The loan market is still developing
The report published by KPF shows that Poles place more and more confidence in the non-banking market. This is evidenced by the growing amount of loans taken out at these institutions.
Financial needs are not too high
The average loan value is just over USD 2,500, for comparison the average value of a low-value cash loan is USD 4,000. Poles choose loan companies when their financial needs are not too high.
This allows them to get the amount they need quickly and without unnecessary papyrology.
The high amount of loans
The growing amounts of loans indicate an increase in the affluence of customers in this segment. As consumers declare, non-bank loans finance not only current fees but also increasingly trips, repairs or the purchase of gadgets.
This shows how much our approach to non-bank loans has changed. A short form completed via the internet, a response within a few minutes and various payment options are the biggest advantages that consumers mention.
Installment loans are gaining popularity
Installment loans are unbelievably successful in our market. It is a product very similar to a cash loan, however, obtaining it requires a borrower much less time than when applying for a bank loan. Probably because as much as 38% of loans are long-term loans – installments for an average period of about 2 years.
Compared to previous years, the level of interest in this type of production increased by 9%. There are many reasons, one of them is the fact that more and more loan companies, which until now only gave short-term payday loans, have recently introduced installment loans to their offers. Clear conditions and lower monthly costs have meant that many of us when we need additional funds, choose a long-term loan.
According to data published at the end of 2014 by Genius, every tenth Internet user visited websites offering the opportunity to complete a loan application. This number is constantly increasing. The Internet gives customers a range of options for choosing a product to meet their expectations – we can easily compare the offers of several companies at home, check the current payday loan ranking, installment loan ranking, and then complete the application quickly.
As research shows, from year to year more and more people are deciding to enter into a commitment to a non-bank institution. The ability to check opinions and quick comparison of several offers means that loans online gain new crowds of supporters.