Szybka Gotówka

Szybka Gotówka Non-Bank Loan – Review

Szybka Gotówka is a non-bank short-term loan (a so-called "payday loan"), intended for ad-hoc cash needs, not as a substitute for a bank loan or a longer-term cash loan. The offer is aimed at adults who need quick access to cash for a period measured in weeks, not months or years, and who are able to repay the borrowed amount within a short term. Szybka Gotówka is run by a credit intermediary (Kopula Solutions sp. z o.o.), and the agreements are concluded by partner lending institutions; the website names Kasa Boom sp. z o.o., listed in the KNF register of lending institutions (RIP000572), as one of the main lenders.

APRC and cost of the loan

The Annual Percentage Rate of Charge (APRC/RRSO) in the representative example for this loan is 111%, and it can be higher for other amounts (the website calculator shows 145% for PLN 2,000). This is the only binding measure of the total cost of this product and it's worth keeping in mind when comparing with other non-bank offers – the APRC for payday loans tends to be high, because it takes into account all fees and commissions converted to a full year, even though the loan itself is repaid within a few weeks. The maximum loan amount is PLN 20,000, and the minimum amount that can be borrowed is PLN 500.

The representative example on the website: a loan of PLN 10,000 for 65 days, APRC 111%, interest rate 14.5% per year, commission PLN 1,160.25, total amount payable PLN 11,418.30. For a loan of PLN 2,000 for 65 days, the website calculator shows a commission of PLN 321.10 and interest of PLN 25.35, i.e. PLN 2,346.45 to repay. This clearly shows that with payday loans, the commission - not the interest - makes up the vast majority of the cost, which is why when comparing offers it's worth looking at the APRC and the total amount payable, not just the nominal interest rate.

Terms and requirements

According to the Szybka Gotówka website, the maximum repayment period is 65 days for both the first and subsequent loans – the period is chosen in the calculator at the application stage.

The lender requires the customer to be at least 18 years old, hold Polish citizenship, have an account with a Polish bank, and have a mobile phone with internet access. The offer provides for the possibility of extending the financing "in selected situations," but the website does not specify the exact conditions or additional costs of such an extension – before using this option, it's worth asking the lender directly for details, because with payday loans an extension of repayment is usually associated with an additional fee. The website also does not provide information on the rules for possible early repayment of the loan, so this issue should also be clarified before signing the agreement.

How to apply

The application process takes place in several steps: first you choose the loan amount and period using the calculator available on the website, then you fill in an online form, after which you need to verify your identity using the Autopay system. After verification, the lender declares that a decision can be made in less than 15 minutes, and after a positive decision, the funds are disbursed.

Summary

Szybka Gotówka is a typical payday loan offer – a fully online process, a short waiting time for a decision, and the possibility of borrowing up to PLN 20,000. However, it should be remembered that with an APRC of 111% in the representative example (145% in the calculator for PLN 2,000), this is a costly solution that only makes sense as an ad-hoc solution for a very short term – not as a regular source of financing. Before signing the agreement, it's worth carefully checking the total cost for the amount and period you choose using the calculator on the lender's website, and also asking about the exact rules for a possible extension of repayment and early repayment, as this information is not stated directly on the website.