Since August last year, a law prohibiting loans under the so-called Argentine system has been in force in Poland. It involved granting loans from capital contributed by customers themselves, who were organized into groups. After completing the formalities related to obtaining a loan, customers had to start paying installments, while they received the cash only after being selected by the company in a draw. Those granting loans under such a system now face between three months and eight years in prison. Officially, therefore, such companies no longer operate. However, people are increasingly talking about an operating “post-Argentine” system.
Many companies still offer loans that customers receive after an unpredictable period of time. Claims that there are no upfront fees also turn out to be untrue. Commissions and the need to meet additional conditions to obtain a loan greatly exceed bank fees. Withdrawing from the system, meanwhile, may result in the loss of substantial sums.
One of the companies still operating under the Argentine system last year was Międzynarodowy Fundusz Rozwoju Regionalnego. The company is now called Unia Rozwoju i Wspierania Finansowego. Its leaflets have recently appeared in Bolesławiec. They do not include the company name, only an internet address. And the website contains only the addresses of representatives.
The company is already well known in many regions of the country. Complaints against it were submitted to district consumer ombudsmen in, among other places, Radomsko, Nowy Targ, Kraków, Warsaw and Jelenia Góra. The Police also investigated some cases. The problem, however, is that even a court ruling declaring such a company’s actions unlawful does not mean that the cash invested in the loan will be returned.
Consumer ombudsmen warn against companies offering exceptionally favorable loan terms. In such cases, the contract should be read carefully, especially the provisions printed in small type. If you are not sure what awaits you after signing such a contract, it is better to reject the offer and go to a bank.