Loan Institutions – what is that?

What is the Good Finance of Loan Institutions? What is the mission of the Good Finance of Loan Institutions?

Which loan companies can join GFIC? Membership in the Good Finance of Loan Institutions and obligations Why was GFIC founded? Which companies belong to GFIC?

Non-bank loans are very popular, but still a lot of people are cautious about them. All due to unreliable loan companies that use unethical and illegal practices, leading to quick enrichment at the expense of naive borrowers.

What is the Good Finance of Loan Institutions?

money

Before you get a loan, it’s worth finding out what the Good Finance of Loan Institutions is. It is an organization that brings together the most recognized and trustworthy representatives of the non-banking market in Poland. In the past, GFIC was known as the Association of Loan Companies.

Members of the Good Finance of Financial Institutions are only companies that apply and promote the highest standards of services, as well as those who care about changing the image of non-bank loans.

The Good Finance of Loan Institutions conducts a selection in the field of who is included in its membership, hence its status can be granted only to the company that has managed to undergo a multi-stage and comprehensive assessment process.

What is the mission of the Good Finance of Loan Institutions?

The Good Finance of Loan Institutions was established to represent the loan industry with dignity , whether in public debate or in dealing with decision-makers.

The primary and still valid mission of GFIC is to change the image of the non-bank loans market and to strengthen customer confidence in this sector.

His main task is to develop wise and fair legislative regulations that will ensure the loan industry the highest standards of services offered.

Which loan companies can join GFIC?

money

Both loan companies and other non-financial companies operating in the loan industry can become members of the Good Finance of Loan Institutions. However, this does not mean that every institution will be admitted to the members of GFIC – the candidate must meet the highest standards of consumer service.

When evaluating businesses requesting to join GFIC are taken into account its business practices used, standard contracts are offered, as well as GFIC yellow b consideration of consumer complaints.

Collected industry and consumer opinions about a given loan company as well as the history of non-bank institution’s activity in terms of possible unethical and illegal practices are also of considerable importance.

The most important criteria for admitting new members to the Good Finance of Loan Institutions include :

  • activity in the form of a commercial law company,
  • running a business with a dominant majority of sales via the online channel,
  • offering loans and possible collection methods with costs not exceeding market standards,
  • no entries on the GFI warning list,
  • no penalties imposed for significant or less significant but repeated violations of consumer rights,
  • absence of convicted persons on the management board, supervisory board or key management of the company,
  • successfully passing through a multi-step internal verification,
  • status acceptance
  • obtaining positive opinions from at least two current members,
  • impeccable opinion about the company in the mass media and in the entire industry environment.

Membership in the Good Finance of Loan Institutions and obligations

Each company with GFIC membership status should, among others:

  • operate in accordance with the law and status records,
  • grant loans only from own funds,
  • reliably examine the creditworthiness of your clients,
  • provide specimens of contracts and tables of fees on their website,
  • provide information on the cost of borrowing on its website.

It is forbidden for GFIC members to apply hidden fees, collect non-returnable fees for processing applications or use misleading advertisements of potential customers. It is also strictly forbidden to grant further loans before the repayment of an earlier commitment.

Why was GFIC founded?

money

The main task of the Good Finance of Loan Institutions is to strive for self-regulation of the online non-bank loans market. Promoting and ensuring high-quality products and services is to help achieve this goal.

The assumption of GFIC was to respond to the needs and expectations of the market – to spread knowledge about non-bank financial products and to present clear and transparent offers of online lending companies.

So that consumers who reach for short-term loans do not have to be afraid of being cheated and the loan instead of helping them will get them in more trouble.

Leave a Reply

Your email address will not be published. Required fields are marked *

*
*