How to verify a loan company?

Using an accidental loan company can have long-term, extremely unpleasant consequences. Do you want to borrow safely? Verify the lender! In the article, we will explain how to do it.

In 2016, the provisions of the Anti-usury Act entered into force. In addition to setting limits on the cost of borrowing money, the new law also introduced several requirements for lenders.

What requirements are there?

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Each loan company that started operations after March 11, 2016, should be a zoo or joint-stock company. He must also make a statement declaring his willingness to run a loan-based business and have share capital in the amount of over USD 200,000 (he cannot come from loans).

Unfortunately, among legitimate lenders, from time to time there are still dishonest companies on the market – bushes. Using their services can be very painful for the wallet. To eliminate this scenario, it is worth verifying the lender carefully before taking a payday loan.

How to do it?

Before using the services of a company providing online loans, check whether its data is included in the Register of loan institutions maintained by the Polish Financial Supervision Authority.

Online rankings

Before taking a non-bank loan, also check that the institution is included in the online rankings of loan companies. Such combinations take into account only proven, legally operating platforms. By choosing one of them, you can be sure that the lender will fulfill his mandatory and your personal data will remain secure.

Website verification

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An additional way to verify the credibility of the lender can also be an analysis of his website. Before you reach for payday loans, check that the lender:

  • placed a loan calculator on the website, enabling self-calculation of costs;
  • placed on the website the company details responsible for granting loans – its name, address, tax identification number, and KRS number;
  • gave a representative example of a loan;
  • provided contact details – phone number and email address.

Also, remember not to use the services of companies that require any fees before analyzing the application (the only fee they can download is a verification transfer of a symbolic amount of USD 0.01 or USD 1). Such practices are one of the most important signals that the lender is dishonest.

Check before you borrow

Using the services of a random non-bank loan company can result in leakage of confidential data, debts and … huge frustration. If you want to borrow safely, take a few minutes to x-ray the lender. Nowadays, it is very easy to verify a lot of important information that can influence our decision and protect us from undesirable consequences. Therefore, it is worth using the opinions of other people who have already used these financial services.

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