Non-bank loans for young people. Where do you borrow?

Interesting information on the debt of young Poles has recently been published. Due to their age, such people are prospective clients for financial sector institutions (e.g. banks and loan companies).

Information published by GFI indicates that in recent years young Poles have not shunned loans or advances. Such people still value family financial support. However, the possibility of borrowing in a bank or non-bank company is playing an increasingly important role.

For ten years, the average debt of a young Pole increased threefold


A lot can be said about the credit information bureau about the lending activity of young countrymen. Due to the nature of its activities, the institution has the most reliable statistics on the debt of people aged 18 – 24. According to GFI data, the loan or loan currently has about 590,000 such persons.

Ten years earlier, the number of borrowers aged 18 – 24 years was almost 800,000. This change is related to the aging of Polish society. It is worth remembering that for 10 years the number of young countrymen (aged 18 – 24 years) has fallen by about a quarter.

GFI data indicate that despite the decrease in the number of young borrowers, the debt of such persons increased very quickly (February 2007 – USD 2.64 billion, February 2017. – USD 6.81 billion). Ten years ago, an average young Pole (aged 18 – 24) who had a loan or a loan, had to pay about USD 3,300. At present, the corresponding debt value already exceeds USD 11,500.

Many lenders try to attract young customers …


The rapid increase in the debt of young Poles results from several main reasons. First of all, the number of attractive gadgets and ways of spending free time increases.

Secondly, young people are taking over the patterns of older people (e.g. parents) who are increasingly willing to apply for loans and advances.

Thirdly, over the last 10 years, there have been many opportunities on the market for quick borrowing of funds. It is worth remembering that at the end of the last decade the non-bank loan market in Poland was much less developed and diversified than it is today.

Fast internet loans that are a good proposition for young customers (July 2017)

Detailed information on loans:


Fast cash – loan amount for regular customers from USD 100 to USD 6,000. Repayment period from 1 day to 30 days and from 60 days to 65 days (up to 30 days for new customers).

The lender does not require income proof documents. A loan for people at least 18 years old.
Honest Bank – the loan limit for regular customers is USD 7,500. Repayment period from 1 day to 30 days.

A holiday voucher with a value of USD 500 added to each loan. As part of the recommendation program, Honest Bank pays USD 30 for acquiring a new borrower. The lender does not require income proof documents.

A loan for persons aged 20 – 78 years.
Loan amount for regular customers from USD 100 to USD 5,000. Repayment period: 5 days, 10 days, 15 days, 20 days, 25 days, 30 days, 35 days, 40 days and 45 days.

A loan for persons aged 21 – 70 years. People who have drawn at least three loans can count on the free assistance of a consultant assisting in financial management.

Good Credit – the loan limit for regular customers is USD 4,000. Repayment period from 14 days to 30 days.
The lender does not require income proof documents. A loan for persons aged 20 – 70 years.

Honest Bank – the loan limit for regular customers is USD 5,000. Repayment period: 5 days, 10 days, 15 days, 20 days, 25 days, 30 days, 35 days, 40 days and 45 days.
The lender does not require income proof documents. A loan for persons aged 21 – 70 years.

Fast internet loans for young customers


Market changes are evidenced, among others, by the current offer of fast internet loans for young customers. In the table below we present the moments that young users of our portal willingly choose. Such people value, among others:

  • record value (USD 6000) of free loan for new customers offered by Good Finance
  • high limit of the first and free moment in Honest Bank (USD 3,000) and Honest Bank’ current promotion consisting in adding a voucher (USD 500) to each loan
  • it is possible to borrow funds for more than 30 days on Honest Bank and Good Finance
  • no need to present income statements when applying for a loan on Good Finance, Good, Honest Bank and Honest Bank
  • a free financial help Good Finance service for customers Good Finance

In Good Finance and our loan comparison rankings, you can find many more moments that are completely free for new clients (including the young ones). Many people take advantage of the promotional offer of various companies, which offer free borrowing.


Loan for marriage: Social Institute or personal?

To organize one of the best days of your life you could ask for a wedding loan, but how can you do it? First of all, however, it is necessary to decide whether to apply for a specific loan ‘for weddings’ as can happen for Government Agency ones, or to use a personal loan.

