rate is the most important factor from the point of view of the vast majority of clients, it is virtually impossible to draw up a reliable statement. Banks in advertisements usually present numbers that apply only to a small part of potential borrowers. In addition, they are often subject to many conditions that “do not fit” in promotional materials, and which we find only in the detailed terms of the contract. For example: the exceptionally low interest rate at the DPJ bank applies only to those customers who decide to purchase additional insurance. Those who do not do this must reckon with interest rates up to twice as high. The Bank Millenium offer seems surprisingly beneficial in this regard, but it turns out that the record low interest rate relates only to the consolidation of other liabilities contracted in and only in this bank. It should also be remembered that the interest rate on most consolidation loans is variable and that the amounts that the calculators show us on bank websites can be negotiated individually. Noteworthy is the DPJ offer, in which the interest rate is fixed.
As for side services, sBank’s offer seems to be the most interesting, which together with the consolidation loan allows for taking additional cash in the amount of up to 100% of the total liability after consolidation. The borrower can spend the money on whatever he wants. Other banks, such as DPJ, also allow you to take additional cash when consolidating liabilities, but not in such amount. The offer of Bank Millennium seems to be the most interesting in terms of flexibility – a consolidation loan in this bank allows, among others, annually postpone the repayment date, take advantage of the 24-month grace period and pay down decreasing installments.
The Akredo service deserves an additional mention, which, although it is neither a bank nor a parish, allows consolidation of the loan on very favorable terms. Akredo provides an application form which after filling in is sent to 8 banks. The potential borrower receives the offer most suited to his preferences.