Consumer lending: it will be easier, but more expensive...

The new law on consumer credit in Poland in a while bring some changes for the worse, it suggests many improvements. She insists to pay interest, if you cancel your loan. Are encouraged to borrow abroad, where there below the euro interest rate. This will help figure out why the bank refused to cash. Changing practices is crucial, because consumer credit, which includes among others installment loan, credit account, car loan or a cash loan is one of the most popular financial products to both banks, as well as non-banking companies. The number of consumer loans granted only by the banks themselves can be counted in hundreds of thousands annually. Along with those granted by credit unions and non-bank and other institutions are already millions of statistics.
Why the European Union has decided to re-regulate this is the case? Differences between the various member states generally in lending to individuals, particularly consumer credit, in some cases lead to distortions of competition between lenders in the Community and create obstacles to the internal market. It restricts consumers' ability to make direct use of the gradually increasing availability of cross-border credit. Such distortions and restrictions may affect the demand for goods and services - you can read the explanation.

The main changes concern:

  • Increase the level of mortgage to 75 thousand Euro
  • For an extended period of 10 to 14 calendar days within which you can opt out of consumer credit.
  • Changed the limit fees and commissions (now up to 5% of the value)
  • Introduced a charge for early repayment
  • Standardized form for all credit institutions in the EU
  • Introduced the obligation to inform the customer of the total cost of credit
  • Naożono obligation to inform the client and clear reasons for the refusal to grant credit
  • All advertising of consumer loans should be very reliable, and refer to the real interest rate.
  • Unification of the tender form will allow the bank a simple verification of the conditions for other deals.