The anti-usury law was introduced to curb the arbitrariness of non-bank loan companies. Legislators above all wanted to reduce the excessive costs of loans and credits and minimize debt rollover, thus increasing consumer protection. Did they succeed? What exactly has changed?
How does that translate into numbers?
If you borrow USD 1,000 for 30 days, non-interest costs will not exceed USD 275, or 25%. increased by 2.5 percent representing the quotient of 30 % and 12 months). To this you have to add interest, in this case USD 8.33, which is four times the lombard rate – today it is 10 percent. annually.
the amount of fees for reminders, i.e. SMSs, emails and letters with a reminder – loan companies for a reminder or a call may not take more than six times the NBP lombard rate. Earlier, companies demanded USD 30 or even USD 40 for an SMS or letter of reminder, adding unjustified debt collection costs.
Interest costs for late repayment of the loan
Severe costs of penalty interest, reminders, reminders, etc. All interest for delay may not exceed twice the statutory interest for delay annually (see Article 481 § 2 of the Code of Civil Code ), i.e. currently 14% per annum.
reimbursement of a loan without proof of interest – if the costs of the loan you borrow exceed the limit of non-interest costs specified in the Act (see point 1.), you can return it without interest.
reimbursement of preparatory costs – this is the case in two cases, if the loan contract has not been finally concluded or if the loan was not paid by the lender on the date indicated in the contract.
120-day rule – is to prevent credit rollover and protect us
Our clients, from falling into a spiral of debts. It says that if the loan company grants you further loans within 120 days of disbursement of the first loan, then: the total loan amount is the total amount of the first liability, the total cost of the loan, excluding interest, is the sum of the total costs of all loans granted at that time .
accurate information on the cost of liabilities – if you apply for a loan, the company must provide you with accurate information about the total amount to be paid, the actual annual interest rate (APRC), and repayment dates . What’s more, she will have to provide you with an information form (his template is valid throughout the EU).
For failing to comply with these provisions, she gave the possibility to impose a fine. One of the companies received USD 320,000 in this respect.
accurate information on costs in advertising – regardless of whether the spot is broadcast on television, on the radio or in paper form, it must contain information about the rate and type of interest, and above all about the APRC of a given product based on a representative example, this was not required before.