The fact that Poles are very eager to use quick loans is the best proof of the lenders’ integrity. However, reading any document before signing it is a big mistake. Polish law specifies exactly what information a loan agreement should contain.
Deviations from it indicate that the company is dishonest or has something to hide. Find out what information the loan agreement should contain and what to look for before you sign it.
Loan company verification
In the internet age, no enterprise works in a vacuum, especially when it offers such popular services as loans. As a result, as a customer, you can easily consult an opinion about a potential lender who is assessed on the Internet by existing customers. If your friends or family have previously used loans, you can ask about their experience. It is also worth visiting the website of the Polish Financial Supervision Authority, which publishes warnings about dishonest loan companies.
Loan agreement – data and method of correspondence
The correctness of customer data is, of course, the basic criterion that the loan agreement must meet. Among them, your contact details play an important role. Check the contract for the correct mailing address, email address and phone number. In addition, be sure to verify how the lender will communicate with you.
Loan agreement including all costs
The presentation of all costs in the loan agreement is also the legal obligation of the lender. It is interesting to know what part of it is the commission, what interest, and what possible additional costs. The Act strictly sets the maximum amount of all loan costs.
The loan agreement versus early repayment and the period of possible withdrawal from it
Each loan agreement should, by law, specify the period during which the customer has the right to withdraw from it at no cost. It can be, for example, 24 hours. It is worth checking this information, even if you are not going to take advantage of this opportunity. The loan agreement must also specify the consequences of its early repayment. It’s worth checking what you get by giving money back ahead of schedule.
Does the loan agreement contain consequences of repayment after the deadline ‘?
It happens that for various reasons we are not able to pay the liability on time. The loan agreement should clearly specify the consequences of not meeting the repayment deadline, as well as what the process of possible debt recovery will look like. Also for this reason, the already mentioned verification of the way the company communicates with the client is important.
Loan agreement and accrued interest
In addition, under the law, the loan agreement must provide for any interest accrued in the event of late repayment. Their maximum amount is also determined by the applicable law. Even if you think that you can easily pay back the loan on time, just check this part of the loan agreement just in case.