Quick payday loans online What do Poles spend extra cash on?

Research from the last two years clearly shows that Poles are more and more willing to take loans or credits. Fast payday loans are very popular. How does statistical Kowalski use this money?

Quick payday loan and consumer credit

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The report prepared at the end of 2016 by the Polish Bank Association shows that 15.3 million Poles have a loan . Their total value is PLN 576 billion. Over the past three years, as many as 48% of Poles have taken out a loan or credit. What share of quick payday loans have in this market?

Non-bank loans are very popular among those who want to borrow a relatively small amount. And offers that meet these needs can be found among many market players. BIK has analyzed the structure of the value of sales of cash loans and loans granted from January to July in 2018.

Small amounts available immediately

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The presented report shows that Poles wanting to borrow an amount of PLN 1000 – 4000 are more likely to use the offer of non-bank companies than the offer of traditional banks . We are talking here about both quick payday loans for stationary offers and quick payday loans online. And so, for amounts up to PLN 1,000, as much as 80% of people turn to loan companies. Slightly less (but it is still a high value), because 60% of consumers also borrow higher amounts here – up to PLN 4,000.

First needs and pleasures

To a large extent, funds from payday loans are treated as first-aid money . Between 60% and 70% of consumers spend it on patching their household budgets. These are expenses that cannot wait – bills, rent, necessary purchases. Medicines are also a very important part of them.

Secondly, money from payday loans helps to cover these unexpected expenses . Approximately 46% of consumers devote them to such purposes. Most often it is repairing a car, home appliances. But equally often, extra cash is useful when you want to buy new items. This is usually related to the renovation of the flat or its modernization.

There are also – a lot, 33% – who use borrowed money for pleasure : a spontaneous trip, organization of events, purchase of gifts for loved ones.

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