We have been consistently promoting our loans online for many months, encouraging people to take advantage of various promotions. The latest one is addressed only to new bank customers. Payday Loan is a loan without commission, which is additionally enriched with life insurance. Below we explain who can take advantage of this promotional offer and on what terms.
Internet loan with a frozen commission
Payday laon is a promotional cash loan intended for individual clients for any purpose that can be used only via the Internet.
The most important parameters of the loan are as follows:
- loan amount – up to PLN 50,000
- commission – 0%
- variable interest rate – 6.9%
The offer, however, is a small catch, because one of the key conditions to take advantage of promotional terms is the conclusion of a life insurance contract that increases the cost of the loan. This is perfectly illustrated by the representative example shown on the website.
With a loan of PLN 14,400, granted for 60 months, the loan includes:
- commission – PLN 0
- interest – PLN 2,977.89
- insurance – PLN 1,678.61
The total cost of the loan will therefore be PLN 4,656.50, and the monthly installment with a 60-month repayment period will be PLN 317.62.
Who and how can you benefit from the promotion?
The promotional payday loan is a loan that can only be used by new bank customers, specifically those who were not an individual clients before November 1, 2018. It should also be borne in mind that a loan can only be requested online, and an important one the condition of promotion is the conclusion of an insurance contract.
Persons interested in a promotional Payday Loan with a 0% commission should complete the online application and then wait for telephone contact from the bank and thus complete the rest of the formalities.
The bank promises that the loan can be received straight into the account even in one day. However, with a higher loan amount, you may need to provide a certificate of earnings, which will probably extend the entire procedure of concluding the contract.
A promotional payday loan with a “frozen commission” is an attractive offer not only due to the lack of commissions, but also to favorable interest rates, which mitigate the additional costs of the loan resulting from insurance.
It should be borne in mind that currently most banks insist on the insurance contract when taking out a loan (it is not mandatory, but sometimes necessary, for example, to take advantage of promotional terms), therefore, when comparing offers, it is worth taking into account these additional costs.
When concluding an insurance contract you should also read its terms carefully, especially the so-called exclusion of the insurer’s liability. In the case of the promotional payday Loan, Ergo Hestia is the insurer, and the terms of insurance are described here .