Loans without costs, loans without commissions – for many people it sounds like utopia. Why would companies borrow money if they don’t make money? In this article, we will consider whether loans without money are actually risky and dangerous.
Are commission-free loans secure?
Commission-free loans are granted by various non-bank institutions. Many people are afraid of such institutions. In various movies or series you can meet the situation when people taking loans from “non-bank” had problems, they were sent various threats, or gangsters came. How much truth is there?
Not really much – at most it is a song of the olden days. The non-bank loans market is very well regulated in Poland. Not every company can offer loans just like that. An institution that wants to grant non-bank loans must meet a number of requirements. Also, when it comes to prosecuting loan defaulters, they only have to stick to legal means.
Why do companies offer commission-free loans?
The reason is very simple – it’s about getting a customer. Today, there are many companies offering non-bank loans. That is why many of them offer the first loan as “free” – if you borrow, for example, PLN 1,000 and pay it back in a given time, you pay only PLN 1,000.
Of course, if there are problems with the repayment of the loan, then you have to reckon with the fact that penalty interest will be charged and the amount to be repaid will be higher. At the same time, it is worth noting that this is not surprising, since penalty interest is a natural means of safeguarding the interests of lenders.
Therefore, should you be afraid of companies offering commission-free loans? Absolutely not! Non-bank institutions simply want to attract new customers in this way. And you, if you need an injection of cash, you can look at commission-free loans because they are a great way to save your home budget in an emergency.