According to the latest regulations related to the update of the Online Payday Loan act, on March 11, 2016, there were a number of changes regarding online loans.
An important element of the change in the regulations is the point according to which the non-banking company has no right to constantly extend the dates related to loan repayment. This provision has changed a lot among Online Payday Loans companies. They decided to introduce a product that would be their response to legal changes – namely payday installments.
Increasing the repayment deadline
By installments non-bank companies have meant that their new product can be repaid in the long term. It can be 2.3 or even 4 years in certain situations. The installment product, in addition to extending the repayment option, means that customers can borrow much larger amounts of money. The target customer are people who need more cash and will not undergo bank verification.
Organizational changes regarding the conclusion of installment contracts have not changed the general conditions of the contract. You must be an adult to get any payday installments. A permanent criterion is also a mandatory criterion. Polish citizenship is also required, ID card with PESEL number. In addition, the customer should have a bank account.
In every company, completely different conditions may be applied, on the basis of which loans are granted. Therefore, it is good to verify information about non-bank companies on pages with payday rankings. As this product is also available to customers online, it usually takes a few minutes to complete the loan application. We also need to use the verification fee of 1gr which confirms our personal data with the lender.
If it turns out that we meet the basic requirements
Related to non-bank company regulations, the next step on our part is signing the contract. It will most likely be delivered by courier. And the cash will be transferred to our account or we will be able to collect it at a financial institution.
In addition, before we sign the contract, let’s check whether it is adapted to the new law. If we find provisions that may not be in line with the amendment to the Act, please contact the helpline of the loan company and explain your doubts by phone.