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Rules for safe borrowing

Borrowing money is a difficult art. Therefore, you should carefully choose the company that will provide financial support. The amount of cash borrowed is also important. What to look for so as not to fall into a spiral of debts?

Know your financial limits

Know your financial limits

Before you take out any loan, you must first assess how much installment you are able to pay back. The length of the loan period is also important. Here the question should be answered: will I still work in the same place as in three, five or ten years?

Compare other offers

Each loan and credit has specific interest, commissions and other additional costs, such as insurance. That is why it is worth knowing the offers of various banking and non-banking institutions that deal with borrowing money. This will allow a general understanding of the market. And above all, they sensed the disturbing bargain offers. These issues should always be considered with caution.

Borrow from trusted and known entities

bank

A certain guarantee of security is also borrowing money from well-known companies. And also those that have been on the market for a long time, because it inspires confidence. An example of such a company is Provident, which has been helping its clients for 20 years.

It is good to know that a register of lending institutions has been created at the Polish Financial Supervision Authority, which makes it easier for consumers to verify whether a given company operates legally or not. It is also important that lenders should act in accordance with the so-called The Anti-usury Act, which entered into force in 2016 and introduced a limit on non-interest loan costs.

Get help from good advisers

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If you are determined to borrow money, but you completely do not know which product you should decide on, be sure to use the help of professionals. It is they who have complete information about the offer of the institution. In addition, they can very well match the transaction that will best suit the client’s needs. Therefore, ask and ask for additional information.

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