Overflow of money from the loan chwilówki account is necessary to sign the loan agreement. Its individual points should be checked carefully and in case of doubts thoroughly discussed with a representative of the lender or a telephone consultant. In this way, you can choose a loan offer that will meet the expectations in terms of provisions regarding situations that deviate from the norm.
Reading loan agreements – statistics
Unfortunately, many people do not read loan agreements with due diligence or they do not read them at all. In the first case, every second person signing the loan agreement is referred to, and in the second – by 10% persons. This is a very serious problem because by signing a contract with a loan company, the borrower commits to accepting the terms of the loan and observing the points of the regulations set by such company. When inaccuracies appear in the future, the borrower is not able to rely on a lack of knowledge on a specific issue, therefore any inaccuracies should be clarified before the signature of the loan agreement is signed.
What’s in the payday loan agreement?
In the loan agreement, payouts should primarily include provisions regarding:
- the parties to the loan agreement and the subject of the contract,
- total loan repayment costs,
- the issue of early repayment or extension of the loan repayment date,
- the rules of withdrawal from the loan agreement,
- loan service fees.
This type of records can be very detailed, but it also happens that they are quite general. Then it is worth contacting the lender who will develop particular points of the contract.
The parties to the loan agreement and its subject
The loan agreement should specify the parties to the loan agreement and its subject. As far as the lender is concerned, there must be data such as: name of the lender, its address and tax identification number (NIP) and REGON number, and in the case of the borrower, in addition to his personal and address data, it should also be a number PESEL number and ID card number. Before signing a contract, it is worth checking the data in such a way that any errors will not give rise to legal problems.
If a part of the data is missing or if information on the loan company in the relevant registers can not be found based on the NIP or REGON number, increase vigilance and check opinions related to its reliability. In turn, as regards the subject of the contract, i.e. the loan, its amount should be determined. It is also worth ensuring that the loan agreement contains information about the date of payment and repayment of the loan. This is not required by law, but it is in the interest of the parties to the loan agreement and avoids any disputes.
The total cost of repayment of the loan
Information on the total loan repayment costs is very important as it affects the decision to choose an offer from a specific loan company. The loan agreement should contain information on what additional charges the total amount for repayment covers. These are primarily interest rates on commissions and commissions, but also insurance and other fees specified by the loan company. They can be determined by amount or percentage.
A loan company very often describes the additional costs of loan repayment using the RRSO indicator (ie the Actual Annual Interest Rate). It defines the total cost that the borrower must bear, expressed as a percentage of the loan amount on an annual basis. Then, when converting the total amount to be repaid, you should remember to use the appropriate proportion depending on the duration of the loan.
It is worth analyzing the additional loan costs specified in the contract in terms of the anti-usury law. According to the regulations, the cost of the loan can not exceed 25% of the sum that has been borrowed plus an additional 30% of the loan amount calculated annually. This means that when borrowing PLN 1,000 for 60 days, the maximum amount to be repaid can not exceed: 1000 + (1000 * 0.25) + (60/365 * 0.3 * 1000) = PLN 1299.31. It is always worth to give data to the pattern.
If the loan costs in the loan agreement are higher than in the regulations, please contact the loan company paying attention to this. This may be the result of a printing error or a computer contract, but on the other hand, it also follows the policy of the loan company. In the latter situation, however, it would mean action that is not legal and should be reported to the relevant state institutions.
Records for early repayment of the loan
In the case of a very good financial situation, it is worth repaying the loan beforehand. Loan companies must specify in the loan agreement the loan repayment terms before the due date. This results from the provisions of Polish law. Each of the companies may, however, have certain other conditions for early repayment of the loan. Some loan companies allow you to repay a loan at a reduced amount (due to proportionally reduced interest, and often also insurance costs and commissions), while other companies require you to return the entire loan amount to the account along with side charges, so that only after making the payment you can convert the costs loans and refund of overpayment to the account indicated by the borrower.
In the case of provisions regarding the early repayment of the loan, besides the rules of its settlement, it is also necessary to pay attention to the terms of repayment of the loan specified in the contract and reimbursement of its overpayment, the method of calculating the amount to be repaid and the rules for communicating with the loan company in order to prepare an early repayment order.
Withdrawal from the loan agreement
The loan agreement also includes provisions regarding the option of early withdrawal from it. Consumer law guarantees generally the possibility of withdrawing from the contract within 14 days. Apart from the option of resigning from the loan within 14 days from signing the contract, the lenders also provide the borrower with a guarantee that they will not incur the consequences of resigning from the loan within the given deadline when submitting the relevant application. Usually a loan company gives 24 hours, a few days or a whole week.
When the provisions regarding the possibility of withdrawal from the loan are included in the loan agreement, it can be safely stated that the company with which it is signed is classified to reliable companies, which in such cases do not cause problems. Among the provisions regarding the withdrawal from the loan agreement, it is worth paying attention to the rules regarding the date of returning the amount of the loan obligation and the method of calculating the costs of the collateral loan. In addition, information on formalities regarding the withdrawal from the loan agreement is also important. Although it is possible to submit a handwritten letter on the matter, sometimes the loan companies provide their templates of letters, which must be completed and delivered in an appropriate manner to their seats.
It is possible to extend the loan repayment date
A very important point of the payday loan agreement is the one that concerns the possibility of extending the loan repayment date. There are companies that do not allow it. This is in accordance with the law, although in the case of financial problems, you can get into big problems in this way, therefore when deciding to conclude a loan agreement with a company that does not offer such facilities, you must carefully analyze your repayment options from other sources.
In the event that it is possible to extend the repayment date, it is worth checking in the contract about how many days you can additionally extend such a contract. For loans with payday loans it is usually 7.14 or 30 days, although there are some deviations from the rule. The list of loan term extension options is usually closed due to the fact that the loan company specifies for each of these additional extensions the pre-set percentage amounts of fees. The second element, which should therefore be analyzed in the point regarding the extension of the repayment date, is the method of calculating additional costs, which in this case is borne by the borrower.
Fees related to the loan agreement service
In a loan agreement (and usually in an attachment to it), you can find provisions regarding additional fees that the borrower must incur in connection with its service. Usually there is information about the bank account verification fee (it is PLN 1 or PLN 1). It is worth paying attention to whether this type of payment is returned to the account and in what period the loan company returns it.
In addition, the loan agreement contains information on fees related to the loan extension, interest and penalties for delays in repayment of loans, and information on debt collection costs (eg in connection with telephone, e-mail, letter mail or in connection with referral of a lack repayment of the loan to the bailiff). They should be read and analyzed carefully, even when signing a loan agreement there is no risk of problems with repayment of the loan. Life writes various scenarios and it may turn out that there will be financial problems that will make it difficult to repay current liabilities. Awareness of the amount of possible additional loan repayment costs is therefore very important.
Final information and signatures
At the end of the contract, there is usually additional information for the lender, such as information on reviewing the regulations in force in the loan company and consent to the processing of personal data needed for the purposes of the loan agreement. It is worth getting acquainted with them so there is no doubt in case of any disputes regarding the transmission of marketing materials or telephone contacts of consultants.
At the very bottom of the loan agreement there is a place for the signatures of the lender and the borrower. Due to the fact that the payday is fast and the money is sent to the account of the person interested in it the second day, often the loan agreement is sent electronically in the form of a scan. It is worth taking care, however, that it will also be forwarded in a paper form (even if the lender does not require it) by sending it by registered economic mail and expecting it to be returned together with the signature of the person representing the loan company. The document in paper form has more value.
Loan agreement – what to pay attention to before signing it 4.3 (86.67%) 3 grades