Trustworthy payday loan, or what?
Register of Loan Companies and list of KNF warnings
One of the tools that will allow you to find relevant information about a non-banking institution is the Register of Loan Companies kept by the Association of Loan Companies. It is an electronic source of explicit and publicly available data on entrepreneurs conducting lending activities and selling 95% of loans on this market. However, it should be remembered that the Registry does not explicitly state that the companies listed on it are good or bad. However, this is already confirmed by membership in the ZFP, which requires meeting the highest business and ethical standards. The brand is also checked as part of several-step verification. We can also look on the public list of warnings issued by the Polish Financial Supervision Authority regarding information on whether a given loan company is not pending a case of suspected illegal activity. Another place where we can check if a given company is a trustworthy payday loan and complies with the provisions of the Personal Data Protection Act is the Inspector General for Personal Data Protection. From the nidos website we will find out whether the lender has indicated its willingness to process personal data.
Transparent and clear rules for granting payday pay
One of the distinguishing features of an honest payday loan is its website, where you will find a framework agreement with all attachments, tables with fees and commissions (not only for granting the loan, but also for its extension, as well as conducting debt collection activities). There should be an intuitive calculator on the reliable payday service, thanks to which, after setting the amount and repayment period, we will know the date of repayment of the loan, APRC, amount of commission, total cost of the liability. It is important that we know how much and what we will pay for. If the company does not present a full list of fees, and during conversations with the consultant we do not get a detailed, clear and understandable offer, then it is better to give up the services of such a lender.
Honest payday with certificates
Confirmation that we are dealing with an honest payday are also certificates granted by reliable entities. These include the Reliable Company certificate issued by the National Debt Register, the Loan Magazine Responsible Lender certificate, the Credible Company Financial Certificate awarded by BIG InfoMonitor or the Ethical Certificate obtained by members of the Conference of Financial Enterprises.