On Wednesday, the Credit Information Bureau published the latest data on non-bank loans that Poles received in July. A total of 1,216,000 new loans worth PLN 1.883 billion were granted last month.
Poles choose payday loans. Sudden increase in the value of loans
According to Credit Information Bureau Although lending companies granted 7.9 percent fewer loans in July than last year at the same time, their value increased by 31.9 percent. What's more, from January to July, loans were granted for a total amount of PLN 12.05 billion – an increase of 74.9 percent compared to the same period last year.
“The value of granted cash loans amounted to PLN 8.236 billion (+60.4% y/y), special purpose loans PLN 3.411 billion (+126.9% y/y), and cards and loan limits PLN 0.402 billion (+60.9% y/y). The July value of sales of non-bank loans (PLN 1.883 billion) was the highest in history. The largest part of these sales were cash loans, which were granted in July for the amount of PLN 1.336 billion (also a record), which meant an increase of 49.1% y/y. The value of newly granted special purpose loans in July increased by 6.4% y/y, while the amount of granted cards and loan limits decreased by 30.5%,” reported Aleksandra Stankiewicz-Billewicz from the Credit Information Bureau.
As reported, the average value of a cash loan granted in July 2024 amounted to PLN 2,684. It was higher than the average amount granted in July 2023 by 17.9%. In turn, the average value of a newly granted special-purpose loan amounted to PLN 724 and was 37.1% higher than the average value of such a loan last year.
Poles are taking out more and more bank loans
The Credit Information Bureau also reported that banks and cooperative savings and credit unions recorded an increase in granted loans in July. Poles more often opted for housing loans (an increase of 48.8 percent), installment loans (an increase of 28 percent), and cash loans (an increase of 17 percent).