How to check the credibility of a loan company?

Proverb says: Good habit don’t borrow. However, nowadays a loan is often necessary. There are many clients of banks and loan companies taking out loans and credits. A loan can be a good method of solving temporary financial problems, it also makes life easier. Thanks to loans we can quickly realize our plans: renovation, vacation or buying a car.

When choosing a loan, always check the conditions under which it is granted. It is also necessary to verify the credibility of the loan company. Learn how to do this and what to look for in this article. It is worth being a conscious consumer, therefore I strongly encourage you to read it carefully.

Where to start verifying your loan company

Where to start verifying your loan company

There are many companies that grant loans on the market. It is good to know how to check opinions about them and thus not be fooled by the loan company. The market research should be carried out individually. Nevertheless, it is worth starting with online sources and finding a ranking of loan companies. Thanks to such a tool, we can find out which loan company is the most popular. The rankings also indicate whether the company’s customers are satisfied with its services. If the loan company met the client’s requirements and was honest, clients would be happy to come back to it.

That the credibility of a loan company should be checked is obvious. You should always know the company that is going to grant us the loan before signing the contract. This is particularly important in the sector of companies providing non-bank services, such as, for example, non-bank loans via the Internet. Their offers are often attractive. However, if we are not sure about the integrity of the company, we can bring ourselves trouble. If we check the credibility of the loan company, we will be sure that the loan taken on us will be 100% secure.

In addition to rankings, opinions about loan companies are equally important. Such information can be found on the Internet. Thanks to the opinions of previous customers, we can find out whether the lender adheres to the contract and whether he is not cheating on his clients. Compare lenders’ offers are very convenient tools that should be used before taking an online loan or payday loan.

The issue of customer confidence in non-bank institutions is also key for people running companies of this profile. For this reason, many reliable companies with very favorable offers can be found on the market. For this reason, clients place trust in the non-banking sector more and more. This is indicated, inter alia, by the research systematically conducted by the Polish Bank Association. However, this is not a reason to give up verification of the loan company. Checking and x-raying the company before taking out the loan is the only way not to be fooled by the loan company. Among many honest companies, we can unfortunately find fraudsters, counting on quick earnings and not caring for the opinion. such companies spoil the reputation of the non-banking sector, where there are many honest companies, with interesting offers such as fast online loans or long-term online loans.

It should also be remembered that in order to analyze the lender’s offer, we must pay attention to the contract. Before signing it, the customer should be sure that the terms and conditions set by the lender are fair and attractive. From the loan offer we can choose offers amounting to different amounts. The dates and types of repayment of the loan taken out are also different. In addition to the integrity of the loan company, you should also find one that offers the most favorable conditions for the client.

Where to check the credibility of a loan company

Where to check the credibility of a loan company

The non-bank loan market is very lively. This can be seen in the number of loan companies that have appeared on our market. The offer of loan companies is available on the Internet, but also from financial intermediaries. In addition to the opinions and rankings of lenders, you should also check the credibility of the loan company. The right tools are for this. Everyone who plans to take out a loan should know them.

The Polish Financial Supervision Authority is the institution that oversees financial institutions. This is another place where we can check if a loan company is operating legally. Appropriate permits are needed to run a loan company in Poland. If the lender does not have the appropriate permits, required by Polish law, exposes its clients to losses and high risk.

Institutions operating outside the law that should be avoided should be on the list of public warnings kept by the Polish Financial Supervision Authority. The list of warnings includes entities suspected of illegal activity and crimes, such as accepting cash contributions to risk them, without obtaining the appropriate permission of the PFSA. Banking law speaks of this, specifically art. 171 section 1-3 of this Act.

The next place where you can check the credibility of a loan company is the Registry of Loan Companies. This is another tool that can protect the consumer from signing a contract with unreliable companies. The Association of Loan Companies deals with this register. There are companies in it whose integrity and legality the Union has no objections to. However, this is not a mandatory database, not all companies are registered in it. The register is available on the website at it is a generally available and valuable tool. If you don’t find the company on the list, it’s worth contacting ZFP and finding out if the company has not entered the entry or has been excluded due to unfair practices.

Companies listed in this register are legal and do not use unfair practices against borrowers. Such practices include, among others:

  • Phishing personal data.
  • Phishing non-returnable initial fees, often in significant amounts.
  • Granting loans for an amount that the loan company does not have.
  • Unfavorable disposal of property, including granting loans to persons whose financial situation will not allow them to be repaid.

The National Court Register is a database that can confirm to the client whether the company whose services he intends to use is not a bush company or fictitious institution. KRS is a tool that can confirm the actual existence of the lender. Each company registered in Poland must have a KRS number. Having this number is tantamount to entering the lender into the National Court Register.

The obligation to register companies operating on the Polish market is specified in the Act of 10 August 1997. Data on entrepreneurs are collected in the National Court Register. The data contained in the National Court Register are public and everyone has access to them. In addition to the existence of the company, the National Court Register also contains information about its business profile. We can also find company data there: way of representation, NIP, REGON and other important data.

Another valuable source of information about loan companies is the Central Register and Information on Economic Activity in short CEIDG. It is a register functioning since July 1, 2011. In the database we can find Polish entrepreneurs who are natural persons. CEIDG is run by the competent minister dealing with economic issues. The database has a number of information that allows the consumer to verify the loan company and confirm the data it provides.

What to remember when choosing a loan company

What to remember when choosing a loan company

When we check the integrity and credibility of a loan company, there are some important facts to consider that can affect our comfort and security. Careful familiarization with the offer and conditions offered by the loan company is necessary, regardless of whether we decide on quick loans online, payday loans online or long-term loans online.

An important issue is whether the company charges a preparation fee for granting a loan or for checking creditworthiness. It can be a mine that nobody would want to step on. If the lender, while giving payday loans, checks our creditworthiness for a fee, you may end up not only not getting the extra funds, but you will still be required to pay the agreed amount.

The company’s offer should be compared with the competition. Attention should be paid to interest rates and additional costs. Before signing the contract, you should read it carefully, it happens that the initial offer is attractive, but the lender reserves the right to increase the interest rate and to charge additional costs during the contract period. In such cases, fast loans over the internet can be difficult to pay back. A good, transparent and fair contract is the basis for cooperation between the loan company and its clients. If the entrepreneur wants to strengthen his position on the market, he will not use suspicious practices. In addition to the contract itself, it’s also good to learn about loan companies’ opinions , which can be found on internet forums, among others. A safe solution is also to use the services of a company recommended to us by loved ones or friends.

In addition to checking the credibility of a loan company, there are several important aspects and things to keep in mind when choosing a loan company. A reliable and honest company is obliged to inform the customer about the interest rate and repayment in a clear and understandable way. The total cost of the loan is also an important issue, this value tells the borrower whether the offer is in fact as attractive as the adviser or advertisement provides. Long-term loans online are different from products such as payday loans. If the offer of a loan company is wide, the consumer will certainly find a financial product corresponding to his needs and possibilities.

Checking the credibility of the loan company and signing a contract where the terms are fair and clear is very important. The consequences of using the services of cheaters can be very unpleasant. An experienced consumer should not suggest advertising, and check thoroughly what offer the company offers in reality. It costs some time, but it can save you from serious problems and unpleasantness.

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