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The fall of the king of loans. The Credit-Loan-loan company goes down in history

Called by many as “King of Loan-loan”. For more than a decade, setting new trends in the loan market, imposing standards, creating temporary slang and composing its offer in such a way that it was a tough nut for competition. Such was the Credit-Loan-loan company, which ends its life and closes all branches in Poland. Credit-Loan-loan is probably a precursor to the professionalization of the Polish loan industry. Who does not associate the red and yellow sign hanging in front of every stationary office or direct marketing of the company, which were tons of leaflets distributed on the streets? Or ads, which appear in the media and encourage to take advantage of the offer, which, after all, consisted not only of payday loans or loans, but also loans and damages?

Loans and Loan-loan

money cash

After the collapse of the popular giant, many people using non-bank loan companies are now asking themselves where can I borrow money if not for payday loans? The company, proven by many, has been offering the famous loan in 15 minutes for years. Are there lenders on the current financial market who, with their offer and speed of action, match the once popular company Credit-Loan-loan?

To meet the doubts, we checked ourselves how selected loan companies operate on the contemporary non-bank services market. We personally conducted tests to see how much time it takes the whole process, from submitting the application to receiving the money on the account. Which company offers the fastest loans on the market? Are there cases where the lender offers a loan in 15 minutes, but in reality the time it is granted is much longer? Read the results of our tests!

Which companies pay money the fastest

Loans-payday loans – a work of life

Loans-payday loans - a work of life

The Financial intermediation brand Credit-Loan-loan was established in 2007 in Tychy on the initiative of four partners. The president of the company is Grzegorz Czebotar. On the company’s website you can find information about its main area of ​​activity and goals. We read there, among others, that “Poles value and associate her with family and close relationships, and building authentic relationships is possible thanks to the trust that customers place in her.” Admittedly, this is one of the oldest and most significant non-bank institutions in the loan industry, and it certainly belonged, at the beginning of its existence, to the fastest-growing companies that run stationary offices throughout the country. There is a high probability that it was this brand that created the concept of so-called payday loans, i.e. instant short-term loans, usually granted without certificates and to people who cannot boast of high creditworthiness.

 Toy car for withdrawal

Who among us does not associate the yellow-red Fiat, covered with the inscriptions “payday loans in 15 minutes” or “cash and debt loans”. This is one of the most representative and symbolic symbols of the Credit-Loan-loan brand and the services it provides. The company, like no other, has always put direct contact with the client and did a good job. Employees responsible for marketing and promoting the company cannot be denied the imagination and sense of the market, including the moods and needs of potential borrowers. Unfortunately, popular cars will not go out on the street anymore …

The drowning razor grabs

Thus, loans-Loan-loan introduced radical cuts, mainly in the field of ineffective advertising or marketing activities, as well as restructuring of the company’s structures. Savings were also sought in debt collection departments, in particular among field employees, who turned out to generate too high costs, with low results. The financial situation of the company was, however, so bad that none of the remedial and later rescue steps taken did not bring the expected effect.

A warning for the industry?

Online lenders can open champagne. The collapse of one of the largest stationary payday loans companies suggests that this way of providing services is becoming a thing of the past. The Loans-Loan-loan company will now probably do everything to grow in the online market. There, however, there will be considerable and strong competition, which is unlikely to give up part of the area without a fight. However, the brand has all the advantages to become a leading player on the online payday market. First of all, it boasts a background of specialists who ate teeth on loans. They have experience, are creative, and the biggest strength is above all the popularity of the brand, which they now only need to rearrange to a different business model.

Joy or crying?

The most frequently asked question, after reports about the collapse of the company, is whether debtors will be able to sleep soundly from the beginning of February, because their obligations will disappear along with the Loans-Loan-loan brand? Not necessarily. The company’s management is already preparing plan “B”, which is to consist in creating a new system and settlement rules. Therefore, all contracts will continue to apply, customers will only lose the opportunity to visit the company’s headquarters in their city. By the end of January, all customers are expected to learn new guidelines. They will have to pay via bank transfer

Is this the end of loans?

None of these things. The heads of financial intermediation Loans-Loan-loan, in a statement issued some time ago unequivocally emphasize that the company, despite its poor condition, does not suspend its activities. The management said that from now on the company will focus mainly on debt collection. Unfortunately, nearly 1,500 employees will lose their jobs. This is the most unpleasant element of the whole situation. According to media reports, the first layoffs took place already in December. At that time, employees from the field debt recovery department bid farewell to the company. In the financial sector, however, nothing is a foregone conclusion. Who knows if in a few years Loans-Loan-loan will not return to the top and again employ several hundred or even several thousand Poles?

Payday loans ranking

In connection with the termination of Financial Brokerage Loans, it is worth getting acquainted with the offers of other institutions that include quick loans. It is also worth remembering what payday loans really are . These are short-term loans granted by non-bank institutions. During the application procedure, all formalities are kept to a minimum. The subject of such a contract are usually small amounts of 2000-3000 PLN, and the borrower is obliged to repay the receivables in a short period of time, i.e. up to 30 or 45 days. It is also possible to extend this period. At the beginning of each month, the Loan Portal publishes a ranking of the best online payday loans. The list is based on a thorough analysis of available offers. The first five places of the current ranking – July 2018 – are occupied by payday loans, whose terms are favorable to the potential customer, and the application procedure runs smoothly. The best were: Wandoo, Fast Cash, Net-Credit, TaniKredyt and NetGotówka. The full ranking list and basic information on individual products can be viewed after going to the Ranking tab.

Payday loans for companies

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As mentioned above, the closure of the Financial Agent for Loans and Payday Loans is not due to the lack of demand for quick payday loans or a small group of clients. It is worth noting that the number of clients favors the development of the payday loans market or non-bank financial institutions. That is why it is worth recalling alternative solutions for enterprises. The payday loan is an offer intended for business entities. Created for those entrepreneurs who need quick access to financial resources. Payday loans for companies are granted without documentation from the Social Insurance Institution and the Tax Office. An important condition is that the loan is used for a purpose related to the entrepreneur’s business. Their offer includes such products as Ratkomat, Wonga, Net-Credit, Vivus and Aasa.

Wong crisis

There may be more high-profile falls of big financial companies. After the GetBack scandal, more information about solvency problems has recently broken out. This time it’s about the British branch of Wong. We wrote about it in the article “British Wonga on the verge of collapse?”. At the end of August, it turned out that the situation was so serious that Wonga stopped lending in Great Britain. For now, as the Polish Wonga spokesperson reports, the company operates unchanged, loans are still granted. We will see how the situation develops.

Payday loans 2019

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After closing the stationary branches, he caused an uproar among customers, and Loans-Loan-loan were flooded with a wave of telephones and questions about the fate of the commitments. The fears were correct because on March 19, 2018, an official decision of the District Court in Katowice on the declaration of bankruptcy was issued. Currently, after going to the website of the company, we will find only thanks to customers and a management board message on how to make contact.