What are the types of documents we will come across as a borrower? What is a loan application? What does a professional loan agreement contain? What other documents should the lender provide?
Loan – application form
The loan application form is a very important document – the first one we will come across as potential borrowers. Based on it, we apply for funds. On its basis, the lender will consider our application. Concepts should be sorted out here. The application form consists of two parts. The first is the registration form. It can be in an electronic form if you are applying for an online loan. If we do it in the loan company’s branch office, it will be made available to us by a broker.
The electronic version of the form is used to register the individual profile of the borrower.
In the case of Intratka, we can divide the commitment into installments, so we will receive an installment loan form. With its help, we can apply for a loan.
It is important to remember the important principle of safe borrowing: do not apply until you have read the Framework Loan Agreement. If there are any doubts about the content of the contract or specific wording, it should always be clarified. We will do it via the contact form, by e-mail or phone contacting the borrower.
Professional loan agreement
The loan agreement is of course the most important document. We will receive it after the loan application has been approved. It contains individual terms and conditions for the award of funds, including the total loan amount, the total cost of the loan and the total amount to be paid. Repayment in installments requires the repayment schedule of the loan, which specifies the amount of individual monthly commitments and the dates for their settlement. In the case of loans with a one-off repayment, this is the deadline for settling the total liability.
The loan agreement also specifies the form of debt repayment (e.g. bank transfer) with all necessary data and formal requirements related to the verification of the borrower’s data (e.g. verification transfer).
PCC declaration or tax on loans
The PCC application is a declaration on civil law transactions. On its basis, we pay the tax due on these activities, and it applies to many transactions that we conclude on a daily basis. It mainly covers sales contracts as well as exchanges of goods and property rights, donations, establishing a mortgage, establishing payable use. In our case, the most important is that the tax on civil law transactions also covers loan agreements.
This may seem surprising, because in none of the offers of loan institutions, and even less in the Framework Loan Agreement, we will not find information about the need to pay this tax. Why? The Act on tax on civil law transactions specifies what types of transactions are covered by it. It is also a loan, and more specifically, loan agreements. But, the legislator also specifies what kind of loans are at stake. The tax covers persons who do not provide services related to making funds available on a regular basis and therefore do not conduct such activities. It is worth noting that the obligation to submit a PCC declaration exists in the case of private loans – i.e. granted to family and friends. The completed PCC-3 form should be submitted within 14 days of the transaction.
The PCC declaration does not cover transactions with professional loan companies. The client of a non-bank institution is not obliged to submit it, and thus is not charged any additional costs in this respect. All fees resulting from granting a loan in a tax context are covered by a non-bank institution.
Withdrawal form for the loan agreement
Any consumer who has entered into a loan agreement is also entitled to withdraw from it. This is regulated by the provisions of the Consumer Credit Act of 12 May 2011, specifically Article 53. According to them, the consumer may withdraw from the loan agreement within 14 days of its conclusion. There are no special circumstances or requirements that allow this. The borrower is not obliged to inform the non-bank institution about the reasons for the decision. Therefore, it does not bear any financial consequences. However, of course, he is obliged to return all the funds made available if he is in their possession within 30 days. It is worth emphasizing that the possibility of withdrawing from a loan or credit agreement applies to all financial institutions that provide this type of service.
The withdrawal form should be made available or provided by any company that provides non-bank loans. A template for such a declaration is required to be provided when the contract is signed. As for entities operating on the online market, such a declaration, in the vast majority of cases, is posted on their website and can be downloaded.
There are formal requirements as to what content the withdrawal form should contain. The title that informs about the subject of the statement is important – e.g. a statement of withdrawal from the loan agreement. Then provide all relevant data about the loan itself. These are: the date of conclusion of the contract, the date of receipt of the funds, the amount of the loan granted and the amount of additional charges incurred by the borrower. The document should of course contain the title statement or the following clause: “In accordance with Chapter 5 of the Act of May 12, 2011 on consumer credit (Journal of Laws 126, item 715) and item 7 Loan Agreements, I hereby inform about my withdrawal from the Loan Agreement No. “.
Importantly, the withdrawal from the loan agreement is in writing. It is not about writing it by hand, but about the fact that, as a documentary form, it should be in physical and not electronic form. In addition to content, the most important element is the personal signature of the consumer who has made the commitment. The declaration can be sent by post to the address of the institution with which we have concluded the contract. When it comes to compliance with the withdrawal time, i.e. 14 days, the date of posting will be decisive for the shipment. The lender will therefore take into account the date on the postmark and not the actual time of delivery of the document.