Archive November 2019

What is a loan? Is it easy to take?

By means of a loan agreement, the loan provider undertakes to transfer the ownership of the recipient a certain amount of money or items marked only as to the species, and the recipient undertakes to return the same amount of money or the same amount of items of the same grade and quality.
The loan agreement , whose value exceeds $ 1,000, requires document form 1 .


Who can lend?

borrow money

Anyone with legal capacity can grant us a loan . Legal capacity is the ability to acquire rights and obligations in civil law relations. Loans are provided by various entities and even natural persons. Banks have the right to collect money from other physical and legal entities as well as organizational units. Non-bank entities do not have this right. A condition for a business entity to grant a loan to someone is that they must have their own money.


Where money from?

The person or entity who wants to grant loans must be the owner of the borrowed funds. This means that you must have your own money to be able to borrow it to someone else.


Is it easy to take a loan?

Where money from?

Unlike the bank, companies granting loans are not obliged to verify the applicant in BIK. Non-bank institutions are most often chosen by people whom the bank refused to grant a loan due to lack of creditworthiness. What puts the bank first, i.e. financial situation and creditworthiness , is less important in non-bank institutions. Non-bank institutions are aimed precisely at acquiring customers whom the bank refused to grant a loan. By itself, it tells us that taking a loan is much easier, but not necessarily cheaper.


Loan costs

Loan costs

The nominal interest rate remains the same as for loans . A statutory upper limit for interest rates applies to non-bank institutions to the same extent as banks or credit unions. Within the admissible limits, they may not, however, exceed the statutory height.

However, non-bank institutions impose much larger amounts of additional costs when granting loans. Non-bank loans offered by institutions are more expensive than a bank loan . The fact that the bank does not want to grant a loan often indicates that the applicant is in poor financial condition. However, for some reason, we still need extra money. Therefore, non-bank institutions bear greater risk, which is why additional costs are higher. Much higher additional costs as a consequence also lead to the fact that the APRC of the loan is much larger than the loan .