Are non-bank loans safe? What is worth knowing about loans?


It all started about twenty years ago, that is when loan companies offering financial products to clients were created in Poland. According to the Polish Financial Supervision Authority, there are 475 institutions in the Register of Loan Companies that lend money in various forms and systems. Today, Poles are eager to use non-bank loans and the data from the Credit Information Bureau shows that the number of non-bank loans taken has been rising slightly since the beginning of 2019. Non-bank loans are popular for several reasons, one of them is definitely the minimum formalities and the short time to grant funds. From the very beginning, loan companies have been competing with each other and give clients various offer options, from short-term to multi-installment loans, including credit cards.

Why a non-bank loan?

Why a non-bank loan?

If the customer has difficulties in documenting their income, and thus is not able to meet the banking requirements, i.e. provide e.g. employment and earning certificates, an extra-loan loan can be helpful in this situation . Many companies offer financing without leaving home, and non-bank loans via the Internet have become increasingly popular . It is worth mentioning that such a loan can also be applied for by business entities that find themselves in an embarrassing situation and have, for example, debt in ZUS or the Tax Office. Very often, such a loan contributes to obtaining financing for a much higher amount in the bank. Another reason may be the negative repayment history of loan installments, which ultimately disqualifies the customer from making a new commitment.

The market has prepared loans without credit check for such clients. The general rule of such a loan is based on bypassing the verification of the credit check database, so the lender will not take into account late repayment of the loan, which appears in such a register. It is obvious that in this situation the risk of a loan being granted by a loan company is higher and thus the product price may be higher. Another example is the age of the borrower or the source of income or his time which disqualifies the client from obtaining a bank loan. Loan companies have solutions for such situations, which does not mean that they will always be ready to grant loans. The lender will check whether he can borrow money guided by his own less stringent rules than banks “turning a blind eye” even to entries in the databases.

What about security?

What about security?

Growing needs, all life situations, constant advertising in the media and public space contribute to the use of modern forms of borrowing money. Today, online loans are available in most loan companies, and the time the client spends submitting the application has been optimized to a minimum. One such option is the application.

A few years ago, where loan companies operated only based on the Civil Code, they could make provisions balancing on the border of the law in their contracts, however, on July 22, 2017, the Polish Financial Supervision Authority introduced the obligation to register loan companies. This means that a company that is not listed in such a register may operate illegally or unlawfully and thus the security of borrowing money from such a company is of dubious quality. In Poland, the non-bank loan market is constantly controlled by specialized state institutions, so the risk that we will find a cheater is much smaller than at the beginning of the industry’s flourishing. High penalties for violating security standards are an additional “whip” for loan companies, which, among other things, for this reason do not allow themselves to disregard the issue of the security of their clients’ data and secure the payment process.

So is online non-bank loan safe for us?

Web security is a very important issue in every case, but when it comes to entering personal data, special attention should be paid to whether there is a “green padlock” at the top of the link on which the application is submitted. the site is equipped with a tested and valid certificate. If, in addition, an https element appears next to the green padlock, it means that the page is encrypted.

How to plan a loan?

How to plan a loan?

Regardless of how you get a loan, there are a few things to consider before you sign the contract. These issues depend on the client’s situation and mainly it is about current liabilities in relation to the financial condition of the household. If the customer has debt and is looking for a solution to the difficult situation in which he finds himself, non-bank loans for those in debt may be helpful . It is possible that in such a situation an additional person will be needed, e.g. a guarantor or submission of a security. Currently, there are several companies on the market that grant such loans.

When planning another loan, the customer usually has a specific goal, so if the goal is to pay the debts, then the funds should be allocated there. It is different, if on a long autumn evening there was a need to buy a new TV set, household appliances or simply to renovate the apartment – here the goal is also obvious and more tangible. When finalizing the loan, one should pay attention to the cycles and form of repayment and the costs associated with it. All information should be clearly described in the loan agreement. Regardless of the purpose, non-bank installment loans have one thing in common – you have to pay them back sometime, so when planning a repayment you have to measure your intentions so as not to exceed your own abilities.

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