What are the costs of a non-bank loan?

There are some costs associated with taking out non-bank loans. This is not surprising, as is the case with loans granted by banks. The amount of fees is specified in the contract concluded between the financial institution and the client. Find out how much you have to pay for a non-bank loan.

Free non-bank loan – is it possible?

Free non-bank loan - is it possible?

On the non-bank loans market, especially short-term loans, competition is high. Due to favorable repayment terms, loan companies try to attract potential customers. The promotion that makes it possible to take the first short-term loan without paying interest is very popular.

You can take out such a loan, among others on a website belonging to one of the leading loan companies in Poland.

It is a marketing strategy that benefits both parties – the company has the opportunity to prove to the customer that the service is fast and professional, and borrowers can save some money on credit, which is undoubtedly rare in the financial world.

Commission for granting a non-bank loan

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The first cost to take into account when taking a loan – both bank and non-bank – is the commission. It is calculated once and its amount should be clearly indicated in the contract.

The maximum amount of commission is regulated by the provisions of Polish law and may not exceed the percentage value of the APRC stipulated in the Anti-usury Act of 2015.

Any loan company that does not comply with the law is exposed to high financial penalties. The commission is usually the largest part of the cost of granting a short-term non-bank loan.

The interest cost of a non-bank loan

The maximum interest cost of a non-bank loan is also strictly defined by law and may amount to twice the Good Finance reference rate (currently 1.5%) + 3.5%.

In the case of short-term loans, for small amounts, the interest rate constitutes a small part of the costs. The situation is different in the case of non-bank installment loans. This is because interest is calculated on an annual basis, so the longer the repayment period, the higher the interest.

Interest for late repayment

The amount of interest for late repayment should be included in the contract. If not specified, it is calculated in accordance with the provisions of the Civil Code, based on the current level of the Good Finance reference rate + 5.5%. As in the case of other costs, here too the maximum interest for the delay is set, which may not exceed twice the statutory interest on an annual basis.

 

Do we have a chance for a loan with a bad credit history?

Very often you can find the statement that due to a bad credit history we have no chance of a loan or a consolidation loan without debt for the indebted . Is this really the case? Are people with  difficulties in paying their debts no chance for financial support? You will learn this from the text below.

Bad credit history – do we have a chance for a loan?

Bad credit history - do we have a chance for a loan?

Already piling up bills and financial obligations can be a headache. And what about when someone tells us that due to our bad credit history we have no chance for financial support from the bank. Is this really the case? Do we not have a chance at the bank for a consolidation loan without debt for the indebted? As a rule, banks have very restrictive regulations, which means that they provide financial support only to those clients who will be able to comply with them.

And even if we go a long way in applying for a loan, we may receive a negative decision. Then what? Seek support from family or friends? Not necessarily. After all, there are also loan companies on the market that no longer place so many requirements on their clients, and even those with debt have a chance for a loan or credit. An example of one of the most interesting products for those in debt is the consolidation loan.

Debt Consolidation Loan – What is a Financial Product?

Debt Consolidation Loan - What is a Financial Product?

It can be stated that a debt consolidation loan without debt is a financial product that will help you get out of serious financial problems. What does it consist of? The financial institution whose services we decide to use sums up all our liabilities and repays our creditors, after which it takes over our debt and creates a loan which we will have to pay back.

This time only one liability is left to be repaid, whose monthly installments are set so that the creditor can pay it off. It is worth remembering that the debt consolidation loan without debt was created with a view to helping in getting out of debt, so also the repayment time is adapted to our needs.