What is consumer credit?


According to the adopted regulations, consumer products are considered to be banking products as well as those offered by loan companies. The amount of the liability may not exceed 255 thousand dollar. Tegu type financial services must have a clearly defined contract. What is the difference between consumer credit and consumer credit? We invite you to read!

Consumer credit must be stipulated in the contract

Consumer credit must be stipulated in the contract

Consumer credit is regulated by the Act of May 12, 2011. According to the adopted regulations, the loan amount may not exceed 255 thousand dollar. Within the meaning of the adopted legal act, both a bank loan and a non-bank loan are considered as such a financial product. Important – this financial service must be stipulated in the contract. A consumer loan agreement is:

  • loan agreement,
  • loan agreement within the meaning of the banking law,
  • agreement on deferring the date of payment of the cash benefit to the consumer, if the consumer is obligated to bear any costs related to the deferral of performance of the benefit,
  • credit agreement, in which the creditor incurs a liability to a third party and the consumer undertakes to return the fulfilled benefit to the creditor,
  • revolving credit agreement (credit card).

Differences between a bank loan and a loan from a non-bank institution

Differences between a bank loan and a loan from a non-bank institution

Banks have a statutory obligation to check the BIK score of a potential customer. Loan companies do this voluntarily. It is worth noting that banking institutions attach great importance to financial liquidity.

If the borrower does not receive a sufficiently high salary and, which is even worse, is employed under a mandate or work contract, he may have considerable problems obtaining a loan. Interestingly, the amount of the bank loan depends not only on earnings, but also on the profession of the borrower. In the privileged group are lawyers and doctors.

Loan companies look kindly at the borrower’s credit history. Previous financial liabilities that have not been repaid on time should not affect the decision to grant the so-called repayable financing. However, you should be aware that loans without BIK do not currently exist. If a given loan company does not use the Credit Information Bureau databases, it cooperates with competing registers – eg ERIF or KRD.

In the case of non-banking sector products, the application procedure is maximally simplified. In online loans, the entire application process is done electronically. Money is received by transfer.

Consumer credit and consumer credit

Consumer credit and consumer credit

The basic difference between consumer and consumer credit is the fact that in the case of the former the customer must specify the purpose for which he incurs the commitment. Meanwhile, consumer credit money can be distributed voluntarily. To sum up, a car loan or an apartment loan is a consumer loan, while a quick payday loan is a consumer loan.

Consumer loan for a car – in a bank or a loan company?

Consumer loan for a car - in a bank or a loan company?

The consumer car loan is granted by both banks and loan companies. The banking offer can be used by people who have impeccable credit history and high earnings. On the other hand, loan companies offer their products to people without financial liquidity. Lite lender does not require income certificates. This is because the loan is bought and bought.

Borrower’s rights in the process of obtaining a bank loan


Everyday use of online banking, possession of banking products by the majority of society forces us to contact banking institutions. Contact can take place completely online, dealing with all matters via online banking, or visiting our bank’s branch in a traditional way. Due to this state of affairs, it is worth knowing what rights we have as borrowers or customers of banks. What are the responsibilities of the adviser we meet at the bank and what are the responsibilities of the bank itself. Knowledge will allow us to effectively enforce and exercise our rights. The rights of the borrower are not only the entries in the bank documents, but actually the rights due to us that are worth using!

What rights do you have that the bank must abide by, what obligations does the bank have towards the borrower?

What rights do you have that the bank must abide by, what obligations does the bank have towards the borrower?

When applying for a cash or consolidation loan, we can often act in a hurry. The bank is obliged to inform us about all the rules of the loan and its costs. However, despite the general information, sometimes we may not understand something or read what we see only after signing the loan agreement. The very process of signing a loan agreement in banks looks like we get dozens of pages written in fine print. How to read and understand exactly when in the facility, seeing more customers in the queue and adviser rush?

Withdrawal from the bank loan agreement up to 14 days

Withdrawal from the bank loan agreement up to 14 days

Therefore, a very good tool was created for borrowers which is the option of withdrawing from the loan agreement. At any time up to 14 days after signing the loan agreement, each customer may cancel it by returning the financing to the bank. This solution does not burden the customer, there are no additional fees. We simply give back how much we borrowed without taking into account commission or insurance fees. Furthermore, the customer is not required to provide a reason for resignation. This is his autonomous decision in which the bank does not interfere.