The choice may have limits in the case of the Government Agency wedding loan, due to the belonging to the public sector and the contribution to the Unitary Fund for credit and social management. On the other hand, for personal loans you have to find a compromise especially if you are without a paycheck and without other personally demonstrable income.

Loan for marriage or personal loan?

Loan for marriage or personal loan?

Opening the web there are many proposals by famous financial as Agos, online banks like Across Lender and Spin Lender ( see here the useful contacts ), a loan for marriage. 
However, very often these are personal loans, which by their very nature can be used for any type of purpose, from marriage to a holiday, from buying a car to spending on health and beauty, etc.

A real wedding loan should instead be finalized. A loan therefore requestable and usable only to support the expenses related to the ceremony (for example the floral decoration, the clothes, etc.) or for the part of the restaurant (catering or restaurant, entertainment, etc.). The difference between the two types is very clear:

  • a personal loan can be used as a loan for the wedding but it is not necessary to indicate the motivation or even prove it (with invoices, receipts, quotes, etc.);
  • a finalized marriage loan must be proven.

It is a rather rare type. In addition to the Government Agency one, there are few other possibilities, which may be temporary, such as the one that Poste Italiane had proposed for a period of time).

Government Agency wedding loan

Inpdap wedding loan

The Government Agency marriage loan can be requested by the Member from the Unitary Fund for himself or for a child. It is one of the five-year multi-year loans, which provides the following conditions:

  • the maximum amount payable is $ 23,000.00 (this limit cannot be overcome, even if two are entitled to apply for the same marriage);
  • the application is telematic with the appropriate forms.

To this request must be attached:

  • self-certification of the marriage which took place (provided that more than a year has not passed) or a substitutive declaration of valid publications;
  • self-certification of the family status or self-certification on the relationship if the child is not in the family status.

Since this is a multi-year Government Agency loan, the repayment will take place with a deduction upstream of the amount of the installment, for the entire duration of the repayment, which may be a maximum of 60 months.

Personal loans

Personal loans

If you are looking for a personal loan for your wedding, and you are without a paycheck, you must find a guarantor who has a sufficient income capacity, or a co-obligation. Different the speech of a transfer of the fifth that, we remember, is however accessible only to employees or retirees.

Some estimates must be made, which can also be requested online (for example on the Agos or Spin Lender website) or make some requests to your bank or to some other credit institution.

In all cases, a sustainable installment must be chosen, for the entire duration of the chosen amortization plan. The maximum sum of the marriage loan will depend on the bank or financial institution chosen, the amount and the duration.


Loan interest rate – what does it consist of?

The interest rate on cash loans is one of the main parameters of the loan offer. It consists of a base rate (determined by the market) and a margin imposed by the bank and is a percentage measure of the cost that will be added to us in appropriate proportions to the monthly loan installments.

Loan interest rate – what is it?

Loan interest rate - what is it?

The mortgage interest rate consists of the same components (base + margin). The distinguishing feature, however, is the ability to negotiate the interest rate, which largely depends on the bank’s offer. Insofar as financial institutions have no influence on the amount of the base rate, they can negotiate with clients and lower the interest rate by leaving their margin.

This is because, in the case of mortgage loans, we also deal with other credit fees such as bridge insurance, low own contribution insurance, real estate valuation or civil law tax.

In Poland, the interest rate on loans can be fixed or variable. The first of them operates mainly with cash loans and short-term liabilities. Of course, you can also find a fixed-rate mortgage offer on the market, but they belong to a large minority. A loan with a fixed interest rate guarantees a constant interest rate, which affects the amount of the monthly installment.

In contrast, the variable interest rate is most often used for long-term liabilities and is only valid for a period of 3 months, i.e. until the next update. By choosing variable interest rates, the customer can gain a lot but also lose. At the time of signing the contract, there is no certainty as to how much the installments will pay in some time.

And what is the interest rate on loans for companies? The same as the interest rate on loans offered to individual customers. It consists of the same components, with the difference that the bank’s commission is very often determined individually for a specific customer.

