How fast does it matter? Of course, most often with the loan we want or are forced to achieve some current consumption goal. In one case, we can’t afford to wait long for money. So what’s the speed of cash in different markets? Is quick cash available?
Slower at the bank
Banks operate on a strictly regulated market. This means that they cannot give money to an unverified customer. The Banking Act of 1997 and a number of accompanying acts impose an obligation on the bank to assess creditworthiness.
The bank must therefore ensure that the customer is trustworthy and worth giving him money. And this can significantly extend the credit process.
Who will have the best and the fastest in the bank?
Of course, the transactional customer of the institution, preferably one who actively uses the savings and checking account. The bank will be able to read much of the analysis of operations on the client’s account. He will see when the customer receives payment, from whom and whether regularly.
He will also see what he spends money on. In the case of an entrepreneur, the bank will see if it pays ZUS and tax within the prescribed periods. Based on the analysis of this data, the bank will create a client profile and propose financing adequate to its financial capabilities. Quick cash at the bank? Yes, it is possible, but for transactional customers.
What will the application process look like for a transactional customer?
The offer will most often be shown in a web or mobile application and the Customer will see it after logging into their account. There, he will be able to submit an application for financing and provide details of the expected offer. The Bank will definitely ask the Customer for consent for verification in the Credit Information Bureau and the Economic Information Bureau.
Will any documents be required from the customer? It all depends on the bank and the offer. With low amounts and the client’s statement that he is working under an employment contract, the bank can rely on information already available to the client.
However, if the Customer applies for an amount exceeding the scale of PLN 10,000, the bank may require additional documents. At the very end, however, the documents will most often be able to be sent electronically and we will also be able to sign the loan agreement electronically, confirming our data by logging into the bank’s application.