Citokredyt

Citokredyt - Loan Service Review

Citokredyt is not a lender but a credit intermediary website run by Loando Direct Sp. z o.o. (KRS 0000624003), which is entered in the KNF register of credit intermediaries under number RPK018024. The service forwards your application to partner lenders and banks, and according to the website one completed application can bring several offers. The financing offered is repaid in installments rather than in one go as with a classic 30-day "payday loan". This is a solution for people who prefer to spread repayment into installments rather than repaying the whole amount at once.

APR and cost of the loan

According to the service's website, the maximum Annual Percentage Rate (APR, RRSO) is 55.90%. The APR is the only binding measure of the total cost of a loan - it includes interest and all additional fees and commissions, which is why this indicator, not any marketing slogan, should be the point of reference when comparing with other offers. The final cost is set by the lender that receives the application. Loando Direct states that it charges consumers no fees and is paid by the lenders and banks.

The website gives inconsistent information about the amount: the homepage headline mentions a cash loan of up to PLN 150,000, the page text mentions a loan of up to PLN 20,000, and the "About us" page gives a range of PLN 500 to 150,000. The available amount therefore depends on the specific partner's offer and has to be checked in the offer presented after you apply.

Terms and repayment period

The homepage states installments from 6 to 60 months (the "About us" page mentions 1 to 120 months), which gives considerable flexibility in adjusting the installment amount to the household budget - a longer period means a lower monthly installment, but also a higher total cost of the loan.

The loan conditions page lists the applicant requirements: age 20 to 70, full legal capacity, Polish citizenship and a residential address in Poland, a bank account and an active phone number, and a positive history in the Biuro Informacji Gospodarczej (BIG, a Polish debtor information bureau). The service does not describe rules for extending (rolling over) the loan or the costs of early repayment - these depend on the lender, so before signing the agreement it's worth checking them in the information form, which the lender is required to provide before concluding the agreement.

The service explicitly states that submitting an application does not guarantee receiving a loan - the decision to grant the loan and its final terms are made solely by the lender.

Pros and cons

• Pros: One application, several offers from the service's partners; Installments from 6 to 60 months according to the homepage; The intermediary charges the customer no fees
• Cons: Maximum APR according to the service reaches 55.90%; Inconsistent information on the maximum amount (PLN 20,000 or PLN 150,000); No information on rollover and early repayment rules; A positive history in BIG is required; Submitting an application does not guarantee the loan will be granted

Summary

Citokredyt is a credit intermediary's website that forwards one application to many lenders, and the loans offered are repaid in installments (from 6 to 60 months according to the homepage). The key deciding factor remains the APR of the specific offer (up to 55.90% according to the service) - this is a cost that needs to be carefully calculated for a specific amount and period before making a decision, ideally using the information form provided by the lender before signing the agreement.