Are you looking for a quick cash loan for a high amount and want to spread your debt repayment for a few years? All these needs seem to be included in the PEX Express Loan, which provides the Bank Pekao SA offer
The institution operating under the flag of the red bison offers only two types of loans for individual clients – Housing Loan and PEX Express Loans. Considering the fact that we analyze solutions to finance any consumption purpose, we took the option number two under the microscope.
Terms of cash loan at Pekao SA
Available amounts and repayment period
By choosing the PEX Express Loan you can receive financing in the amount from PLN 1,000 to PLN 200,000. If you decide to make a commitment without presenting a certificate of income, you can borrow up to PLN 10,000. On the other hand, people using a loan up to PLN 150,000 can use a three-month grace period in the payment of the first installment. The loan period is between 12 and 96 months. The customer can freely choose the day of repayment of installments.
Interest and commission
The interest rate on the PEX Express Loan is variable at an average of 8.99%. The customer also has to take into account the need to pay commissions. Its amount is 9.99%, unless the borrower decides on an additional security recommended by the bank. Then the commission drops to 5.99%.
Other fees related to the loan
The loan insurance is voluntary, it also depends on the borrower whether he intends to incur higher credit costs for additional protection. Depending on the type of policy, its monthly cost ranges from 0.22% to 0.34%. The bank does not require the creation of a personal account or the use of other complementary products.
In order to apply for a PEX Express Loan at Bank Pekao, the following documents and information should be prepared:
- ID card,
- statement of earnings
People who have a Eurokonto account or a Derivate Account, which is fed with regular income as a salary or pension, do not have to submit a certificate of earnings.
Other requirements in relation to borrowers
The minimum age of the borrower is 18 years. The maximum age of the borrower is determined individually in the course of customer creditworthiness analysis.
The real annual interest rate (APRC) for a loan is 13.44% (with the following assumptions: total loan amount – PLN 5,500, loan for 42 months, variable interest rate – 8.99% per annum, total loan cost 1 341 PLN 49, including: loan commission PLN 351.06, interest PLN 990.43, total payment – PLN 6,441.49 payable in 41 monthly installments PLN 162.89, 42. installment plan 163.00 The amount provided to the borrower is PLN 5 500. The calculation is based on a representative example as at 14/03/2018.
How to take a cash loan at Pekao SA
You can apply for a PEX Express Loan as follows:
- by submitting an online application,
- through internet banking,
- personally at the bank branch.
Persons who do not have a personal account at Bank Pekao are deprived of the possibility to submit an application via the online banking system.
Cash loan in Pekao SA – opinions
Like every financial instrument, the cash loan at Bank Pekao has its advantages and disadvantages. Analyzing the parameters of the PEX Cash Loan, we decided to indicate the weaknesses and strengths of this solution.
Advantages of cash loans at Bank Pekao SA
- the maximum repayment period is 8 years,
- minimum formalities (an ID card and a statement / statement of income are enough),
- three ways of applying (online, branch, internet application),
- no need to open a personal account,
- fast credit decision (usually 1 day)
- no additional fees (the bank does not charge fees, e.g. for early repayment),
- three-month grace period in the payment of the first installment
- option to choose the repayment date
- the possibility of transferring a loan to pay off other liabilities
Disadvantages of cash loans at Pekao SA
- commission 9.99% in the absence of securities recommended by the bank,
- commission for prolonging the loan (its amount ranges from 1.50% to 2.50% depending on the type of collateral used.
The credit conditions presented above are valid as at 9/05/2018. To know the actual costs of this commitment in your case, please click the link below and submit a request for a cash loan at Bank Pekao SA