Usually, we plan the household budget so that the money lasts for a whole month. What to do if additional unexpected accidents occur, where cash will be needed immediately? In such a situation, it is worth knowing how to choose a payday loan offer without any formalities or checking your creditworthiness. From time to time we hear the dramatic stories of people who have been deceived by loan sharks. They borrowed USD 2,000 and they have to give back 100-200 thousand.
Such stories rarely end in a happy ending. More often, the result of hastily taking out a quick loan is auctioning your home. In general, we owe ourselves. When we receive a payment order from the court, with the warning that we can file an objection within 14 days, we downplay it. Therefore, first of all, it is worth reading the contracts, and secondly receiving legal correspondence.
When is a payday loan usury?
In Poland, the maximum interest rate is limited in the Act amending the Civil Code and some other acts of 2006. The maximum interest rate is limited to four times the payday loan rate of the National Bank of Poland.
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Do you have problems
Financial? CHECK MORE Currently (26.08.2014) the maximum amount of interest per annum is about 16%. For this reason, the provisions of the contract should be considered invalid, eg interest on 1% per day is reserved. The sum of costs may be much higher than the statutory limit. When reading a loan agreement, pay attention to such elements as:
- insurance (can be voluntary),
- total cost of credit
Is a loan to pay off a good idea loan?
When we are dealing with usury, we are not completely powerless. For example, we may request the annulment of such a contract citing exploitation or directly challenge the amount of fees and costs charged unlawfully. The provisions of such a contract do not bind the customer by law alone and he may refuse to comply with such a request by the creditor.
The court should consider such actions as a violation of the rules of social coexistence and remit improperly calculated receivables, eg penalty interest above the value of maximum interest or recovery costs. Worth knowing! The conclusion of a usury agreement is punishable by up to 3 years imprisonment.