Check before you sign! – Rules for taking out safe loans

Without BIK, the cheapest, without fees – these slogans probably do not work with as recently.

They are not a magnet that attracts those in need of quick cash

They are not a magnet that attracts those in need of quick cash

Among some, it arouses rather extreme emotions, especially in the case of those who have an adventurous journey behind them. Unfortunately, information about the practices used by lending companies is not as common as overwhelming advertising encouraging to take out loans. Many financial institutions supervising the market receive numerous reports, which I warn against the dishonest tricks of some companies that offer “moments”.

UOKiK research has shown that most companies use illegal practices when advertising their financial products. At the same time, he uses false information, which misleads millions of Poles. Such practices are commonly used, not only in television commercials, but also in advertisements at bus stops, on the Internet, newspapers or roadside poles. All over the world, posters, billboards and leaflets flood us with catchy slogans – quick and cheap loans. The scale of the phenomenon is so great that only our own caution and prudence can take care of our financial security and you can’t be fooled. Don’t fall for it!

Social action, under the slogan – “Don’t be fooled. Check before you sign ‘started at the end of last year. The campaign is supported by: Polish Financial Supervision Authority, Police, Office of Competition and Consumer Protection, Ministry of Justice, Bank Guarantee Fund, Ministry of Finance, Capital Lender.

The campaign shows how to avoid signing a contract that is unfavorable to us in four safe steps

loan contract

 

You need to check the company in which we are considering taking out a loan, get acquainted with the necessary data to be able to calculate how much the whole commitment will cost us ; read the contract carefully as it is an important document in the event of any claims being raised by the lender. And never sign a contract if anything seems unclear to us! �

To avoid the unwanted effects of borrowing:

Check the company!

The website of the Polish Financial Supervision Authority provides valuable information. You can find a list of companies over which the Commission oversees. The list of reliable companies is also included in the campaign website – www.zanim-podpiszesz.pl. Good preparation for finding a reliable loan company should include, among others checking if the company is listed on these lists.

Calculate the total cost of the loan

Calculate the total cost of the loan

Request specific and comprehensive information on the amount you will have to pay back. Many companies hide the total costs, which is associated with the subsequent borrower’s disappointment. If a company representative is reluctant to provide information on the actual annual interest rate and the total amount to be repaid, you can calculate the cost of the loan yourself using the calculator.

Read the contract!

 

We still repent for reproducing the same mistakes – we don’t read the contracts! If you have to sign the contract, read it once, a second and even a third time so that you do not miss anything that could additionally burden you financially. If an employee of the company does not help you to resolve any doubts related to the provisions of the contract, please ask a person who knows this to ask for clarification.

You don’t understand – don’t sign!

Accept the rule: I don’t understand – I don’t sign. If you cannot get comprehensive information or if you can see that a company employee is concealing something, it means that taking out loans here can be costly and not the end is clear. It is better, therefore, to refrain from signing any documents and look for other places where you can borrow money safely and advantageously. and a very expensive commitment

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