We can borrow money not only from a bank or a non-banking company, but also from private individuals. It may be our family, friends or people we do not know. Then we talk about the so-called payday loan. Although we do not have to sign a loan agreement of this kind up to the amount of PLN 500, it is always worth doing. What records should be included in the loan agreement then?
A payday loan is often chosen when it is simply easier for us to borrow money from a loved one. In turn, loans of this kind offered by private individuals, which we do not know, are more often selected by people who can not count on a loan from a bank or a loan company, as well as from relatives.
While in the case of loans from people close to us, we usually do not have a problem of trust, because we know the lender, and he knows us, in the case of private loans to strangers, the question of security arises. Quite often, we hear about loans that have caused a lot of problems – it turned out that they are mortgages and the borrowers were losing homes, and could be associated with huge costs if there was no timely repayment. That is why it is so important to read the private loan agreement.
• information about the parties to the contract, i.e. the borrower and the lender, including their personal and address details and contact details
• the amount of the loan and the period for which it is granted
• data on loan costs – commissions, interest rates and other fees
• the total amount that we must return, i.e. capital and loan costs
• the method of repayment of the liability – in full, in full, repayment terms and the manner of transferring funds, for example to a bank account, if it is possible to repay the loan in full
• the consequences of not repaying the loan on time, for example by calculating penalty interest
• signatures of each party to the contract
In a private loan agreement, all matters that have not been regulated are subject to current legal provisions, in this case provisions in the Civil Code.
If you need a payday loan agreement to enter into it, you do not have to prepare it from scratch. You can also download a pre-filled contract template that will save you a lot of time. In the network, we can instantly search for private loan contracts that contain all the necessary records – we only need to complete it.
Of course, if we have any additional loan requirements, we can also include them in the contract. Remember, however, that they should not be against the law.
When you need additional resources, you do not have to take out a private loan at all. We encourage you to familiarize yourself with our offer at Cryobank – for customers we have prepared a loan in total up to PLN 10,000 allowing repayment within 24 months. As a result, the payment of installments is very convenient and simple – they certainly will not be an excessive burden on the household budget.
You can complete the application for a loan at Cryobank now on our website – we invite you to take advantage of the offer!