Until recently, quick payday loans were only attributed to non-bank loan companies. Perhaps it seemed to some banks that the “weekend books” would not work, or that the law would limit it. Banks of the “weekend” treated with detachment, often with contempt.


However, it works

how it works

However, contrary to negative opinions, both non-banking loan companies and their marketing proposals found recipients, while these companies have already become an inseparable segment of the Polish financial sector.

Interestingly, in spite of a large percentage and short repayment period (usually up to 30 days) are in the vast majority payable by borrowers in a timely manner. In addition, there are further facilitations in their acquisition in the form of cash machines (one of the companies has set 13 of them in several Polish cities).

Loan non-banking companies have introduced another (as it turned out to be effective) marketing gimmick, the first free loans – without interest and handling costs. Usually a free loan can be taken for smaller amounts in the range of 500 to 1000 PLN. In this way, loan companies want to win a loyalty customer.

According to recent surveys, last year, the largest group of students enjoyed the “weekend” benefits. Taking quick micro loans do not necessarily want to repair the home budget, often they just want to make an unexpected purchase or go on a journey.

In addition, customers are eager to use non-bank microloans due to the extremely simple procedures, including the waiting time for the transfer and decision (approximately 15 minutes on average). As a proof you only need an ID card and an age barrier (depending on the company, the lower 18-20 years, the upper 65-85 years). The lenders have the opportunity to check the creditworthiness of the client, looking for it even on the National Debtors List.


Banks envied the “payday loans”

Banks envied the "payday loans"

Already the sheer amount of loan offers from non-bank companies, is testimony to something. In addition, the most operational ones, such as Net Credit, Vivus or Filarum , hold a strong market.

That is why in the so far distanced banks of the “payday loans”, the self-preservation instinct had to be called, because due to the loan non-bank companies, real income began to run away from them before the nose.

One of the first who decided to introduce ‘payday loans’ is Bank Smart, a new institution and a precursor not only to introduce ‘payday loans’ to the banking offer, but also some associations – from now on, ‘payday loans’ are no longer attributable only to non-bank loan companies . Meanwhile, other banks are behind Smart.