What threatens me if I don’t pay my loan?
No loan repayment? Unfortunately, it happens that people who buy something on credit do not think about the consequences of not paying regular installments before making a decision about the obligation to pay off the debt in a timely manner.
Then, to “forge” and get rid of one payment, they take payday loans in other companies. This is how the spiral of debt is wound up, which is really easy to fall into. What threatens me in such situations?
Loans are for people
Maybe what we write at the moment will be very controversial for some people, but we hope that this text will open their eyes to some. Loans and payday loans and even bank loans often have on the Internet and not just the so-called “black PR”. In the comments under various articles, in Facebook posts there are smudges, negative opinions about taking loans. Where does this wave of hate speech come from? Loans, payday loans, just like other services or products, are simply for people, but you must be aware of the consequences in the event of non-performance of contracts.
Why do some people call financial companies “thieves” when they clearly and reliably present their offer, which the customer may or may not use? If we don’t pay for electricity on time, the supplier will eventually cut off the electricity he supplies. The situation is similar with companies providing payday loans via the Internet. If we do not return the money within the time limit specified in the contract, the lender has the right, in accordance with the regulations under which it operates, to demand from us the amount due.
Below are the best installment loan offers available on the market. We emphasize that each of these companies guarantees their clients access to the necessary information to make a responsible decision. If we want to take advantage of the offer without hidden costs, it is worth considering submitting an application for financial support to one of the institutions listed.
What is the maximum interest for the loan or payday loan not being repaid?
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It’s time to see what might happen if we don’t pay back the loan on time. At the beginning, if we do not pay the receivables on time, we will accrue interest according to the applicable contract and rates provided by the loan company. What amount are these amounts? According to Vivus, one of the largest companies in Poland that provides payday loans, the matter of interest is as follows:
“In the event of a delay in repayment of the loan, the Lender reserves the right to charge interest equal to twice the statutory interest for delay (maximum interest for delay). The statutory interest for delay is equal to the sum of the reference rate of the National Bank of Poland and 5.5 percentage points. In addition, the Borrower may be required to pay the costs of recovering the Loan through legal proceedings. “
Therefore, for a monthly delay in repayment you can incur a cost of about PLN 300, which may increase – that’s why you need to read a loan agreement in which all information on possible interest is clearly stated.
No loan repayment, no loans – what next?
If, despite accruing interest, contact from the lender and requests for payment, you still do not want or cannot pay the amounts due, you have to be aware of the fact that the debt collection proceedings will be initiated. If we have a loan, the bank, in the absence of quotations for subsequent repayments, can simply terminate the loan agreement with us and demand repayment of the entire debt within the set time.
This can be a really painful experience. Financial institutions can start debt collection themselves or sell our debt to a company that professionally deals with debt collection. Either way, the debt collector can take the case to court. And if he agrees, he will issue a debt order to the debt collector, according to which the bailiff may start acting.