Government warns against "fast" and "easy" loans

According to an IAR release, the Polish government has initiated a campaign to warn consumers regarding "fast" and "easy" loans. The central bank press secretary Przemysław Kuk explained that many Poles do not read short-term loan agreements, which often hold hidden payments and raise the net interest rate on the loans. Regulatory institutions (KNF, UOKiK) along with public media outlets will release messages that warn consumers against hidden loopholes of short-term loans. The KNF also offers a list of public warnings regarding unreliable lenders. On the other hand, UOKiK underscores the scale of the problem. Regional consumer protection bureaus have received 23,000 complaints against short-term loan lenders. The financial sector association reports that PLN 2.7 million was loaned to consumers in 2013.