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May 3, 2020

Payday Loans in Poland

Payday loans are the best when it comes to solving short-term financial problems.  You do not have to struggle when there is a delay in your salary payment. In Poland, most consumers prefer payday loans as they are easily accessible.

Are you wondering what are these payday loans and do they exist in Poland? Read on to find out!

Do Payday Loans Exist in Poland?

A payday loan refers to a short- term loan used to cater for immediate financial needs. It can be acquired either online or directly through physical stores with payday lenders. Most Poles prefer applying for these loans online. This is because online payday loans are fast and secure. It could even take less than 10 minutes. However, some companies may require you to visit their nearest branch. Nearly all Polish payday lenders have a working website where customers can find out more about the services offered. These websites are functional 24 hours on any day of the week.

In Poland, Payday loans are perfectly legal, and many residents have benefited from them. Recent research conducted by economists reveals that payday loans are used by approximately 14 million Polish people every month. Most of them have a regular source of income. With the many issues arising in Poland’s economy, some residents find themselves in a tough financial situation. This makes them run for payday loans.

Who Uses Payday Loans in Poland?

Anyone in Poland can apply for instant payday loans as long as they qualify for one. You must;

  1. Be 18 years and above
  2. Have an Identity card.
  3. Have a regular source of income.

Luckily, most payday lenders do not bother with credit checks hence making these loans even more convenient.

Payday Loan Regulations in Poland

Payday lenders in Poland are controlled by the Polish Act on Consumer Credit.

  • The Act states that consumer loans, which include payday loans and other online shall not exceed PLN 255,550.
  • Lenders are allowed to charge an interest rate, which does not exceed 15%.
  • The maximum loan term is 48 weeks.
  • The chief body that legalizes and supervises lenders is known as the Polish Office of Competition and Consumer Protection. However, personal lenders and companies that offer payday loans are barely supervised in terms of financial management.

Currently, personal loan companies are allowed to operate even without obtaining a license as long as they do not misuse costumers. This means that the companies’ activities are not fully supervised as compared to those of banks. It, therefore, becomes difficult to obtain the actual information about their operations.

Facts and Statistics for Poland payday loans

It is important to note the various facts about payday loans in Poland;

  • The interest rate depends on the loan terms. For instance; a one-week loan goes for an interest rate of 10-15%, and the cost a loan of 20- 30 weeks is 50% of the amount borrowed.
  • You can borrow from as low as PLN 100.
  • Rollovers come with extra charges.
  • 40% of the consumers are women who are widowed, single or divorced.
  • There are no instalments in payday loans. The full amount is due at once, before or at the end of the loan term.

Statistics

According to the Industry Market Research in Poland, 97% of Polish adults are debtors. Above 5% of these debtors are payday loan borrowers. About 50% of the payday loan debtors have an income that is below average. In most cases, money borrowed from payday lenders is used to pay regular bills, settle other debts, or even buy durable goods.

The number of Payday loan borrowers is increasing every year. From the year 2013, the country has experienced a tremendous rise in the value of loans. This can be attributed to the emergence of many lenders, both personal and group creditors.

Top 10 Payday Loan Websites in Poland 

Just like in any other country, money lending companies have greatly increased in Poland. The following websites have been ranked the best ones;

  1. Net Credit

This is one of the most trusted credit websites in Poland. It started its operations in2011. The website is easy to handle as it does not have needless formalities. The loan amount offered ranges from PLN 300 TO PLN 5000.

  1. EKSTRA Pieniadze

Their process of application involves 3 steps only; application, verification then payment of cash to your phone instantly. You only need to have your phone and data from your Identity card to complete your application. The loan amount is PLN 100 To PLN 3000.

  1. Finbo

This is yet another friendly website that will help you raise fast cash. They focus on catering to the needs of their customers. Their terms are favourable and convenient. The loan amount is PLN 100 to PLN 3000.

  1. Gotowka Nonstop

This website will give you a loan if you are 21-70 years old and worthy of their credit. Their services are fast, convenient, and secure. The loan amount is PLN 100 to PLN 3000.

  1. Lend On

This is a 5-star website that allows you to apply for a loan anytime, anywhere. The loan amount is PLN 100 to PLN 3000.

  1. Tani Kredyt

This is a website where anyone in need of instant financial support will be helped. They require you to pay a small registration fee to enjoy the services. The loan amount is PLN 200 to PLN 7000.

  1. OPOQA Finance

The services offered on this website are of high quality. They give a loan term of up to 365 days. The loan amount is PLN 200to PLN3000.

  1. Miloan

They understand customers’ challenges and work tirelessly towards solving them. You can obtain a loan of PLN 200 to PLN 3000.

  1. Wandoo

They give short- term loans of amount PLN 300 to PLN 5000 with favourable interest rates.

  1. Sol Credit

They are flexible and can give a loan of PLN 100 to PLN 2000 without bothering your creditworthiness.

It is wise to compare the services offered by different payday lenders before applying for a loan as some could cost less than others.

 

Sources

https://www.researchgate.net/publication/317260617_Personal_Loan_Companies_in_Poland_Does_Empirical_Evidence_Justify_Regulatory_Transition

https://www.paydayloansworldwide.com/poland/instant-payday-loans-poland/

https://www.cashfloat.co.uk/blog/loans-lenders/payday-loans-in-poland-compared/

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