You filled in the form, the decision came back, the advisor slides the contract across the desk. Most people sign without reading. Understandable — a dozen pages of legal language sound intimidating. But seven points in those pages decide how much you'll pay over five years.
Point 1: RRSO and the total amount due
The first page of the contract has to show RRSO and the total amount payable. That's a requirement of Polish consumer credit law. Check whether the RRSO matches what you saw in the application — sometimes an added insurance pushes it 2-3 points higher. If the number rose, ask outright why.
Point 2: payment schedule
The instalment table. Check whether each payment is identical (fixed instalments) or falls from the first (decreasing). Check the day of the month the payment is due — some banks set the date before your payday, which generates routine slips. You can ask for a date change, most banks accept.
Point 3: fixed or variable rate
Fixed means the payment doesn't change for the whole period (cash loan) or for a defined window (mortgage: 5, 7, 10 years). Variable is tied to WIBOR 3M or WIRON and recalculates with every NBP rate move. The contract has to say plainly which one you have. If „variable”, check what happens on a rate hike — usually the bank has 14-30 days to notify.
Point 4: extra fees and insurance
Arrangement fee, application processing fee, life insurance, job-loss insurance. Each should be listed with an amount and a status (mandatory or optional). You can refuse optional insurance — the bank must accept that, since it can't condition the loan on its purchase. Read what you're agreeing to.
Point 5: early-repayment fees
The Polish consumer credit law (art. 48-52) gives you the right to repay early at any time. The bank must refund the proportional share of fees and interest. Some contracts include an early-repayment fee in the first 36 months, capped at 3% of the repaid sum. Check this point, especially if you plan refinancing.
Point 6: consequences of a late payment
What happens when you're late? Default interest, capped at 30% annual. Monitoring fees (15-50 PLN per notice). A BIK entry after 30-60 days late. Contract termination after 90 days (the bank can demand the entire amount). Understand this point before you sign, not after the first slip.
Point 7: consents and additional clauses
The end of the contract holds consents: data processing, debt assignment, marketing communications. Every voluntary consent needs a separate checkbox. Consents for processing data to execute the contract are mandatory and can't be refused. Marketing ones are voluntary — don't sign if you don't want spam.
What to do if something doesn't fit
Don't sign. Take the contract home, read it calmly. The bank has to give it to you in writing before you sign. If the advisor pushes you to sign on the spot, that's a red flag. Every serious bank lets you take the contract to think it over. After signing you have an extra 14 days to withdraw without giving a reason (Polish consumer credit law art. 53).