Why do Poles take so many payday loans?

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Recent years have brought a flood of companies in Poland providing online payday loans. On the one hand, there is nothing negative in this phenomenon – it means the emergence of a new market called micro loans, which Poles are increasingly willing to take. On the other hand, you may wonder what caused such dynamic growth . Perhaps the Poles have no savings and in difficult situations is “forced” to use payday loans?

 

Online payday loan here and there

Online payday loan here and there

Advertisements of payday loans can be seen and heard almost everywhere – on TV, radio and the Internet. Perhaps it results from the convenience and availability of such loans (relatively easy to meet the conditions for receiving payday loans), perhaps it is the result of impoverishment of society .

Payday loans are often seen as money for a go-by situation or for a “rainy day” . The question arises whether the savings of many Poles end up in what is currently in their wallets? It may be a too hasty conclusion, and payday loans are simply one of the quicker alternatives to getting cash for urgent expenses.

 

Non-bank loans – not just payday loans

Non-bank loans - not just payday loans

In addition to short-term loans, the offer of companies also includes longer-term loans – payday installments. They have their pros and cons, in any case it’s also a powerful piece of loan cake. Installment loans seem to be gaining popularity and importance in recent years.

 

The sum of payday loans granted

The sum of payday loans granted

The thesis about the popularity of online payday loans is confirmed by the data of the Association of Loan Companies. Only in the first quarter of 2014 loans over $ 500 million were granted via the Internet.

Poles are eager to reach for this type of loan. It is worth thinking about it before making a decision about a loan and then choosing it well, comparing the offers , because the conditions can change and new payday loans also appear. Unfortunately, some people using various types of loans fall into a debt loop from which it is not easy to get out. That is why before incurring financial commitments one should always consider whether we can deal with them.

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