Installment loan in Private Lender or Bank

Private One and General Bank offer their clients both short-term payday loans and loans with the option of spreading the repayment over several months.

Below we have described the main differences in long-term loan offers

Below we have described the main differences in long-term loan offers

Stay tuned! Private One and General Bank offer their clients both short-term payday loans and loans with the possibility of spreading repayment over several months.

Below we have described the main differences in long-term loan offers. Stay updated! 

Application for an installment loan

In Private One, all adult Polish citizens with income enabling repayment may apply for the installment loan. General Bank, in turn, grants loans to people aged 21-78. To get a loan in both companies, you must have a bank account that you can use to make a verification transfer.

Remember that the data appearing in the transfer must coincide with the data entered in the loan form. After considering our application, non-bank institutions send answers electronically, which is why we need a mobile phone. When filling out the loan form, please provide your personal details – your personal identification number, series and ID card number. The third thing to complete your loan application is your ID card.

Loan amount and period

Loan amount and period

One of the most visible differences between the offer of Wongi and the General Bank is the period over which we can spread our liabilities. Private One allows us to pay back in a maximum of 12 installments, while at General Bank we can apply for a twice as long repayment period, i.e. 24 months.

Both offers also differ in the number of loans offered. People who decide to complete the application in Private One will be able to choose the amount from 50 USD to 3000 USD, while at General Bank we can apply for installment loans from 1500 USD to 5000 USD.

Comparison of installment loan costs

The table below summarizes the costs of a loan of USD 2,000 granted for six months. Private One’s offer was definitely a cheaper offer. The difference in monthly installments is over USD 120, while the difference in total cost is almost USD 800.

A loan of USD 2,000 for six months

  Wong General Bank
Commission USD 64.60 USD 1,400
amount to payback USD 2,644.60 3400 USD
The amount of the first installment USD 440.76 USD 566.67

What’s more, Private One allows its regular customers to get additional discounts, reaching up to 42%. To join the Private One Benefits Program, you must, first of all, ensure timely repayment of obligations, in addition, you must actively participate in kapitalni.org courses, as crediting subsequent stages of this program contributes to getting higher and higher discounts.

By filling out the form, both in Private One and General Bank, we first create our customer profile. When filling out the form, it is worth entering a password that you will remember. Thanks to this, in the event of an urgent need to obtain additional funds, we will be able to apply for a loan in a shortened time.

All because the data we once entered will be saved in the system, and with subsequent loans, you only need to set the appropriate amount and repayment period. We should also remember to assess your financial capabilities before completing the application so that the subsequent repayment of the liability does not become too much of a burden for us.

Leave a Reply

Your email address will not be published. Required fields are marked *