ISB Bank is not known for its stunning promotions. In recent years, there were indeed some really catchy slogans from that side, which were quite different from what other banks were used to by customers, but they were not necessarily surprisingly high. But, as they say, who waits, this one will wait.
Cash loan in ISB – briefly and on the subject
Recently, ISB Bank introduced a promotional offer for a cash loan. In order not to play in particularly long studies, for those who do not have time, basic information in a nutshell:
- loan amount: from 1000 to 3500 (for a statement) or PLN 160,000 (unsecured);
- loan period: from 3 to 96 months;
- interest rate on cash loans in ISB: from 7.49 to 8.99% depending on the amount, period, purchase of insurance – this value will be provided by the bank’s system based on the values entered;
- cash loan in ISB for people from 18 years of age;
- required min. Income: PLN 800;
- required employment: contract of employment , commission, work;
- required duration of employment for individual forms of contract: depending on the source of income;
- foreign contract: possible to receive a cash loan at the ISB branch;
- accepted special professions, for example: Sailor, priest, military contract
- benefits of the cash loan offer in ISB: 0% commission for a loan over PLN 20,000 – PLN 100,000;
- APY: 18.56% with variable interest rate for a regular customer (for the offer from 03/03/2019 7.76%).
Where’s the advantage here?
ISB does not break this offer with its tradition and certainly does not turn the banking world upside down. Our editorial team is convinced by something completely different: predictability. Not in the sense of “this offer was predictable”, but rather in the sense of “I take and know what I took.” It is also a specific attitude of ISB, which the bank has been cherishing for years. No sudden refunds in pricing policy, without transferring fees from one instrument to another, all the time with clear, simple and predictable rules.
As for the loan itself – it may come as a surprise that the loan amount is low, but you have to admit that ISB has never liked these products. In turn, the fact that the amount at the upper limit does not require additional security or the consent of the spouse is a serious asset, because with this offer not every bank is ready to compete. In most cases, the maximum amounts of private loans with a similar structure oscillate around PLN 100,000.
As always – ISB loan for everything
Another reason why we decided to present this offer results from the construction of the loan. It is financing for any purpose, so no one on the part of the bank can see how the funds will be used. And we are talking about the amounts that will not only affect the purchase of a new car of a pretty good brand or a small flat or participation in TBS (and twice).
Even when moving within the lower limits of the amounts, this loan gives you the opportunity to finance the purchase of a bike, the renovation of an apartment, the purchase of communion gifts or a May-out organization.
In many banks, these smaller amounts are provided as “cash loans” and not “cash loans”. This slightly changes their legal status (the loan is generally better for the client), but usually it also means that the upper limit is much, much lower. ISB comes out with a much more flexible offer, because it wants to serve one product both for people looking for the simplest source of financing, as well as for those who are looking for definitely more funds. This is another plus, because within one offer costs are easier to count and you do not have to take a few products from one bank for your own comparisons. One loan product is simply a much easier assessment of profitability.
We do not predict whether this loan will be the cheapest – it will certainly be the easiest to check, because instead of a few different loan offers, there is one now, it has clearly defined terms and thus ISB does not create three different offers, each of which would have to be checked separately.
Curiosities about ISB cash loan
We have access to certain materials from ISB, which are not published directly on the website, but which are buried somewhat deeper in the documents. Based on them, calculators and comparisons are made, but since we’re looking at numbers directly, it’s worth giving a few curiosities.
The highest commission for granting a loan is 5%. The higher the amount, the lower the commission and already with loans for about 5,000 PLN, it is only 3%, which makes it one of the most interesting proposals on the market in this respect.
Credit insurance, which you can really consider, may cost 0.25% at low amounts. This is not much, but considering that the credit period is the shortest, this value is well chosen.
Although in ISB you can opt for a cash loan with equal and decreasing installments, the first option is definitely more popular – this is not really surprising, because such a construction is predictable, and decreasing installments are not necessarily felt in the portfolio.
There is also one limitation, which some will not like. The point is that although, in principle, the ISB Bank cash loan application can be submitted over the Internet, it is not easier for those who run a business to benefit. In their case, it will be necessary to meet slightly more formal requirements, but at least thanks to this they will obtain better financing conditions than in other banks, where this form of income is “rewarded” with a higher interest rate. In ISB there is only a small inconvenience, but it does not have to be translated into costs.