A Samaritan Loan is a loan company that has become widely known recently. Is the Samaritan Loan a Metabank or is it illegal? Read the facts and myths about the Samaritan Loan.
Recently, an uproar arose over the next Metabank after Silver Folk, which is pulling its clients. It got loud about the Samaritan Loan, which the client, according to Lucita Zybed, committed suicide after falling into a spiral of debt. The media is teeming with information about this company, some are inaccurate and some are even incorrect. How to distinguish facts from myths?
A Samaritan Loan is not a Metabank
The first misinformation is to call the Samaritan Loan a Metabank. According to the literature, Metabank is an institution operating as a bank, which is not legally. An example of a Metabank was, of course, Silver Folk, which accepted money from customers and later granted loans from them. Companies that grant loans from their own funds are not Metabanks, and so does Mezi Credit, Nominent or Eicredit. This concept is often confused and incorrectly throws all loan companies into one bag with illegally operating Metabanks.
Allegations of a Samaritan Loan
The main objection to the Samaritan Loan is that they charge a handling fee before granting the loan. This is a non-returnable fee, so in the event of a refusal to grant a loan to the client, no money was returned. We consider such a procedure to be particularly unethical and corrupting the image of the industry and loan companies that use simple and clear procedures.
However, we are surprised by the sudden interest in the Samaritan Loan, formerly known as Kou Credfic. It is interesting, however, that the prosecutor’s office has been dealing with this company for years, trying to find evidence that the company has committed a crime. He has been doing this unsuccessfully for a long time. Why? Because Polish law does not prohibit such practices. The collection of a handling fee is not different from the payment of an advance, e.g. when selling a flat or a car. If the customer fails to comply, the down payment is forfeited. This is also the case with the Samaritan Loan – if the customer does not have the ability to take out the loan, he does not meet the conditions of the contract, so he will not get it and the handling fee will be forfeited. It’s a hole in Polish law, but it’s legal now. The only penalty that the Samaritan Loan got, then called the Treasury, was a 1.2 million penalty imposed by UOKiK for incorrectly providing the cost of the loan. Considering the penalties awarded by the UOKiK to the financial institution, much larger amounts have already been awarded.
We do not support Helping Loan activities that take advantage of clients’ need and ignorance. However, it should be emphasized once again that you always have to read the signed contract. The culprit of the situation is the leaking law regarding financial institutions which, instead of safeguarding the interests of Poles, allows for such actions. There have been and will not be such companies on our portal or our ranking, because each loan institution located here is checked and recommended by us.
We invite you to read Article 10 of the rules for taking a loan and to visit the Tips section before taking a loan.