People who need quick cash have already for a few years a very wide range of sources from where they will borrow cash. Most often, however, they put on banks, as well as non-bank institutions. The latter are more and more popular.
Quick loans in non-bank companies are much easier to access. Not only potential clients are relieved from filing complex applications, but also often all formalities can be done over the Internet. Then, on the same day, and even several minutes after verification, the money is already in the borrower’s account.
If, however, the awareness of all the costs charged would be even greater, then many more bold decisions could be expected regarding the loans granted.
Provisions in the anti usurious law
The anti-usury act was passed for all consumers using loans and credits in Poland. Thanks to this, both banks and non-banking companies can not charge any costs for the financial products offered. As far as the interest rate is concerned, its value under no circumstances can exceed four times the Lombard rate of the National Bank of Poland. Such a limit was set by the Monetary Policy Council. At the moment, the interest rate is quite low. At the beginning of 2015, we were able to talk about an interest rate of around 12%, because the interest rate at the NBP fluctuated around 3%.
Although most often we talk about interest rates, we are perfectly aware that this is not the only cost associated with taking a loan. That is why it is worth finding out what other costs will affect us. Most often they are included in basic costs, such as margin, commission or insurance. And other costs, depending on the repayment date, can be determined by additional costs.
Payments of non-interest payday loans
If we would like to compare the interest rate of payday loans to other financial products, then we can safely exchange loans granted by the popular Credit Unions, ie by the Cooperative Savings and Credit Unions.
Customers have the option of getting a loan without bik during a consultant’s visit at home, directly at the branch, or even via the Internet. Of course, loans granted online are the best in terms of costs. Namely, no preparation costs are added there. For example, customers are required to pay from 50 to even PLN 200 for a home visit.
Another cost to be counted with is the fee associated with granting the loan. Speech is about the so-called commission. Depending on the non-bank company, a fixed amount or commission is calculated based on the percentage of the sum borrowed.
Some clients try to search for interesting, and at the same time very profitable promotions. Indeed, it is possible to take out free loans. However, such a promotion applies only to customers who use financial products for a given non-banking company for the first time.
The latecomers can set the highest costs so far. Then, non-banking companies have the option of adding penalties, additional interest, as well as fees related to sent prompts. Regardless of whether the customer will receive a message via SMS or a personal visit by a company employee, he will have to cover the costs associated with this procedure.
Therefore, if we have at least minimal hesitation, if we are sure that we will be able to pay off the loan on time, it is better to read the terms and tariffs carefully. Later, it may be unpleasant surprise if we do not stick to the loan repayment date.