Currently in Poland there is one official Register of Loan Institutions, the so-called RIP, run by the Polish Financial Supervision Authority, and operating since July 22, 2017. It was aimed at creating a list of legally operating loan companies in Poland that must meet certain requirements in order to be included in it at all. Such a register was needed both by the loan companies themselves, which sought to gain the trust of their clients, as well as the Borrowers themselves, looking for reliable and honest Lenders providing non-bank payday loans.

Requirements for loan companies

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They are as follows. A loan institution may operate only in the form of a limited liability company or a joint-stock company. The minimum share capital of the loan institution is USD 200,000. The share capital referred to in par. 2 may be covered only by a cash contribution. Funds to cover this capital cannot come from credit, loan, bond issues or from undocumented sources. A member of the management board, the supervisory board, an audit committee or a proxy of a loan institution may only be a person who has not been legally convicted of an offense against the credibility of documents, property, business transactions, money and securities trading or a fiscal offense. The application for entry in the National Court Register shall be accompanied by:

A loan company may operate in Poland only after obtaining an entry in the above Register of Loan Institutions. Any action without registration in the database is illegal and there is a risk of a fine of up to USD 500 thousand for granting consumer loans and up to USD 100 thousand for conducting business in the field of consumer credit brokerage without the required entry in the register of credit intermediaries.

How can such a register be used?

Equally important, the entry into the RIP is made at the request of the Lender for a fee of USD 600. It is also required to provide, together with the application for entry, the required documents to the Polish Financial Supervision Authority, such as certificate of no criminal record of the members of the organs for an offense against the credibility of documents, property, business transactions, trade in money and securities or a fiscal offense.

Benefits for consumers

As a consumer, knowing these basic requirements for loan companies, one can take a closer look at a specific Lender whether he is actually a company or whether he has a certain share capital, which definitely helps us to distinguish reliable sources of payday loans from cheats and cheaters.

The loan company that met the above requirements of the National Financial Supervision and appears in the database is a certainty and guarantee for the consumer that, when looking for a reliable source of payday loans, he found the right place. Such a Lender certainly meets the requirements of the Anti-usury Act, which is what is most important for the client’s portfolio – it does not exceed strictly defined thresholds for interest and additional fees.