What to look for the first loan agreement.

Not every living situation is perfect, and most of the population is still living from salary to salary, not coping with the amount of money that they would actually need to live at the level they dream about. Or at least on the standard of living they should be at. It is worth thinking about a loan then, because the loan agreement nowadays is really nothing terrible.

Decision made

Decision made

Various situations of this kind force people to make a decision and actually take out such a loan. This is not the end of the world and you shouldn’t think about it like that. However, it is good to think about what exactly we need money for and when we will be able to pay it back. It is worth asking your friends and family about their experience in this topic to finally decide on a parabank with good reviews and one that works clearly, transparently and quickly.

To choose the best non-bank offer for you, use the payday rankings.

Check it before you sign the loan agreement

Check it before you sign the loan agreement

The loan agreement concluded between the lender and the borrower has legal force, so you should check it very carefully before signing it. This document will be the basis for any claims or conflict resolution. It is therefore necessary to check that all previous arrangements are included. In particular, the amount of the liability or the amount of interest charged on the loan. What exactly should the loan agreement contain?

Loan agreement – the most important elements

Loan agreement - the most important elements

Let’s start with the fact that the loan agreement must contain the exact details of the parties to the agreement, i.e. the borrower and the loan company. Next, information on the loan itself must be provided, such as:

  • loan amount,
  • loan repayment date or loan installments,
  • loan interest rate,
  • APR,
  • commission,
  • additional costs, e.g. insurance,
  • penalty interest for late payment of liabilities,
  • possibly a repayment schedule for installment loans.

Thanks to a well-written contract, both parties to the transaction are protected. This applies primarily to you, the borrower.