What are Savereal Bank in Poland and how do they work?

SaveReal Bank are institutions that should not be confused with banks. As a rule, most such companies offer higher interest rates on loans and deposits, but what are the real costs of such an attractive offer?


What is a Savereal Bank?

bank loan

Let’s start from the beginning: what is a Savereal Bank? Savereal Bank is nothing but a financial company that offers clients similar services to a bank. However, unlike banks, they are not subject to strict control by external authorities. It is worth noting that the proposals of such institutions are very wide and they operate primarily on the local market. The characteristic feature of such companies are low requirements – customers who want to take a loan often do not have to document their financial situation.


Advantages and disadvantages of SaveReal Bank

Of course, as it happens in life, everything has its pros and cons. SaveReal Bank are an ideal solution for people without creditworthiness in banks, but such support from a financial company also has its other side of the coin. Customers using Savereal Bank services must take into account not only higher interest rates, but also interest and various types of commissions.


Why are SaveReal Bank so popular?

SaveReal Bank have a structured offer so that it is available to most people. However, unlike banks, they do not have to comply with Recommendation T, i.e. guidelines that are to protect both the bank and its clients. The rules were introduced by the Polish Financial Supervision Authority and their main assumption is that the amount of loan installments should not exceed 50% or 65% of the client’s income. SaveReal Bank in Poland, not using the T Recommendation, not only grant loans to all clients, but also assess the risk of granting a loan to a specific person.


SaveReal Bank – what to watch out for?

SaveReal Bank - what to watch out for?

SaveReal Bank in Poland are an alternative to banks, but in 2012, after the collapse of Amber Gold, many people lost confidence in such companies, especially when it comes to saving. In this case, we should pay special attention to the interest rate – if it is high in relation to the banks’ offer and interest rates, then we should seriously consider the credibility of such an institution.

However, the so-called payday loans, which are quick loans obtained without any formalities. It is often a last resort solution, but you should always pay attention to not only the interest rate, but also additional fees, i.e. interest and costs related to e.g. service. After calculating all fees, the costs can far outweigh the profitability of such a loan. In addition, there is also the risk of falling into the debt loop, which concerns an increasing group of Poles. SaveReal Bank do not apply strict rules and do not look at the financial condition of people reporting to them, which is why the customer must determine whether he can afford the services of a Savereal Bank.

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