Payday loan – conditions for granting and repayment


Payday loan is a cash loan well known to all, which Palkom Bank has been offering for several years. The interest rate and commission are set individually, however, the loan is often covered by various promotions, which is why not only existing customers can benefit from it. 

Payday loan – what can it be used for?

Mini Loan - what can it be used for?

According to the advertising slogan, Payday loan can be used for any purpose chosen by the customer. Payday loan can also be profitable for people who have loans from several banks and would like to pay one lower installment because it also functions as a consolidation loan. Taking out a loan to pay 25% of liabilities the funds received can be used for non-consolidation purposes.

How much can you borrow at Palkom Bank and for how long? 

How much can you borrow at Palkom Bank and for how long? 

The maximum amount that Palkom Bank offers is PLN 200,000. The customer interested in commission financing must bear in mind that the total amount of the liability towards the bank may not exceed the maximum amount. The smallest loan is PLN 1,000. Payday loan can be repaid for a maximum of 10 years if it is used to consolidate existing loans. Otherwise, the loan can be taken for 8 years.

Payday loan – how to apply?

Mini Loan - how to apply?

Applying for a loan should not be a problem, because you can do it not only in one way. The customer has a choice of branches and agencies and the opportunity to submit an application online – online from a website, as well as via online banking. Existing customers with access to it can avoid visiting the branch and simplify the contract signing process. It can be delivered by courier or electronically signed.

The contact form can also be found on the website. 

How much does a cash loan at Palkom Bank cost?

How much does a cash loan at Palkom Bank cost?

The interest rate on Mini Ratki is variable and depends on the customer’s creditworthiness. Currently it is from 8.99 percent. up to 9.99%

Palkom Bank currently runs three promotions related to Payday loan: 

  • Loan for those who decide:
    Interest rate reduction and no commission for people who take out a loan with a repayment period of no more than 12 months. Possibility of signing the contract via the Internet. Offer for customers who did not previously have a loan at Palkom Bank(Actual Annual Interest Rate (APRC) is 7.22%, total loan amount (without costs credited) PLN 8,300.00, total payment amount PLN 8,619.50, variable interest rate 6.99%, total cost of the loan PLN 319.50 (including: commission PLN 0.00, interest PLN 319.50), 11 monthly installments of PLN 718.13, last installment: PLN 720.07. was made on 01.07.2019 on a representative example). 
  • PKO Eco-
    loan A loan with a reduced interest rate and commission for new and existing customers. Funds from the loan can be used to purchase solar installations, i.e. ecological sources of obtaining electricity. The maximum repayment period is 120 months. (Actual Annual Interest Rate (APRC) is 5.47%, total loan amount (excluding borrowing costs) PLN 35,000.00, total payment amount PLN 40,991.63 variable interest rate 4.99% total loan cost PLN 5,991.63 PLN (including: commission PLN 349.96, interest PLN 5,641.67), 72 monthly installments of PLN 569.14 each. The calculation was made as at March 21, 2019 on a representative example). 
  • Preferential pricing conditions for Large Family Card holders. The promotion is valid until August 31, 2020.

The loan is not only interest, and when you start the process of granting it, the customer must take into account additional fees. The commission on granting the loanis determined individually, although the bank gives the minimum standard offer rate – 5.99 percent. 

Insurance on a loan – basic information and fees

Insurance on a loan - basic information and fees

You can also choose insurance that is not mandatory for a cash loan. You pay 0.35% for the insurance package. loan amount per month. 

Payday loan – additional information

  • having a savings and checking account is not necessary,
  • loan repayment is possible only in fixed installments, 
  • the bank relaxed the requirements for the documentation submitted with the loan application. Palkom Bank will grant a loan of up to PLN 54,000 for a statement (in the standard offer),
  • There is a possibility to postpone the installment payment for 3 months, as well as take advantage of credit holidays and suspend the repayment of 3 loan installments.

Actual Annual Interest Rate (APRC) is 15.89%, total loan amount (excluding borrowing costs) PLN 13,300.00, total payment amount PLN 20,932.14, variable interest rate 9.99%, total loan cost PLN 7,632, PLN 14 (including: commission PLN 1,885.60, interest PLN 5,646.54), 78 monthly installments of PLN 264.82 each, the last installment PLN 276.18. The calculation was made on 15/04/2019 on a representative example.

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