The non-bank loans sector in Poland is developing more and more dynamically. The Register of Loan Institutions operating at the Polish Financial Supervision Authority already brings together dozens of different companies, and entities in the loan industry are coming literally from quarter to quarter.
This obviously raises the increasingly fierce competition
Lenders for the client’s favor. It is no wonder then, that the offer of current loan institutions is becoming more and more competitive with time. Solutions such as promotional free payday loans or loyalty programs are now almost standard.
It is also worth being aware of the fact that, in addition to promotional interest rates and loyalty programs, customers of today’s loan institutions can also count on a number of other attractive solutions.
On the one hand, such a large variety of companies from the loan sector is undoubtedly an important asset from the consumer perspective. On the other hand, because there are so many offers, we often have a problem with choosing the one that best suits our expectations.
So what should you pay attention to when borrowing for the first time off the bank? Below is a brief guide on this topic.
Free payday loans and other non-bank loan options
Obviously, when we are looking for the first non-bank loan, we will be primarily interested in loans from the APRC at 0%, the so-called free payday loans. However, when borrowing at the APRC 0%, it is worth remembering a few important issues. First of all, a loan offer without costs will always be a promotion. For the borrower, this means that they must comply with the terms of the first promotional loan.
The main point of this type of documents is, of course, the need to repay the liability within the period provided for by that date. What happens otherwise? Unfortunately, the promotional conditions will automatically cease to apply, which will mean that you will have to pay the loan according to the standard cost table.
Another important issue is the options to extend or refinance the loan. Currently, such opportunities are offered by an increasing number of lenders. When borrowing for the first time, we can take advantage of the extension of the contract for a specified period. In this case, however, we will have to pay a one-time commission for extending or refinancing the loan. Such a commission is not included in the APRC, which is why the extension of the contract will also involve a fee in the case of a promotional first loan.
What else is worth knowing?
Traditional verification transfers are slowly becoming a thing of the past. Currently, lenders are increasingly offering clients the option of confirming their data through modern applications.
So let’s realize that these types of tools not only confirm our identity, but also download transaction history from our bank account. Thanks to this, the process of verifying our creditworthiness becomes much faster because the lender has a direct view of our finances.
However, if you want to get a loan without having to use a bank account, it is worth checking whether the loan institution provides the option to pay the loan amount via a Good Credit.