Loans and borrowings

We have prepared complete information for you and answered all questions regarding loans (consumer loans). Everything in one place! Updated for 2018. Detailed and simply explained. Find out how to choose the most advantageous loan and not lose your money unnecessarily, due to unfavorable interest rates. Read more at

Loans and consumer loans are one of the most common loan products on offer today. There are a huge number of lenders and consumer credit providers on the market, so there is really a lot to choose from.

Choosing the wrong loan or a loan from an unreliable provider can cost you a really large amount of money and psychological power in the future.

Read this comprehensive article and learn how to navigate the offers of banking and non-banking companies so that you can make the right decision when choosing a loan or consumer loan.

Loan vs consumer credit

In the market for financial products, various terms are used that can be confusing to people. In fact, the terms “loan” and “consumer credit” have virtually the same meaning. They are used to denote credit products that are provided by banking or non-banking companies for personal purposes, mostly for the purchase of a car, household equipment, holidays or practically anything else.

What is a loan?

A loan is a type of loan that is provided to ordinary people for personal (non-business) purposes. They can use the borrowed money for practically anything. Loans are provided by both banks and non-banking companies.

With a non-purpose loan, you can use the money for practically anything – even a holiday.

What is a consumer loan?

A consumer loan is actually the same as a loan. These two terms refer to the same product in which a banking or non-banking company lends money to an individual for private purposes, which need not be documented in any way.

Is there a difference between a consumer loan and a consumer loan?

The term “consumer credit” is not used very often in Slovakia. It is a Czech term that also appears here and there in Slovak texts. If you encounter it, know that consumer credit is the same as consumer credit.

How does the loan work?

The loan or consumer loan is concluded by signing a written contract, which contains all the necessary information, but mainly the following:

  • identification of the contracting parties, ie the creditor (lender) and the debtor,
  • amount of money borrowed,
  • the method and duration of repayment, including the number of individual installments, the interest rate and the RPMN (annual percentage rate of charge),
  • the rights and obligations of the individual contracting parties,
  • possibly also insurance or reinsurance to secure the loan.