We are often convinced that it is impossible to get any loan in a situation where we have debt. Of course, this is a misconception. Currently, an increasing number of loan institutions that operate within the Polish loan sector also offer their clients solutions such as payday loans . However, one should take into account the fact that loans for indebted persons may differ in terms of their conditions from the solutions available in the basic offer of a given loan institution. What’s more, when looking for loans for the indebted, you should skillfully select the available offers, distinguishing between you proven and safe entities from those that will be better avoided by the proverbial wide arc.
Payday loans for debtors: what is worth knowing about it?
As already mentioned, non-bank loans for indebted persons are usually not included in the basic offer of a given loan institution. What does this mean from the perspective of a specific consumer? Depending on your debts and the individual characteristics of our situation, you should be aware that the loan institution may request, for example, additional documentation showing our creditworthiness or collateral for the loan.
For example, you should not be afraid of monumental costs in the case of payday loans . If we use the services of companies with the status of loan institutions, we should remember that entities in this category must adapt the costs of their services to the provisions of the Consumer Credit Act, which provisions specify, among others, the maximum allowable amount of the Real Annual Interest Rate.
However, as a rule, non-bank loans for people with debt will have less favorable financial conditions than the solutions available in the basic offer of a given loan institution. At the same time, it is worth adding that many loan institutions pursue in this respect a policy based on individual negotiations of loan terms with the client. In this case, depending on the assessment of our financial profile, we have the opportunity to improve the loan conditions initially proposed to us.
What else is worth knowing?
At the very beginning of this text, we were talking about the need to skillfully select offers containing loans for customers with debt. What does this mean in practice? The distinction between a loan institution and a so-called parabank, which can also grant loans, is crucial. In the first case, we deal with entities operating in accordance with the provisions of the Consumer Credit Act and appearing in the Register of Loan Institutions operating at the PFSA. However, when it comes to parabanks, it is very often so-called the gray economy and many of such entities appear, for example, on the list of warnings issued by the Polish Financial Supervision Authority.
How to check what kind of company we are dealing with? It is enough to verify that the potential lender appears in the aforementioned Register of Loan Institutions. We should also remember that in the event of incorrect actions by the lender (Misseling, too high costs of the loan, use of prohibited clauses in the contract), we can always report the matter to the Financial Ombudsman and in certain cases also to the Office of Competition and Consumer Protection.