Loan interest rate and APRC

Loan interest rate and APRC

Unfortunately, the lowest loan interest rate is not a guarantee of the best loan offer. Why? Here, the APRC, or Real Annual Interest Rate, comes into play.

Its task is to inform the client what the cost will be in connection with taking a loan. It expresses the annual percentage ratio of the total cost of credit to the sum we borrowed.

Unlike the interest rate, the APRC takes into account most of the fees associated with granting the loan. That is why a loan with a low-interest rate is not a guarantee of a low loan cost.

The interest rate on mortgage and cash loans

Although banks can in a sense determine the amount of interest on the loan themselves, regulating, for example, the level of the margin, they cannot exceed a certain magic threshold. The maximum interest rate on the loan has been specified and enshrined in the Civil Code and Anti-usury Act and may not be higher than 10% of the amount borrowed.

Cash loan interest rate

The interest rate on cash loans is usually unchanged throughout the duration of the contract. There are cases in which banks decide on variable interest rates, but most often it concerns loan agreements concluded for a period longer than 3 years.

In the case of cash loans, it is very difficult to know what the average interest rate is because we will find both offers with an interest rate of 4% and those offering a loan with an interest rate of 10% on the market.

Before signing a loan agreement, it is best to use a cash loan comparison website, which will quickly and easily allow us to compile the offers of most banks and check their interest rate.

You can also independently search for information on a particular offer, all you have to do is enter the bank’s name and the phrase: “loan interest” in the search engine.

Interest rate mortgage

We also looked at how mortgage rates in Poland look like. Most often, the interest rate on a home loan is much lower than for a cash loan. This is due to the fact that the mortgage belongs to long-term liabilities, which gives the bank more time to charge interest.


Loans without GFI and bailiff – offer overview

It is not easy to find a company that will lend funds to a person in a bad financial situation. We checked which lender would accept a client with a bad credit history.


Which company will borrow despite bad GFI or bailiff?



Companies offering non-bank loans, due to the specifics of their business, accept many clients who would not be loaned by any bank or credit unions.


However, you must be aware that non-bank lenders also have some restrictions on acceptable risk. Most of these companies will not lend funds to an applicant who has a bad credit history at GFI or problems with a bailiff.


Thinking about indebted readers, we decided to check which loan companies present a different approach to clients with financial problems.


Only a few loan companies have an offer for a risky client.



Companies that stand out with a liberal approach to risky clients can be found in our monthly installment loan rankings. The table below provides information on such lenders who are more forgiving than their competitors.


Noteworthy is the Honest Bank company’s offer. This lender provides a high limit on the loan amount (USD 25,000) and offers one of four repayment periods (1 year, 2 years, 3 years or 4 years).


The Honest Bank offer is for those customers with a bad credit history who have a guarantor. The guarantor must be a person with proven creditworthiness, who has additional own property.


Loan The company accepts customers with a negative credit history



1. Honest Bank – loan amount from USD 2,500 to 25,000. Repayment period: 12 months, 24 months, 36 months or 48 months. The loan is for people from 18 to 75 years old. The guarantor should own the property. 

2. Across Lender Bank – as part of the promotion, the first loan (up to USD 2,000 for 15 days or 30 days) is free. A one-time loan amount for regular customers up to USD 3,000. The lender does not require income proof documents. A loan for persons aged 21 and over.




For a person with a bad credit repayment history (recorded in the Credit Information Bureau), an offer of loan companies that do not check GFI may also be a solution. Unfortunately, the number of such lenders decreases every year. Companies offering loans willingly agree to cooperate with GFI and download data from there.


The loans offered by Across Lender Bank and its trade brands ( Fast Express, Thrift Bank, Good Credit! ) Are one of the last payday loans that are granted without verification of the applicant’s data at GFI. What’s more, a new Across Lender Bank customer can borrow up to USD 2,000 for 15 days or 30 days for free.


An additional advantage of loans from Across Lender is the lack of requirements for e.g. income certificates. It is worth mentioning that in addition to one-off loans,


Across Lender Bank also offers installment loans (from USD 1,000 to USD 5,000 for a period of six months – 24 months) – check Installment loans from Across Lender are also granted without verification of customer data in GFI.


