By means of a loan agreement, the loan provider undertakes to transfer the ownership of the recipient a certain amount of money or items marked only as to the species, and the recipient undertakes to return the same amount of money or the same amount of items of the same grade and quality.
The loan agreement, the value of which exceeds one thousand zlotys, must be made in one documentary.
Who will grant the loan and where the money comes from
Loans can be granted to us by any entity with legal capacity. Legal capacity is the ability to acquire rights and obligations in civil law relations. Therefore, various entities and individuals deal with loans . Another condition that must be met in order to be able to grant loans to others is having our own money that we can borrow.
Banks and credit unions have the right to collect money from other natural and legal persons as well as organizational units without legal personality. By law, these are the only entities that can accumulate the money of others. They can also grant loans they will not own the money credited. Non-bank entities do not have this right.
They can’t borrow not their money. The condition for a non-bank entity to grant someone a loan is the obligation to have their own money.
The person or entity who wants to grant loans must be the owner of the borrowed funds. This means that you must have your own money to be able to borrow it to someone else.
Is it difficult to get a loan
Non-bank institutions are most often chosen by people whom the bank refused to grant a loan due to lack of creditworthiness. Creditworthiness is the ability to pay back a loan taken out. The bank verifies that we will be able to pay back the credited amount of money on time. To this end, it examines our financial standing and is required to verify our credit history at the Credit Information Bureau.
What the bank puts first, i.e. the financial situation and creditworthiness, is less important in non-bank institutions. Non-bank entities are not required to verify our creditworthiness in BIK. Non-bank institutions are aimed precisely at acquiring customers whom the bank refused to grant a loan. By itself, it tells us that taking a loan is much easier, but not necessarily cheaper. Due to the fact that the non-banking institution attaches less importance to our financial situation and is focused on a difficult customer, it also incurs a greater risk of customer insolvency. Therefore, the cost of the loan is often much higher than the cost of the loan.
What is the price of the loan
The statutory interest rate limit also applies to loans granted by non-bank institutions. Therefore, the nominal interest rate remains the same as for loans . Within the permissible limits, they are free but may not exceed the statutory height. The loan amount depends on us. The Act guarantees that the interest rate may not exceed a certain ceiling. The issue of additional costs is solely decided by banks, credit unions or non-bank institutions.
Therefore, the additional costs of both loans and credits remain in the individual issue of banks, credit unions or non-bank institutions. As a rule, non-bank institutions impose much larger amounts of additional costs when granting loans . This means that the loan will cost us more than the loan. However, probably no one decides to take a loan from a non-bank entity if they can get a loan from the bank.
This form is chosen by those who have no creditworthiness and have no chance of a bank loan. The fact that the bank does not want to grant a loan often indicates that the applicant is in poor financial condition. Therefore, non-bank institutions bear greater risk, which is why additional costs are higher. Much higher additional costs as a consequence also lead to the fact that the APRC of the loan is much larger than the loan.