Good advice for the borrower

Answers to the questions: since when the loan company is operating, is their activity unquestionable, or are they a member of the Association of Loan Companies, it should not take much time, and it will allow basic determination of the credibility of the loan service.

Clear and legible contract terms

money cash

Each company should have a framework loan agreement published on the site. It is worth studying it – check if there are any doubts. We also need to know under what financial conditions we take a payday loan. When and how do we pay it back? 

If the bank cannot provide such solutions or if the actions taken prove ineffective, the borrower will have time to sell the property himself. The minimum deadline that a bank must give an indebted customer to sell an apartment on the “free market” is 6 months. This is new, because currently in the event of a loan default, the bank may proceed to debt recovery, which often leads to forced sales for a much lower amount than the market value of the flat.

Financial control

Before sending a financial application, think carefully about the loan decision – whether it is really needed and you will not have problems with timely repayment. Although many lenders have the option of refinancing, which in fact extends the term, it involves additional costs. Compare different offers – try to choose the cheapest loans. 

The new mortgage regulations will certainly not cause a revolution in the market. Many of the solutions contained in the act have been operating in banks for a long time, and the new regulations will certainly bring positive changes for borrowers. The next stage on the legislative path is the Senate. If he does not submit amendments, the bill will go to the President. After signing, it will be published in the Journal of Laws and will enter into force within 3 months of its publication. We can realistically expect, therefore, that the new regulations will come into force at the beginning of the holidays.