High loan amount, long repayment period, chance to lower interest rates
It can not be denied that the offer of Meteor Bank from the competition looks really good, although after delving into the content of the contract, it turns out that it is not as perfect as presented by the marketing specialist in advertising. Regardless of the interpretation of the provisions of the contract, it turns out, however, that Alior can consolidate a really large sum (up to 200,000) and set a long repayment date (even 10 years). In its consolidation loans, Alior has also introduced an innovative solution based on ideas from the insurance industry – people with a good credit history can expect a reduction in interest rates and up to 30%.
The lowest installment guarantee
Another solution by which Alior tries to attract customers is the lowest installment guarantee. If the client presents a competitive offer at the bank, in which the same amount of credit and the same repayment period will be lower, then the client can expect even better conditions. In practice, however, this is extremely rare, because firstly – the offer of Meteor Bank is really beneficial, and secondly – in most banks the size of the installment is determined individually on the basis of complex arguments, so to find a more advantageous offer the customer would have to spend a lot of time negotiating with competitive banks. Finding a lower installment among finished products whose specifications are available online is very unlikely.
Disadvantages of Meteor Bank’s offer
The biggest downside when it comes to the consolidation loan at Meteor Bank is a small percentage of potential customers entitled to use the facilities introduced. Only a few can take advantage of the interest rate reduction, while when it comes to the lowest installment guarantee – finding a more advantageous offer is so time-consuming that few people will be ready to try. It may be burdensome for somebody to physically visit a bank in order to conclude a contract – neither negotiations nor finalizing transactions can be carried out over the internet or by telephone.