SuperGrosz

SuperGrosz – a non-bank instalment loan

SuperGrosz is a non-bank loan offer whose lender is Aiqlabs Sp. z o.o. of Warsaw (a loan institution entered in the KNF register), while the website is run by the credit intermediary Infostom Sp. z o.o. Despite what the payday-loan category suggests, the SuperGrosz website currently has no short-term 30-day loan: it offers an instalment loan of up to PLN 30,000, repaid in monthly instalments. It suits people who want to spread repayment over many months and accept the high cost of non-bank financing.

APR and the cost of the loan

The Annual Percentage Rate (APR, RRSO) is the single binding measure of the total cost of a loan – it covers the interest rate and all fees and commissions, so it allows a fair comparison of different offers. In the lender's representative example (PLN 4,500 over 42 months, variable interest of 14.5% a year) the APR is 37.86% and the total amount to repay is PLN 8,508.07. If the discount conditions are met (all instalments before the last one paid on schedule and no instalment more than 20 days late), the commission drops to zero, the APR to 24.28% and the amount to repay to PLN 6,486.76.

For smaller amounts the annualised cost is much higher: the calculator on the website shows an APR from 206.58% for PLN 1,233. That is why it is worth checking the APR and the total amount to repay in the calculator for your specific amount and number of instalments before applying.

Terms and requirements

According to the Q&A page on the SuperGrosz website, the borrower must be a Polish citizen over 21, and the application requires an ID card, a bank account and a mobile phone. Applicants are checked in the business information bureaus (BIG) and the Credit Information Bureau (BIK), and the final amount depends on a creditworthiness assessment. The loan can be repaid at any time before the due date – the costs (interest and part of the commission) are then reduced.

Who this offer is for

SuperGrosz suits people who need more than a typical payday loan and want to repay it in monthly instalments, while being aware of the high cost expressed by the APR. With good creditworthiness it is worth comparing this offer with a bank cash loan, where the APR is usually lower.

Pros and cons

Pros

• Instalment loan of up to PLN 30,000, repaid monthly
• Discount of up to 100% of the commission for paying instalments on time
• Early repayment possible, with costs reduced

Cons

• High APR, especially for small amounts (calculator: from 206.58% for PLN 1,233)
• The discount is lost if any instalment is more than 20 days late
• Applicants must be over 21 and Polish citizens

Summary

SuperGrosz is today an instalment loan of up to PLN 30,000, not a short-term payday loan. The cost depends heavily on the amount, the term and timely repayment: in the representative example the APR is 37.86% (24.28% with the discount), but for small amounts it can exceed 200%. The APR and the total amount to repay should be the main reference point when comparing this offer with others.