The Credit Information Bureau reports that during the year the value of so-called cash loans taken out personal loans increased by 44.6%.
The Credit Information Bureau published a notice on the number of loans sold. Importantly, the data pertains to lenders, not banks and credit unions.
Poles are increasingly taking out personal loans
According to the published ranking, the average amount of a cash loan granted in October this year was PLN 2,670, which was 11.1% higher than in the previous year. higher than the average amount awarded in October 2023. In total, companies awarded Poles 522,000 PLN in the month in question. cash loans (increased by 30.2% annually) with a total amount of PLN 1.394 billion. This amount was 44.6% higher. compared to the same period last year.
It is worth mentioning that cash loans are deposited directly into the customer’s account and can be used for any purpose, including repairing the household budget. This segment distinguishes the so-called personal loans, i.e. loans for low amounts and short periods, but also loans for high amounts and long periods, often several years.
BIK also provided data on the number of special loans granted. This category is characterized by low loan amounts intended for a specific purpose, namely the purchase of specific goods or services. The customer does not receive cash in hand, but receives a service comparable to installment loans from a bank. Special loans are used to finance low-value purchases in online stores and sales platforms, as well as loans for the purchase of cars, dental services or aesthetic medicine.
“The average value of a newly granted special purpose loan in October 2024 amounted to PLN 702 and was 8.5% higher than the average value of such a loan granted a year earlier. The number of new loans for special purposes in October this year increased by +2.7% year on year. In terms of value, the increase was even greater and amounted to +11.4% year-on-year,” BIK said.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
