The year 2017 brought many changes on the payday loans market – non-bank loans. The law protects consumers better by eliminating most dishonest entities.
However, we should still check the credibility of the institution from which we want to borrow money . What to look for to make a good loan payday loan really good? How to check the credibility of a loan company?
Polish Association of Loan Institutions
Is the company providing online loans on evidence on the list of entities that are covered by financial supervision? Check it out. The Polish Financial Supervision Authority (KNF) maintains the Register of Loan Institutions . All non-bank entities providing quick online loans are required to register their activities. The Register of Loan Institutions is available on the KNF website.
The Polish Association of Loan Institutions is another reliable source of information. It is an organization that brings together leaders of e-market payday loans – online loans. Its mission is to set and enforce the highest standards – both business and ethical – in this financial segment. If the loan company is a member of PZIP, we can certainly trust it more.
In the case of online loans, the main channel of information about the entity will be its website. Such a simple analysis – that is, a thorough review of the information contained therein – can tell us a lot about a loan company. What should we focus on?
Each entity should care for its image as a reliable partner. This is especially important in the financial industry. Such care is demonstrated by the transparent presentation of all data, openness and comprehensibility of information.
The rules for granting a loan should be written in plain language, without complicated wording or ambiguity. The website should contain a table of fees or a cost calculator, as well as a specimen contract that we will sign. The issue of the content of the contract itself is a separate matter – we will not analyze it in this article.
Opinions and recommendations
Getting advice from other customers can also be a good way. However, when reviewing reviews, especially those from online forums, you need to be critical. Strong competition in this industry means that some entities use dirty practices, black PR. On the other hand, overly favorable opinions may also have little to do with the truth.
Other, more independent sources of opinions are rankings of loan companies or comparison of their offers. It is worth using both sources to create a more objective picture of the institution whose services we intend to use.