The ability to borrow quickly is often the only way to finance unexpected expenses. Banks know this perfectly, constantly simplifying procedures. Is the Cash Loan of ING Bank Śląski eligible for the list of easily available loans?
A sudden car breakdown or the need for an unexpected departure can be quite a challenge for your home budget. An important support in such situations may be the Cash Loan of ING Bank Śląski. Especially that the funds received can be used for any purpose or used for consolidation of existing loans.
Cash loan terms at ING Bank
Available amounts and repayment period
The ING Bank Śląski Cash Loan gives you the opportunity to incur liabilities in the amount of PLN 1,000 to PLN 160,000. The repayment period, in turn, ranges from 3 to 96 months. A big advantage is the possibility of choosing an installment payment that is beneficial for the borrower.
Interest and commission
The nominal interest rate of the ING Bank Śląski Cash Loan depends on the amount of the liability and ranges from 7.79% to 8.99%. It is worth adding that in the loan period up to 3 years the interest rate is fixed. A longer period means applying variable interest.
The commission depends on several factors, i.e. the amount of the loan, the status of the client or the way of submitting the application, and ranges from 2.99% to 7.99%. As part of the current promotion, loans from PLN 20,000 to PLN 60,000 are not charged with an additional commission.
Other fees related to the loan
In the case of a Cash Loan, ING Bank Śląski does not require the creation of a personal account, however, if you have a loan account, you can borrow faster and cheaper. The borrower may insure the loan on a voluntary basis, using one of two packages with a different scope of protection. The cost of the policy is 0.28% of the loan amount.
Persons who decide to apply for a Cash Loan at ING Bank Śląski must submit the following documents:
- ID card,
- certificate of income
In addition to receipts under the title of the employment contract, the bank also accepts other forms of income, including retirement, contract for work, contract of mandate.
Other requirements in relation to borrowers
The ING Bank Śląski Cash Loan is addressed to adults. The upper age limit has not been determined. It all depends on the result of the client’s creditworthiness analysis.
The Actual Annual Interest Rate (APRC) is 19.40%, for a representative example of a cash loan for a Fixed Customer (by TOiP definition), with the following assumptions: loan period 47 months, total loan amount (without credited costs) PLN 8595, total amount to payment PLN 12,083.98, variable interest rate 8.49%, total loan cost PLN 3488.98 (including: commission PLN 600.79, interest PLN 1677.94, life insurance to cash loans’ Pakiet Srebrny / Golden Package “PLN 1210.25, the sum of fees for keeping a savings and settlement account in the amount of PLN 0 incurred for a period of three months, thanks to which the commission for granting a loan is the above amount), 46 monthly installments equal to PLN 231.36 and the last one, 47. installment in the amount of PLN 257.11, payable on the 29th of the month.
The calculation was made on April 17, 2018 on a representative example. Variable interest rates carry the risk of changing the amount of interest to be repaid, and thus the amount of the debt.
How to take out a Cash Loan at ING Bank Śląski?
You can apply for a Cash Loan at ING Bank Śląski in the following way:
- by submitting an online application,
- personally at the bank branch,
- through the electronic banking system.
Cash Loan at ING Bank – opinions
Like every financial instrument, the Cash Loan at ING Bank Śląski has its advantages and disadvantages. Based on the analysis of the offer, we decided to indicate the strengths and weaknesses of this solution.
Advantages of cash loans at ING Bank
- the maximum loan amount (PLN 160,000),
- the minimum loan amount (PLN 1,000),
- minimum formalities (just an ID card and a certificate of income and employment),
- loan period (up to 8 years)
- three options for applying for a loan
- acceptance of various sources of income
- short waiting time for credit decisions
- no need to open a personal account
Disadvantages of cash loans at ING Bank
- in the crediting period over 3 years, variable interest rate applies
- for a loan up to PLN 20,000 with an application submitted online and for a non-regular customer, the commission is 7.99%
The credit terms presented above are valid as at 10/05/2018. To know the actual costs of this commitment in your case, please click on the link below and submit a request for a ING cash loan.