Loans without GFI are available in Poland?

The term “loan without GFI” is still very often searched on the Internet. This is despite the fact that the offer of loans without verification in the database of the Fine Bank Information is becoming ever larger.

The good conditions of cooperation offered by the said institution meant that many lenders began to check clients in GFI. Maybe soon all non-bank loans will have to do so.

The government has recently proposed regulations requiring lenders to verify the customer using data from the Fine Bank Information.

New limits on the cost of non-bank loans

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It is worth introducing this topic about the obligatory verification in GFI, because it does not enjoy the interest of national media. Journalists more often write about new limits on the cost of non-bank loans.

They may be introduced as part of the same set of regulations as the lender’s obligation to use the Fine Bank Information.

There are only a few “moments” left without verification in GFI

The eventual obligation to verify future borrowers in GFI would not change the situation of such industry leaders as, for example, Honest Bank, and Fine Bank. The companies mentioned have been using the services of the Fine Bank Information for a long time.

Our analysis conducted at the end of May 2019 confirms that loans without GFI have become a market margin and the number of companies offering them is small. The table below presents information about such lenders who still do not “look into” GFI.

As an example, you can give the offer of Cooperative Bank (providing loans also under the brands EkspresKasa and KasaTAK!). This lender, despite the lack of customer verification in the Fine Bank Information, does not require income certification, lends up to USD 10,000 (as part of the installment offer) and offers a free loan for new customers (up to USD 2,000 for 15 days / 30 days).

The possibility of borrowing funds for free (up to USD 3,000), new customers are also tempted by PLUS loan . This lender additionally stands out with the option of paying off debt for 45 days and a high limit on the amount borrowed (up to USD 10,000).

It is not yet known whether government plans will come into force …

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For some time now, there has been a tendency to regulate the activities of non-bank loan companies. Already, such entities must meet certain formal requirements (regarding e.g. the amount of share capital), be entered in the register kept by the Fine Bank Investment Corporation and respect the limits on the amount of non-interest costs after loans.

The package of regulations on loans proposed by the government (known as the “Anti-Liaison Act”) introduces further restrictions for lenders.

We have already reported on our portal that the Ministry of Justice, as part of the proposed provisions, again intends to reduce the maximum limits on non-interest costs in consumer loans.

These limits, depending on repayment time, are expected to fall by approximately 20% – 25%. If such legal changes come into force, then the companies granting the most expensive loans will have to change their offer or withdraw from the market.

Reduce the maximum limits on non-interest costs in consumer loans

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From the point of view of some lenders, the threat is also the obligation to verify the client in GFI, which is provided for in the anti-usury act being developed. A draft regulation providing for the obligation to check customer history at the Fine Bank Information was published in February 2019.

Recently, information appeared suggesting that the government may change its position and order lenders using the GFI or one economic information office. Despite this change in design, the lenders will follow his fate closely. The draft anti-usury act is at the stage of work in the government and will not yet reach the Sejm.

Therefore, it cannot be excluded that the topic of obligatory verification of applicants with the help of GFI or other solutions unfavorable to the loan industry will return.

Another unknown is whether the new rules that the government is working on will be passed before the autumn elections. If this does not happen, the new Parliament will have to start working again on regulating the non-bank loans market.

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