A Consolidation Loan at Garbon Bank

Consolidation loans are very popular among over-indebted people. It is hardly surprising, after receiving such a loan instead of several installments we pay only one, sometimes even lower than the sum of previous commitments.

What are the disadvantages of such a solution?


Mostly unattractive interest on the consolidation loan and extended repayment period. In addition, it happens that in addition to repayment of another loan/ credit agreements, the Banks also offer the Customer additional cash. Thus, a person who wants to reduce their debt, de facto increases it.

The consolidation loan was a very popular product in the period before the “economic crisis”. At that time, banks pursued a more liberal lending policy. The consolidation loan was offered to many people, also with low creditworthiness.

The economic slowdown forced Polish banks to look more closely at customers coming to the Bank after the so-called consolidation. As a result, this led to a reduction in lending. 

What do the offers of individual consolidation loans look like today? We will start our list with Garbon Bank. We will take a closer look at the consolidation loan with the “lowest installment guarantee” available at this bank. What is the promotion? Who can apply for a loan? We encourage you to read.


The offer of the consolidation loan at Garbon Bank

consolidation loan

  • Loan up to PLN 200,000
  • Repayment in a maximum of 10 years
  • No additional security or guarantors
  • The bank repays 3% of the transferred loans
  • APRC from 10.70%


To know the terms of a particular loan, we must in principle submit a loan application. The Act on consumer credit imposes a number of disclosure obligations on the bank side. In practice, however, the consumer is unable to compare the banks’ interest rate, commission, insurance, etc. without leaving home. 


For a small excuse, let us add that the cost of the loan is determined individually, among others as a result of the customer’s creditworthiness test.


Maximum loan amount – Garbon bank offers a consolidation loan without guarantees or collateral, up to PLN 150,000 (therefore, the Consumer Credit Act applies to the loan). 

Loan currency – the loan is granted in the Polish currency.

The maximum loan period – 10 years


The subject of consolidation may be:

  • loans and cash advances
  • installment loans
  • car loans
  • renewable limits
  • credit cards.


In addition to repayment of the indicated contracts and loans, the Customer may apply for an additional loan amount for any purpose. Thus, we can also easily pay back payday loans or family loans. We should remember that as a result of the assessment of creditworthiness, the bank may require collateral/surety for the loan or propose a lower loan amount.


Importantly, according to the information indicated on the website, Garbon Bank accepts a wide range of income sources: in addition to the standard employment contract, it also honors the mandate contract and the specific work contract .


The maximum loan amount without collateral for one person is PLN 150,000. However, if the person submitting the application himself does not have sufficient creditworthiness, it is possible to guarantee the contract by up to  3 guarantors (thus a total of 4 people will sign up to the contract). The loan may also be granted to two unrelated people (information relevant from the point of view of the so-called partnerships).


People who do not have Polish citizenship can also apply for a loan. Just the fact of receiving income in Poland.

Amount of loan granted:  it is transferred to the indicated bank account or paid in cash at a bank branch.

Debt repayment can be in equal or decreasing installments.

To obtain a holiday loan at Garbon Bank, you do not need to have a bank account at this Bank.


Lowest installment guarantee

Lowest installment loan

The promotion is described in special regulations available on the Bank’s website. It sets out the detailed conditions for the use of the “lowest installment guarantee”. If the Customer gets a more favorable offer at another Bank (with a smaller installment) before the conclusion of the loan agreement with Garbon Bank or 2 weeks after its conclusion, Garbon Bank guarantees even better loan terms.


As a result, the customer will receive a lower installment with the same loan period and total loan amount.

To be able to take advantage of the above promotion, it is necessary to provide Garbon Bank with an information form from the Bank in which the Customer has obtained better conditions. The form should be completed in accordance with the Consumer Credit Act and contain, among others the following data:

  • total loan amount
  • installment amount and amount
  • interest rate
  • APRC.

Importantly, the information form must be issued by another Bank and not by credit intermediaries.



Loan costs, i.e. interest, margin, preparation fee, and commission are set individually and depend, among others on the customer’s creditworthiness. Garbon Bank, like most banks, does not disclose the above costs before submitting the loan application.