There are some costs associated with taking out non-bank loans. This is not surprising, as is the case with loans granted by banks. The amount of fees is specified in the contract concluded between the financial institution and the client. Find out how much you have to pay for a non-bank loan.
Free non-bank loan – is it possible?
On the non-bank loans market, especially short-term loans, competition is high. Due to favorable repayment terms, loan companies try to attract potential customers. The promotion that makes it possible to take the first short-term loan without paying interest is very popular.
You can take out such a loan, among others on a website belonging to one of the leading loan companies in Poland.
It is a marketing strategy that benefits both parties – the company has the opportunity to prove to the customer that the service is fast and professional, and borrowers can save some money on credit, which is undoubtedly rare in the financial world.
Commission for granting a non-bank loan
The first cost to take into account when taking a loan – both bank and non-bank – is the commission. It is calculated once and its amount should be clearly indicated in the contract.
The maximum amount of commission is regulated by the provisions of Polish law and may not exceed the percentage value of the APRC stipulated in the Anti-usury Act of 2015.
Any loan company that does not comply with the law is exposed to high financial penalties. The commission is usually the largest part of the cost of granting a short-term non-bank loan.
The interest cost of a non-bank loan
The maximum interest cost of a non-bank loan is also strictly defined by law and may amount to twice the Good Finance reference rate (currently 1.5%) + 3.5%.
In the case of short-term loans, for small amounts, the interest rate constitutes a small part of the costs. The situation is different in the case of non-bank installment loans. This is because interest is calculated on an annual basis, so the longer the repayment period, the higher the interest.
Interest for late repayment
The amount of interest for late repayment should be included in the contract. If not specified, it is calculated in accordance with the provisions of the Civil Code, based on the current level of the Good Finance reference rate + 5.5%. As in the case of other costs, here too the maximum interest for the delay is set, which may not exceed twice the statutory interest on an annual basis.