Loans, as well as loans, credit lines, use of bank cards and pawning things at a pawn shop, may pose a risk to the customer. Regardless of the steps taken by the consumer to obtain cash, every decision should be well thought out.
Branded and well-recognized financial sector companies dealing in products such as payday loans are usually entered in the register of the Polish Financial Supervision Authority. As a result, they are required not only to comply with legal regulations in financial transactions but also are subject to Commission control. This situation imposes high standards when it comes to the operation of lenders in the structure of the financial market.
The payday loans are, in essence, helpful when it is urgent to pay off their liabilities, but for many years they were not well known in the public opinion.
A quick loan was associated with something very negative
The matter of injured persons was repeatedly publicized in the media many times, who, when signing the contract with the lender, did not read its details. As a result, failure to repay the liability within the prescribed period meant that the loan servicing costs increased disproportionately to the amount of the liability.
Lack of attention and deliberate action of lenders has repeatedly led to a spiraling spiral of debt, debt collection and often the borrower’s ruin. Unfair companies are created and act by tempting potential customers by granting a loan in 15 minutes, without verification in Credit Checker or checking income.
If there is a loan, there is also a customer. Unfortunately, there is still a large group of people who are fond of quick cash, without having to prove the possibility of its return.
Non-bank institutions
On the other side of the barricade, we can find loan companies operating on the Polish market for years, whose reputation has been built on the trust they enjoy among consumers. Trust, in turn, is the result of compliance with standards and norms in both financial services and customer service.
These companies try not only to provide cash efficiently and quickly but also to educate clients in finance and economics. This is one of the factors thanks to which, when looking for a non-bank loan institution, one can get an idea of how this approach to business. Businesses advertising dubious quality slogans that encourage you to take out loans as soon as they arise, they collapse so quickly.
A loan without formalities does not exist, however, if we are talking about high-end loan institutions. Opinions about lenders are very different and should not always be followed when looking for a quick loan. However, if we want the loan to be safe in every inch, it’s worth looking at the comments of the clients of companies with a reputable brand.
Above all, however, in order to feel completely safe, it is necessary to check whether a given company has a business license in the field of granting loans and whether it is in the KNF register. It is also worth reading the opinions of customers and users of online services offering short-term loans.
Certainly, it’s not bad to look through reputable loan comparison websites. If a given company is presented by a comparison engine, this is another element that proves its reputation. We emphasize once again that the loan for which the consumer chooses must be not only fast but above all safe.
Wise choice
The law increasingly protects consumers who borrow money. Unfortunately, it should be remembered that the existence of a law safeguarding the security of financial transactions does not absolve the consumer from making rational, reasonable decisions. Borrowing money should be responsible and in moderation.
The fact that the lender will positively verify the creditworthiness of the person applying for the loan does not mean that he has financial knowledge to manage his money properly. Therefore, it should be remembered that following emotions more than common sense may become the cause of later troubles and disappointments.
We should remember that although branded loan companies conduct educational activities in the field of responsible lending, nevertheless, it is up to us to make the final decision about using a financial product. So before we decide to sign the contract, let’s try to assess in what amount the installments will be acceptable to us, and in what amount optimal.
Even if we have extensive economic knowledge and are experienced borrowers, we use the offers of loan companies with a headache. 0% offer? Perfect, but let’s verify all its details. Possibility to extend the repayment? Delicious, but let’s load the annex to the contract.
The decision to buy a product should be made when we have read and understood the content of the contract. We try to verify and assess whether the additional insurance that is offered to us is absolutely necessary and what the entire structure of costs associated with the loan looks like.
