Loan agreement – what elements should it contain?

Each major transaction between two parties should be confirmed by contract. It is a type of security for both parties that the agreement has been concluded. A loan agreement is an arrangement between the lender and the borrower, as defined in the Civil Code, provisions and the Credit Act consumer.

The loan agreement should contain:


  1. parties to the contract: lender and borrower,
  2. description of the subject of the contract, e.g. type of loan,
  3. Duration of the agreement,
  4. loan costs,
  5. return policy and deadline,
  6. repayment security,
  7. regulations and provisions regarding early repayment or the possibility of extending the repayment,
  8. information on the consequences of late payment, as well as cancellations and complaints,
  9. option to terminate the contract,
  10. signatures of both parties.

In the first stage, the adviser will ask you for an ID card. This document is needed to complete the loan agreement. The next stage is filling out the data on the service and the applicable conditions, i.e. the loan amount, costs and repayment time. You can ask the adviser to clarify the conditions if something is not clear to you.

Signing by both parties


The final stage is signing by both parties. Before signing the contract, be sure to check that the information provided is correct and read the applicable rules. If you do not understand a subsection, ask your advisor for additional clarifications. Signing a document is tantamount to reading and accepting the information contained therein. The signed contract takes legal force.

At Good Finance, we strive to ensure that the information presented in the contract is written in an accessible and understandable way for the client. And the whole process went smoothly and quickly. Before the loan meeting, call your adviser and find out what documents you should take with you. Coming to the branch with a set of documents will significantly speed up the whole process and after a few minutes you will leave with additional cash.

Please be advised that we operate based on the provisions of Polish law specified in particular in the Civil Code, the Consumer Credit Act and the Personal Data Protection Act.

What is the minimum and maximum loan repayment period?


Minimum loan repayment period: 3 months. Maximum loan repayment period: 6 months.

What is the minimum and maximum loan amount?

Minimum loan amount: USD 400. Maximum loan amount: USD 5,000.

What is the maximum Actual Annual Interest Rate (APRC)?

The maximum actual annual interest rate (APRC) is 551.39%. The given value refers to an example loan of USD 4,900 granted for a period of 3 months. The monthly installment for such a loan is USD 2200.07, the total repayment amount is USD 6574.76.

An example of the total cost of the loan, including all applicable fees.

Representative example: LOAN amount: USD 1300.00 for the period: 6 months, operating commission: USD 520, interest USD 44.39, total amount to be paid: USD 1864.39, APRC: 243.54%.

The final terms of the loan depend on the assessment of the customer’s creditworthiness, date of payment of the loan and date of payment of the first installment. The granting of the loan depends on the result of the creditworthiness assessment.

In the absence of payment within the prescribed period, Good Lender is entitled to charge interest for late repayment of debt and to undertake debt collection activities.

In the event of a dispute between the Borrower and Good Lender regarding the loan agreement, the Borrower may use an out-of-court dispute resolution. The entity authorized to conduct proceedings in cases of out-of-court dispute resolution with consumers is the Financial Ombudsman. The borrower may also use extrajudicial means of dealing with complaints and redress also via the ABC platform.

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