Through the loan agreement, the bank undertakes to make available to the borrower for the period of time specified in the agreement the amount of cash for the specified purpose, and the borrower undertakes to use it under the conditions specified in the agreement, return the amount of the loan used together with interest on the specified repayment dates and payment of commission on the loan granted 1 .
By means of a loan agreement, the loan provider undertakes to transfer the ownership of the recipient a certain amount of money or items marked only as to the species, and the recipient undertakes to return the same amount of money or the same amount of items of the same grade and quality.
The loan agreement, the value of which exceeds one thousand zlotys, requires keeping document form 2.
WHO CAN GIVE A LOAN?
Credit can only be granted to us by the bank or credit unions. It is the act that determines who can grant us credit and in what form. It is worth knowing that a bank or credit unions grant a loan, not from its own money. This means nothing other than the fact that the bank does not own the money it borrows. Money in the bank is really their clients’ money entrusted to them in various forms. In the case of GFIC, this is the money of their members.
WHO CAN LEND?
Anyone who has the capacity to perform legal acts, i.e. the ability to acquire rights and obligations in civil law relations, can grant us a loan. Therefore, a loan can be granted to us by a bank or credit unions. However, in this case, there are also other entities such as loan companies or even natural persons. Just like banks do not grant credit from their own money, the condition for a business entity to grant a loan is the obligation to have their own money.
WHERE MONEY FROM – LOAN
As mentioned above, in the case of a bank, the money comes from the bank’s customers. In the case of GFIC, this is money from their members.
WHERE MONEY FROM – A LOAN
A natural person or business entity that wants to grant loans is required to have its own money. This means that to borrow money to someone else, he must own it.
IS IT EASY TO TAKE A LOAN?
The bank makes the loan subject to the borrower’s creditworthiness. Creditworthiness means the ability to repay a loan taken out with interest on the dates specified in the contract. The borrower is obliged to submit, at the bank’s request, the documents and information necessary to assess this ability 3. If the bank assesses that the potential borrower has too low income and will not be able to repay the loan installments, he must reject the loan application. Creditworthiness is verified in the Credit Information Bureau. This verification is necessary during the credit process. What’s more, only a positive creditworthiness assessment will allow the bank to grant us a loan.
IS IT EASY TO TAKE A LOAN?
In the event that the bank refuses, after assessing the creditworthiness of the potential borrower, to grant a loan, a majority of people go to institutions outside the bank for money. A non-bank business entity is not required to verify the customer at the Credit Information Bureau. Hence, flooding ads that promise money without prior verification even for people with low earnings.