Withdrawal from the loan agreement can be a bit problematic if we consolidate our loans. If the loan funds are transferred by other banks to our liabilities it may no longer be possible to withdraw these instructions.

Document regarding fees as the basis for selecting an offer

Document regarding fees as the basis for selecting an offer

Each bank product, whether it is a ROR (Savings and Settlement Account) cash, consolidation loan or account limit must have a document regarding fees within a given product. A simple list of the costs we incur using the product proposed by the bank. Knowledge of this information will help us choose the cheapest loan or ROR.

Each bank employee is required to issue such a document to the customer before the customer signs a contract with the bank for any of these products.

It is the bank’s responsibility to provide reliable information. The loan that the client is trying to affect will affect his future, its repayment is the borrower’s next 10 years. It is even more important that the decisions taken by borrowers result from specific and reliable information, not the promises of a bank employee.

You don’t have to sign the loan agreement right away

You don

Analyzing the rights of the borrower, we can see that the bank also gives the opportunity to calmly think about how much the loan he proposes. Depending on the banks, there are different periods of validity for the generated contract to be signed by the customer. Averaging it can be from 7 to 14 days. So much time we can be sure that the loan agreement generated by the bank will be waiting for our signing. After this time, the bank may cancel the offer and you will need to re-apply for it.

Mortgages have different laws. Their scope is regulated by the Mortgage Act. For example, it imposes an obligation on the bank to take a credit decision within no more than 21 days of submitting the application. This means that the bank cannot deceive the customer for longer after asking for additional documents. He is obliged to make a decision in such the longest time. A rigid time frame makes it easier for borrowers to plan ahead.

In summary words:

We have only discussed some of the obligations imposed on banks. The ones we mentioned focused on the rights of borrowers and their possibilities. Knowledge of such factors, obligations of a bank or banking advisor will certainly help us when applying for a cheap cash or consolidation loan. It will avoid unpleasant disappointments when you accrue additional fees for using our bank account. Borrower’s rights, ie knowledge, are definitely the basis for applying for bank loans

Where can you get payday loans without verification?

Payday loans are financial products that even indebted people can apply for. Quick loans without bases are a minimum of formalities, usually you only need an ID card to get them. What is worth knowing about payday loans without BIK? Where can you get a loan online without a BIK?

Payday loans without BIK – or what?

Payday loans without BIK - or what?

Generally speaking payday loans are small loans, they are also called micro loans. The payday loan is usually up to several thousand dollars. You can take it for a short time from 14 to 60 days . It happens that some parabanks extend this time at the request of the customer who has problems with repayment.

Loans without BIK and KRD means that they are not subject to meticulous verification of the applicant, as is the case with bank loans. Loan companies do not check your credit history, they provide payday loans, regardless of whether someone has already had debts or not. The only requirement for such payday loans is the age of the customer. Most parabanks require that the applicant be 18 years old, although it is possible that this minimum age is raised to 21 years.

Payday loans without BIK – for whom?

Payday loans without BIK - for whom?

Most often these are payday loans for those in debt. They are taken by people who are already repaying obligations and need more money to cover their debts. Loans without bases are also taken by people who in the past had problems repaying loans or credits on time and have a negative credit history . Often, payday loans without BIK and KRD are taken by people without a steady source of income, the unemployed, students, etc. Unfortunately, this can lead to debts, because a person may not have the money to pay the payday payday on time, which will be charged additional costs.

Consolidation of payday loans – how does it work?

Many people who take loans online without BIK take another loan to pay off their debts . The only reasonable way out of this spiral of debt is to consolidate payday loans. It is a combination of several liabilities into one, the repayment period is extended and one installment is set in such amount that the indebted person is able to pay it off without a significant burden on the household budget.

Instantaneous pay without BIK – where to look?

Instantaneous pay without BIK - where to look?

Many parabanks offer payday loans without BIK. However, it is worth comparing offers and checking their parameters. Particular attention should be paid to the APRC, i.e. the cost of such a loan. Payday loans comparison websites, where loan companies offering commitments without BIK can be analyzed. It is also worth familiarizing with the offer terms and regulations before sending the application. Additional fees may apply . Such costs are usually associated with the loan being not repaid on time. These could be fees for sending reminders to pay back. As a last resort debt collection and court costs also appear if the customer does not repay the amounts due and there is no way to settle the obligations.