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Are you ready for any interest to fly away at any time?

Don’t be surprised by the upcoming interest rate rise. It is worthwhile to prepare for any eventuality before the storm, and to reserve for the increase in installments. We’ve collected how it’s worth doing.

What can we do?

An increase of one percentage point in an average loan can lead to a 9 percent increase in installments, while a 3 percentage point increase the monthly burden of a family by a third.

Save for hard times. If you now feel that you can easily pay your monthly installments, then try to set it aside a little in the event that your bank interest rates increase. You can eventually spend your savings on prepayments, so even if your loan costs do not change significantly, a small reserve is useful.

Replace your old loan

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In recent years, the transparency of loans has improved significantly, mainly due to the adoption of a law to this effect. New loans can now only be linked to benchmark yields or can be fixed for a long period of time, greatly reducing customer exposure to unilateral bank modifications.

It was part of the same law, and it was included in the law on credit institutions that, in the case of contracts concluded before April 2012, creditors have the opportunity to convert their debt into a suitable loan once during the term of their loan. Check with your bank!

Fix Your Credit

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For old loans, especially those with early repayment debts, it may even be worthwhile to replace your entire loan with a better loan at another bank or within your own credit institution. Interest rates have also fallen dramatically in recent years, with more and more promotions at banks, and it’s worth looking at and calculating.

Among the offers you will find several loans with installments of 5 or up to 10 years. Choose these and be sure you are protected against interest rate fluctuations for a long time.

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The best loan for home appliances and electronics

Among the unexpected expenses in the household, the necessity to purchase new home electronics or household appliances is mentioned. An old TV, home cinema, vacuum cleaner, multi-functional robot or oven fail in the least expected moments. If we are not able to finance the purchase of new equipment, we can always reach for an external source of financing, for example a non-bank loan. This solution can also work when you just want to replace the old device with a new, better or with more functions. How do you find the right non-bank loan tailored to your needs?

Loan or bank loan for the purchase of home electronics and appliances – what should you choose?

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Usually, if we are considering buying new home electronics or household appliances, and we do not have the appropriate funds, we reach for an external source of financing – a non-bank loan or a bank loan. Which financial product should you choose? It mainly depends on such factors as: our credit history, sources of income, amount of liability, as well as the preferred period of debt repayment.

The most popular solution – installment purchase

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Most companies selling electronics or household appliances offer their customers the opportunity to purchase equipment in installments. Usually, this solution is used by people who cannot afford to finance the entire purchase for cash.

In this case, the customer should be aware that purchasing equipment in installments is nothing more than submitting an application for a bank loan. To receive this type of financial support, it is necessary to meet several conditions set by the bank. The institution assesses the customer’s creditworthiness on the basis of the information contained in the application, and then issues a decision. If the purchase amount is several thousand or more zlotys, it usually becomes necessary to provide documents that will confirm the amount of earnings. The most important criterion for receiving a positive credit decision is a good credit history at the Credit Information Bureau (TLV). Negative entries in debtors’ registers effectively reduce the chances of getting a loan.

I have low scoring in TLV – what can I do to get money for electronics or household appliances?

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If they have a positive credit history in TLV, clients most often apply for a bank loan. However, if their scoring is too low, they reach for another financial product, i.e. payday loans popular on our market. Non-bank companies grant loans much more often than banks – especially in the case of people with lower credibility and creditworthiness.

It is worth remembering that in the case of negative entries in the debtors’ registers, it is best to opt for a lender who does not check the credibility of customers in the TLV database. For this purpose, you can use the online loans ranking without TLV.

Credit and loan versus source of income

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People who work under an employment contract, provide services under a civil law contract, receive a pension, are in principle reliable clients for banks. On the other hand, people who have no stable income or raise money from other sources (e.g. alimony, 500+ program, real estate rental) have a problem with obtaining a loan. Lending companies, meeting the expectations of potential borrowers, try to adapt their offers to their needs. In non-bank institutions, loans can be granted to persons who are, for example, unemployed, are students or have other debts. Such clients have little chance of getting a traditional bank loan.