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Who will grant a loan to those in debt?

Finding yourself in a difficult financial situation is not unusual. It is then worth looking for solutions that will help, for example, to settle accounts receivable. In this article, we answer the question which non-bank institutions grant loans to indebted persons.

How many Poles are in debt?

More and more people are struggling with the problem of debt in Poland. According to the latest report of the Credit Information Bureau, from June 2019, the number of indebted persons increased in our country to 2.8 million. Therefore, the number of indebted persons increased by 21.5 thousand. The report covered debtors with obligations not only towards non-bank institutions, but also non-paying, among others, telephone or internet bills, rent, as well as various types of court fees. According to BIG, the total amount due at the end of the first quarter of 2019 amounted to as much as PLN 76 billion. This shows that financial instruments for immediate payment are still very much needed. And often used.

One of such instruments is the possibility of combining many high loan installments into one, much lower. It definitely facilitates systematic repayment of liabilities. Thanks to this, the budget is significantly relieved; in this way we solve the problem in which the sum of monthly installments exceeds the income of the debtor. You can read more about this instrument in the consolidation loan article.

The problem of debt affects people of all ages. The largest number of debtors is in the 35-44 age range – the number of unreliable debtors in this group is 706.7 thousand. On the other hand, people aged 45-54 have the highest level of debt from all age groups: the average amount of liabilities in this group is PLN 37,257. The data comes from the Register of Debtors BIG InfoMonitor and databases of the Credit Information Bureau.

Who is the person in debt?

To be present in the most popular debtors’ databases, it is enough to have at least PLN 200 outstanding within 30 days. After this time, our data is entered into the databases. That is why it is so important to pay all receivables responsibly, and to ensure that all repayment dates are reliably monitored.

From the report “Why do Poles get into debt?” prepared at the request of the National Debt Register, we find out that debt is most often caused by unpaid loans for home purchases, including home appliances and electronics. The second most common loan is renovation of the house / flat. The third place was taken by the purchase of the vehicle. Therefore, we can see that debts arise as a result of taking loans for purchases, which we can thoroughly analyze before using the financing offer.

Therefore, any of us who does not pay the financial due date can be in debt. It is worth emphasizing at this point that there are many ways to avoid debt, which should be remembered at the stage of choosing a loan offer.

How to avoid debt?

We should plan very carefully the use of non-bank use. Below is a list of useful points that should be considered when choosing an offer. These five steps will allow you to minimize the risk of insolvency and, consequently, protect against debt.

Think carefully about the purpose of the loan

First of all, you should think carefully about the purpose of the loan. If this is, for example, equipment that we cannot afford to buy, we should answer, among others to the following questions. Do we need this equipment? Are there any promotions for its purchase? Is it worth to suspend your purchase and save a specific amount? We should ask ourselves many more similar questions.

Leave a margin for unforeseen expenses

When choosing a loan offer, remember about the financial margin that you will be able to spend on unforeseen expenses. Example: if the sum of your free funds is 1000 zlotys every month, then the preferred amount of the loan installment should be maximum 800 zlotys. In this way you save PLN 200, which you can spend on unforeseen expenses, without any stress. Of course, this step only applies if you have chosen installments. You can find non-bank companies that grant installment loans here.

Choose an offer tailored to your needs

Currently, there are many companies on the non-bank loan market that also address their offer to people with debt. Therefore, we should spend much more time searching for a suitable loan offer. Of course, a quick manual comparison of offers is impossible, so it is much better to use loan rankings. The loan components such as APRC (actual annual percentage rate expressed as a percentage), loan amount or repayment time should be compared.

Familiarize yourself with all the details of the offer

We should get acquainted with all the details of the offer, and above all the date of the final date of paying the loan. Thanks to this, we minimize the risk of misunderstandings or understatements – when taking out a loan, every aspect of it should be clear and understandable to us.

Take care of timely repayment of installments

Step five is directly linked to the previous one: responsible liability for timely payment is the most important aspect of any financial commitment.

How to deal with debt?

If we are a person who cannot cope with debt or who foresees its insolvency in the near future, we have several options. The first of these is the consolidation of many installments into one smaller one. Many companies also grant loans to people with debts (the list of the most popular companies can be found at the bottom of the article). In this case, we should also mention the possibility of the so-called credit loop (the payday loan loop works in a similar way) – you can find out what it is and what its characteristic features are in this article.

If you know that for any reason you will not be able to repay the loan or installment within the pre-determined period, you have two steps. First of all, some companies give borrowers the option of extending their repayment date. Secondly, immediately inform the loan company about your possible insolvency – it will inform you in detail what steps you can take.

Thus, we see that even having debt is not a dead end. There are at least a few answers to the question of who will grant loans to those in debt. We can use the available financial instruments – it is also important to consider the possible debt already at the stage of choosing the loan offer.

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