Loan companies already control almost half of the short-term loan market up to 1,000 zł. Also in the range up to 4 thousand PLN their share is significant. Contrary to appearances, their services are not only used by the so-called margin.
Easter is approaching, which is a period of increased spending. Although in general Poles are getting better and better (rising salaries, low unemployment, the “Family 500 plus” program), probably many people will have to borrow to organize holidays. Some will not direct their steps to the bank or credit unions.
Liberal requirements of loan companies
You don’t have to leave your home today to get extra money. All you have to do is take advantage of the offer of online loan companies , of which there are at least several dozen. In contrast to banks, they willingly grant relatively small loans online (even several hundred zlotys) for a short period and without excessive requirements, e.g. in terms of full-time employment or the period of existence of a business.
They also minimize formalities. They pay out funds even on the day of submitting the application. This is crucial for many customers because they do not have to go to the employer for a certificate and then return to the facility. Busy people have no time or inclination. Thanks to online loans , they can implement their consumer plans and meet their needs almost immediately.
Parabanks clearly present their offer on the Internet, because they want the customer to come back to them. After paying one liability, he is to apply for another one. If it burns on the so-called fine print, next time will choose the competition.
Who takes payday loans?
Availability and convenience of application are two factors that drive demand for payday loans . As indicated by BIK data, last year non-bank loan 1.5 million people have enlisted at least once. Non-banking institutions already have a quarter of the low-value loans segment up to 4,000. zł. For loans up to 1 thous. PLN these shares are almost half.
Who are their clients? Contrary to appearances, they are not only clumsy, without stable income, and thus excluded from the banking market.
The loan customer is mainly a young person, aged 21-34, with no credit history, most often a woman. This is a customer who needs money for here and now, for his consumption need – characterizes in conversation Loanrm Betty Konckz, president of Microloan Bank.
Cheapest online loans
Non-banking entities, as well as credit unions and banks, are subject to the anti-usury act. Therefore, they cannot raise interest or fees indefinitely. We remind you that:
- the limit of non-interest costs (commissions, preparation, registration and other fees) is 25 percent. loan amount + 30% the amounts for each year of the contract and,
- all costs together cannot exceed the equivalent of the amount paid.
Still, you have to realize that payday loans are expensive loans . Their APRC is calculated at least in hundreds of percent. In extreme cases, this ratio reaches 2000 percent. However, by making a skillful choice, you can donate up to several hundred zlotys less .
The offers of loan companies differ.