Our list of non-bank loans presents only current loans – all data are updated and updated on a regular basis. The current offer of non-bank loans in one place is a good opportunity to make a comparison of non-bank loans, taking into account all relevant parameters: interest, interest, costs, minimum and maximum loan amount, APY, form of payment, promotions and bargains.
What is a non-bank loan?
The colloquial meaning of the terms “loan” and “credit” is the same and they are often used interchangeably. However, according to the law, a loan and a loan are completely different forms of obtaining funds that should not be mistaken. The definition of a non-bank loan is 100% compatible with intuition. It is a loan provided by a lender other than the bank. Loans granted by banks are formally referred to as loans and the rules for their granting and all matters related to loans are set out in banking law. However, disputable issues related to loans are settled on the basis of the Civil Code and the Consumer Credit Act. Thus, according to the law, loans can be granted by banks as well as other legal and natural persons, while loans remain only within the scope of services of banks and other institutions operating under banking law. One more limitation regarding loans says that borrowed money must be owned by the lender and can not belong to third parties. At low rates, the loan does not require a written form and in any case can be implemented in any form (transfer, cash, bill of exchange, etc.).
Both banks granting loans and bank loans, as well as other companies providing non-bank loans, are not obliged to give a loan. Each financial institution, before signing the contract, has the option of verifying the borrower’s creditworthiness at the Credit Information Bureau. Sometimes, negative entries in BIK do not affect the refusal of a loan decision, but only change the terms of the loan, for example a reduction in the amount. In order to apply for money, it is usually enough to provide an ID card and a declaration of income.
What is the cost of a non-bank loan?
The interest rate on a non-bank loan is usually higher than the interest rate on loans and credits granted by banks. Nonetheless, non-bank loans are very popular because they have many advantages that are not available in financial products offered by banks. The basic benefits of non-bank loans, which are often more important than the amount of interest and other costs, are a small amount of formalities (loan for proof, no income or income certificates, no US and ZUS certificates, no collateral, no guarantors, no deaths), practically immediate decision, short time to receiving the money, short time of borrowing – even a week, a month or a few months. Non-bank loans are also so-called payday loans, which can be obtained 24 hours a day via the Internet, throughout the day, also on Saturday and Sunday. These features of non-bank loans are not available in banking products and in many cases can compensate for the higher price of loans offered outside the banking sector. If the money is needed immediately, the non-bank loan remains the only option. Currently, there are several loan companies that offer a promotional free loan. Free payday is a short-term non-bank loan, for which you do not incur any costs – you give the same amount as you borrowed (on condition that it is repaid on time). So, if you are sure that you will return your money on time, then a promotional free loan is an ideal solution. The money can be spent on any purpose (current expenses, investments, vacations, etc.) and repaid with zero costs.
Are non-bank loans safe?
All companies providing non-bank loans are listed on the website of the Polish Financial Supervision Authority and the use of these companies seems to be safe, as the Polish Financial Supervision Authority checks these entities before agreeing to lending activities. Of course, the basic issue is to read the loan agreement before signing it, because the contract is a document to which both the lender and the borrower are obliged to comply. We can not blame anyone if the lender enforces the contract, whatever they may be.
Is a non-bank loan a consumer loan?
Each loan and each loan, the amount of which does not exceed PLN 250,000, is a consumer loan in the light of the law and is subject to the Consumer Credit Act, regardless of whether it is granted by a bank or by another financial institution. All rights described in this Act also apply to people who take out a non-bank loan.