Many people wonder how a bank loan differs from a loan. Does the different result from the procedure for applying for additional funds?
Online Bank Loan
A bank loan from a cash loan differs primarily in its purpose. Banks are subject to the Banking Law, which clearly specifies that a cash loan may be granted only for a specific purpose, e.g. a car, mortgage or consolidation loan, moreover, after granting a cash loan, the bank may require us to prove that the funds were used in accordance with the agreement.
If we cannot prove it, then the bank may require us to immediately return the borrowed amount. The loan is granted for any purpose, thanks to which we can freely use the funds.
Bank loan amount
Cream Bank allows us to apply for a bank loan up to $ 150,000 with a maximum spread of 10 years. To get a loan, you must first complete an online application that requires you to provide personal data and information about employment, it is worth noting that the bank accepts its various forms, including mandate and specific work contracts.
In the application, we indicate the loan amount and repayment period that we are potentially interested in. Within a maximum of two days, our application will be processed and a representative from the analytics department will contact us to provide information on our creditworthiness.
Interest refund promotion
Until the end of February, a promotional version of the offer will apply, which allows you to save an amount equal to the amount of annual interest. To be able to take advantage of the promotion you must obtain a loan and then pay it back on time.
If we meet the conditions, then in the last year of repayment of our loan installments will be reduced by the amount of interest of 4.99%. The amount of commission is determined individually, depending on the loan amount, assessment of our creditworthiness and credit risk and it ranges from 0% to over 20%.
When choosing a loan offer at Cream Bank, we decide ourselves whether you are interested in insurance or not. However, it is worth remembering that the majority of banking institutions, including Cream Bank, offer more attractive offers with insured loans. When taking a loan from Cream Bank, we do not need to have other active services or a bank account in this bank, so repayment can be made in two ways – if we have an account at Cream Bank, then we can choose automatic installment collection.
So just remember that the loan installment amount is available on our account on the day of the designated repayment, this option guarantees the timely repayment of the loan, and hence, we will not have a problem with the use of the interest refund promotion. However, if we have an account with another bank and we are only interested in borrowing funds, we can decide to pay the installments ourselves.
Like all offers, the offer proposed by Cream Bank has its pros and cons. On the one hand, we have to reckon with the fact that we can wait up to two days for a response from the bank, but in exchange for patience, we have the opportunity to receive a loan on attractive terms and to avoid the cost of annual interest.