The principles of consumer loans are based on the provisions of the Act on supervision of the financial market containing important regulations. UOKiK is constantly monitoring the consumer credit market and introducing a number of regulations that protect consumers who use non-bank loan companies (Metabanks). The maximum limit beyond interest loan costs and interest charged for late repayment is only some of the regulations introduced in 2016.
Every year, the office issues dozens of rulings regarding violations of collective consumer interests by loan companies providing payday loans . UOKiK makes every effort to increase the level of consumer protection effectively, because the paraffins do not always respect the rights of their clients. The highest number of objections are raised by exorbitant fees significantly raising the cost of loans and failure of Metabanks to disclose information obligations to consumers.
Until 2016, the amount outside the interest costs of loans was not limited. Metabanks could, therefore, exceed the accrued interest many times. New provisions of the Act on supervision over the financial market, which introduced significant regulations in this respect, including to the act on consumer credit. Currently, the amount outside the loan interest expense may amount to a maximum of 25% of its total amount and 30% of the variable amount, depending on the period for which it was incurred. In addition, all non-interest costs and fees may not exceed 100% of the total loan amount.
Find out more about this topic:
The rules of consumer loans in accordance with the provisions also burden the Metabanks with the obligation to return the consumer all fees in the event of non-payment of a payment, also in the case when the contract is not concluded.
UOKiK also intervened in the matter of exorbitant fees for debt collection activities. He issued a decision in which he forbade Metabanks from using provisions in contracts that allowed them to charge fees that do not correspond to the actual costs of these activities. This applies to the costs of payment orders, which could reach up to PLN 50 for the second call and PLN 80 for the third call.
According to UOKiK, fees for such prompts should correspond to the costs of correspondence sent by traditional mail or a telephone prompt according to operator rates. Agreements of contracts giving Metabanks the option of charging and charging overdue fees for delay (eg in the amount of PLN 20 for each day of delay) have been questioned.
Articles that are worth reading:
UOKiK also dealt with dishonest non-bank companies that did not grant loans, but only collected and kept the preparation fees or for processing the application.
The rules of consumer loans guarantee us that every lender is obliged to provide clients with reliable, real and complete information. This is in particular information about the actual annual rate of interest (APRC), the total amount to be paid and the repayment dates.
Please note the following details:
In case of problems or doubts – remember: