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 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
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
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?
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.