Cash loans in 2020
After a rather difficult year for borrowers, in 2020 the banks decided to loosen their lending policy and accept more applications. The result of this was the increase in the number of loan applications.
According to a study by the Credit Information Bureau, in 2020 banks and SOK granted over 6.5 million cash loans for the amount of over USD 70 billion. This gives an average loan value of USD 10,800, but most of us come to the bank for smaller amounts, as much as 60% of Poles borrowed below USD 5,000.
Why did the banks ease their policy?
Banks’ greater willingness to grant cash loans is justified by the increasingly better repayment of these liabilities. In 2012, as many as 12% of loans were recognized by banks as lost claims, i.e. those whose recovery chance is negligible, which obliged banks to enter these amounts as a bank loss.
In 2020, this was the case for less than 5% of loans. Such a significant increase in the number of good loans results from the improvement of the economic situation in Poland and in the world. Lower unemployment and higher earnings result in larger funds that we can spend on paying off our obligations.
Banks advertise loans
Such significant increases are also caused by the ubiquitous advertising of banks, praising their loans. Some of them bet on the lowest installment offer, just like Honest Bank, the lowest interest rate, like the General Bank, or the lack of interest rate from a Polish bank. Other banks have chosen Polish and world-class stars.
WBK was the leader in employing foreign stars.
Forecasts for 2014
The year 2014 will be more difficult for banks, because, after the very fertile two previous years, the market is quite saturated, in addition, non-bank loan companies are pushing up quite strongly. This forces banks to continue their competitive offer, which of course makes us very happy.
We present the offer honestly and help in choosing the best solutions. We encourage you to visit the cash loans tab, where you can find a current updated ranking of cash loans. Creating it, we suggest not bank promotions and tricks, but a real installment, which we will have to pay after receiving the loan.