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Facts and myths about online loans

The online loan market in Poland is growing rapidly because it is a quick and simple method to provide urgent cash. At the same time, however, there is a lot of conflicting information about borrowing. So check what is true and what is myth.

The fraudsters themselves are active in the online loans market – MYTH

The fraudsters themselves are active in the online loans market - MYTH

The vast majority of loan institutions are companies operating fully legally on the basis of Polish law, i.e. the Civil Code. It is true that in this market you can find suspicious offers, but a similar situation occurs e.g. in the telecommunications, insurance and many other markets.

If you want to borrow safely, from a trusted company, all you need is to use reputable lenders, which you will find in the Good Finance calculator, which is a comparison tool appreciated in the industry, among others on the portal.

Using loan comparison websites pays – TRUE

In Poland, you can find hundreds of loan offers, finding the best offer yourself can be a tedious and laborious process, and in the absence of adequate experience, you can also make the wrong decision.

That is why it can be so beneficial to use a good comparison tool, such as Good Finance, in which you will also find a personalized loan offer tailored to your needs and possibilities. Want to know more about how it all works? Go to this link.

It is dangerous to fill in the loan application data – MYTH

It is dangerous to fill in the loan application data - MYTH

It is good that Poles are starting to pay attention to the importance of personal data security. However, it is good to keep reason and remember that filling out the loan application with your data on sites such as Good Finance is completely safe.

Personal data is in fact stored on secured and encrypted data, in accordance with all legal norms, such as GDPR. What’s more, you have the right to edit and delete your data from servers at any time.

A loan institution is the same as a parabank – MIT

Parabanks are companies imitating banking activities that are not de facto banks.

The activity of such companies, however, is not clearly defined, raises a number of doubts and may consist, for example, in accepting deposits from customers for the purpose of their multiplication, which, however, is not always successful. Loan institutions specialize exclusively in borrowing money, and many satisfied customers have already used their services.

Lending is higher than loans – TRUE

Lending is higher than loans - TRUE

Pursuant to the law, only a bank can grant a loan, for example a company that specializes in online loans. You can get a loan for almost anyone, and to get a loan you have to meet a number of difficult requirements.

The services of the lenders are used only by persons who have not obtained a loan – MYTH

Many people who could get a bank loan still use the services of a loan company because it is simply more profitable. Online loans are simply faster, simpler and devoid of unnecessary formalities, and at the same time financially profitable – at Good Finance you can even find offers of completely free loans, with an APRC of zero percent. Using the Internet, they borrow people from various social groups, with different property and professional circumstances, as well as regardless of gender and age.

Online borrowing can lead to debts – SEMI TRUE, SEMI MYTH


Irresponsible online borrowing and unpaid loans can lead to serious debt problems, as can irresponsible use of bank loans. However, when you borrow responsibly by finding the best Good Finance loan offer and repaying your commitment on time in your contract, you won’t have any problem getting into debt.

An online loan can be issued for any purpose – TRUE

While taking a bank loan, you must define its purpose very carefully, the funds from online loans can be used for any purpose, e.g. holidays abroad or buying a car.

The loan goes to your bank account instantly – TRUE

In the case of online loans, formalities are kept to a minimum, which greatly streamlines the process of applying for it. Cash also goes to the client’s bank account very quickly. It often happens that money is obtained a few hours after the loan application was completed. Consequently, online lending is often the perfect solution if you need urgent cash.

A loan can be obtained without leaving your home – TRUE

A loan can be obtained without leaving your home - TRUE

Using the services of online loan companies is extremely convenient. All you have to do is use the Good Finance calculator, fill out a simple application, and after its acceptance and conclusion of the loan, the funds are credited to your account instantly. So you don’t even have to leave the house, and all you need is Internet access.

A loan can be obtained with debts – TRUE

Online loans can be obtained even with debts, and also when you have a negative history in the catalogs of debtors such as BIK or KRD.

Performing a verification transfer is not secure – MYTH

This is probably the biggest myth about applying for a loan online. Lenders often require the implementation of so-called verification transfer, which is, however, a symbolic amount, e.g. one penny.

Its implementation is really dictated by the care of the customer, confirmation of the number and making the loan goes to the right account owned by the person. Therefore, as long as the verification transfer is for a symbolic amount, there is nothing to fear at all.