Withdrawal or termination of the loan – what are the differences?

The loan agreement is drawn up when the lender gives away part of his property to the borrower. At financial companies and banks, the subject of this commitment is cash. However, the rules do not specify the specific subject of the loan.

What does the loan agreement look like?

What does the loan agreement look like?

The borrower undertakes to return the borrowed capital. The loan becomes his property. Of course, interest and additional fees may be added to the amount incurred. Importantly, the loan agreement belongs to the category of consensual agreements. This means that to conclude it effectively, a consistent statement by the parties is necessary.

The loan agreement must include such elements as:

  • date and place of conclusion of the contract,
  • parties to the contract,
  • the subject of the contract,
  • loan repayment conditions,
  • conditions for terminating the contract,
  • withdrawal from the loan agreement,
  • property declaration,
  • consequences of late repayment of the loan,
  • signatures of both parties.

The letter must contain a withdrawal from the loan agreement within 14 days of its conclusion – the consumer has the right to withdraw from the agreement at that time.

However, the termination of the loan agreement is a statement by the lender on what terms he wants to receive a refund. It can be done in three ways: by mutual agreement of the parties, on the terms set out in the contract or the principles set out in the Civil Code.

What does it mean to withdraw from the loan agreement?

What does it mean to withdraw from the loan agreement?

One of the consumer rights guaranteed in the Consumer Credit Act is the option to apply for a consumer loan. According to art. 3. According to art. 3 of the Act, a consumer loan may be a loan of not more than USD 255 550 or the equivalent in foreign currency. A consumer is a natural person who performs a legal act unrelated to his professional and business activity.

The conclusion of a loan contract by a consumer is such legal action. The borrower who is the customer has the right to withdraw from the loan agreement within 14 days from the date of the contract (the date of the contract is not included). It is very important to make sure that this deadline is over because after that it is no longer to exercise this right.

It is important that the withdrawal from the loan does not require the borrower to justify such termination. The possibility of withdrawing from the contract applies to both contracts concluded with the bank, loan companies, private individuals in our home, or online loan contracts.

The lender status does not matter, we always have the right to withdraw from the loan agreement. The option of withdrawing from the committee should be included in a written contract with the lender.

How to write a request to withdraw the loan agreement?

How to write a request to withdraw the loan agreement?

In order to withdraw from the loan agreement, an appropriate statement should be submitted, the model of which the borrower is obliged to provide the consumer with the conclusion of the contract, on a durable medium. However, if the creditor does not comply with this obligation, it is easy to make a statement yourself or use a ready-made template.

The application for withdrawing from the loan can be downloaded from the website of the loan company, bank or other financial services. It does not have to include the reason why the consumer has withdrawn from the contract. A properly constructed template should include the name of the entity that granted the loan and the address of its registered office, as well as the details of the borrower.

All you have to do is fill out the model statement attached to the contract and then deliver it to the address of the lender. The statement can also be sent by post. Choose the type of letter to have confirmation of posting and possibly receive a return receipt.

If you send the letter, the date on the envelope’s stamp counts, not the date of delivery to the recipient.

How much does it cost to withdraw from the loan agreement?


In the event of withdrawal from the loan contract, the consumer will, of course, have to pay the borrowed capital. But will the consumer have to pay extra for the loan?

Pursuant to Article 54 of the Consumer Credit Act, the borrower shall not bear the costs associated with withdrawing from the consumer credit agreement. However, the exception is interest on the loan for the period of payment of the loan up to its repayment. The borrower has 30 days to repay the amount of the liability and interest, counting from the date of submission of the statement of withdrawal from the contract.

What if we exceed the 30-day deadline? In this case, the statement is treated as legally ineffective. The consumer will be required to repay the loan according to a predetermined schedule. If you have noticed that the contract is not favorable, it is worth withdrawing from the loan contract.

The good news for the borrower is that he incurs no additional costs except borrowed capital and interest. The Act discussed earlier makes it impossible to charge other costs related to the client’s withdrawal from the concluded contract.