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Non-bank loans are gaining more and more supporters. The market of loan companies is developing dynamically, and the growing competition makes them reach for new ways to attract more and more customers. And there is no shortage of these. What is the reason for the popularity of non-bank loans?

Controls for restrictive banks

Currently, the potential borrower does not have a very wide choice - he or she can turn to a bank or a non-banking company. Most consumers choose a bank, but only a few will get the cash they need. Who can count on a loan from a bank? It will surely be given to a client who has a permanent employment, relatively high earnings, creditworthiness and, above all, a positive history in BIK or KRD. The economic growth in Poland causes that there are more and more such people, but still a larger group are consumers who do not meet at least one of the above conditions.

What should a customer who receives a negative decision from a bank do? Most often he turns to a non-banking company, which will accept him with open arms. This is a natural consequence of the global financial crisis that occurred in 2008. Many people then lost their meticulously built creditworthiness, and the chances of obtaining a loan from a bank were significantly reduced. The improvement of the household budget and satisfaction of consumer needs resulted in a turn to loan companies.

Responding to the growing needs of the young generation

The economic development is very visible, but it has consequences, which are mainly felt by young people starting their careers in the labour market. Growing requirements of employees and restrictions on the part of the state cause that fewer and fewer employers decide to enter into an employment relationship with an employee. Many young people take up work on the basis of civil law contracts. As a result, their creditworthiness decreases and they are not reliable customers for banks. The source of financing needs is therefore a non-bank loan.

Fast and simple procedure

The popularity of non-bank loans also results from the very characteristics of these products. A dozen or so years ago, these loans were very expensive, and this was associated with the high cost of maintaining the stationary points and the staff working there. Nowadays, with the rapid development and widespread access to the Internet, borrowers are most likely to use loans over the Internet, which are much cheaper than their "cousins" years ago. These products are widely available and can be applied for by anyone who is of legal age, has an identity card, a mobile phone and a bank account.

What type of non-bank loan is most popular? The answer is simple - borrow online. The online loan is available 24 hours a day and 7 days a week, which means it is always available. Nobody asks what the funds will be used for, and most often you don't need to have any certificates of employment, earnings or any other obligations not in arrears. In addition, the procedure is carried out very quickly and entirely online. Wide availability, minimum formalities and low probability of obtaining a negative decision to grant a loan - these are the features that convince consumers that a loan on account is a good solution.

The fact that the loan is sometimes received by the account after just a dozen or so minutes after the online application is submitted can be seen from a dot over and above. Short waiting times are often regarded as a key argument that outweighs the balance in favour of non-bank loans.