What Legal Standards Apply Most to the Credit Industry? | Payday Loans

Reading laws is not a very popular activity, especially among impatient borrowers. However, each loan company is legally responsible during customer service. No one has observed the sanabanks legally.

The Polish Financial Supervision Authority has bypassed the short-term loans sector for many years, despite a lot of information about bankruptcies caused by usury commitments. Gradually, however, the sanabank market entered the new legal norms. Many provisions refer specifically to the operation of private loan companies. What legal norms should be read before establishing serious cooperation with non-bank institutions?

Laws necessary for the borrower’s security

Laws necessary for the borrower

The Consumer Credit Act is one of the most important legal acts for borrowers. The Act optimizes the information obligations of sanabanks. Thanks to the Consumer Credit Act, every borrower knows exactly how much he will pay for short-term payday loans. This is due to the introduction of the APRC indicator to information obligations.

The Consumer Credit Act also shows the shape of the short-term loan agreement. Knowledge of legal norms enables efficient comparison of information forms, contract templates, interest and non-interest costs, and even to a large extent marketing activities.

The Consumer Credit Act is not everything

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The Anti-usury Act on limiting non-interest costs, especially excessive commissions, insurance costs, strange handling and debt collection fees is also gaining importance. Usual commitment, thanks to the anti-usury act, is practically a thing of the past, because non-interest cost limits have been imposed on sanabanks.

Even a low-economic borrower after signing a loan agreement will not be exposed to an aggressive takeover of family property. The anti-usury act also forces loan companies to introduce a minimum share capital of several thousand zlotys. This is practically a guarantee that small, emerging entities counting only on fast, dishonest earnings will simply disappear from the industry and will not threaten the interests of indebted households.

The Anti-usury Act also optimizes information issues very precisely. Now the cash loan agreement assumes properly full cost data, repayment dates, additional formalities, possible debt collection process and many other details. Setting up a sanabank is also a bit more difficult due to capital requirements.

What about comparing cash loans?

cash loans

Optimization of legal norms and introduction of regulations regarding non-interest costs will limit the profit of many sanabanks, while reducing the pressure on comparing offers. The borrower will simply choose his favorite sanabank and keep in touch with him.

Interest and non-interest costs in minimally variable ranges will force the use of completely new marketing practices necessary to attract a new client payday loans. Fraud on the loan market is a real nightmare for those in debt. Losing property for small payday loans is a life tragedy. After many years of struggles between borrowers and lenders, the industry is being cleaned of dishonest entities. This is extremely good news.

Finally, a secure short-term loan market will guarantee stable income for honest non-bank institutions. How do you assess the legal changes introduced on the short-term loan market?

How to secure your debit and credit card!

Debit card scamming and debugging of credit and debit card PINs have been on the agenda lately. These are just a few examples of payment card crime. In addition, news about the risks of online shopping has raised questions about secure online shopping and payment methods.

What Is Debit Card Skipping?

What Is Debit Card Skipping?

Good Finance debit card is a payment card data copying its simplicity.
The criminals install a so-called skimmer in the machine that copies the information on the card. Skimming comes from the English word skimming, which means copying a magnetic tape.

Skimmers are installed especially in cash dispensers, and now in Finland especially for unmanned gas stations. Good Finance is a professional criminal activity in Eastern and Southeastern Europe, and now also in Finland.

What other ways are payment cards misused?

What other ways are payment cards misused?

The four most common types of misuse of payment cards (including credit cards, debit cards, debit cards, and ATMs) are:

  1. Pinching the PIN when you use the machine at the back, after which the customer is confused and the payment card is stolen. The debit card is then used to withdraw cash from an ATM.
  2. The above-mentioned copying or Good Finance magnetic stripes EVENT card at ATMs – by copying bank cards from those designed to raise the cash, or use the card details on the internet.
  3. Malware attempts to trickle down payment card numbers and identification information on the Internet. Credit cards are then used to order goods that are easy to convert into cash, or airline tickets, for example.
  4. The copied card information is added to the genuine-looking credit card counterfeit, which is then used to make purchases in stores.

How to use debit card abuse? Watch the video for tips

Payment card crime has been on the rise for quite some time and is therefore increasingly important to take good care of your payment card. Watch our video on how to secure a debit card – make sure you know at least these tips!

Tips for protecting your payment card

Tips for protecting your payment card

  1. Use the land limit on the card. You can set up your card in Netbank only in Finland
  2. Set a withdrawal limit in Netbank.
  3. Keep your passcode carefully, never store it near the card.
  4. Protect your pin with your hand as you enter the code.
  5. Shop securely online – Shop only from well-known sites.
  6. Monitor card events regularly. Often, criminals raise only small, unobtrusive sums at a time.

If you find something strange at the vending machine, contact the emergency number on the vending machine.

What is the Best, or Safest Credit Card?

What is the Best, or Safest Credit Card?

If you do not already have a credit card or are considering purchasing one, we recommend that you carefully compare the options available on the market before making a purchase. You can compare all credit cards in our comparison, for example:

In our credit card comparison, you can easily find the best credit card for you. A lot of travelers may be interested in airports and travel insurance, which are combined with, for example, the Norwegian Bank credit card.