Interesting information on the debt of young Poles has recently been published. Due to their age, such people are prospective clients for financial sector institutions (e.g. banks and loan companies).
Information published by GFI indicates that in recent years young Poles have not shunned loans or advances. Such people still value family financial support. However, the possibility of borrowing in a bank or non-bank company is playing an increasingly important role.
For ten years, the average debt of a young Pole increased threefold
A lot can be said about the credit information bureau about the lending activity of young countrymen. Due to the nature of its activities, the institution has the most reliable statistics on the debt of people aged 18 – 24. According to GFI data, the loan or loan currently has about 590,000 such persons.
Ten years earlier, the number of borrowers aged 18 – 24 years was almost 800,000. This change is related to the aging of Polish society. It is worth remembering that for 10 years the number of young countrymen (aged 18 – 24 years) has fallen by about a quarter.
GFI data indicate that despite the decrease in the number of young borrowers, the debt of such persons increased very quickly (February 2007 – USD 2.64 billion, February 2017. – USD 6.81 billion). Ten years ago, an average young Pole (aged 18 – 24) who had a loan or a loan, had to pay about USD 3,300. At present, the corresponding debt value already exceeds USD 11,500.
Many lenders try to attract young customers …
The rapid increase in the debt of young Poles results from several main reasons. First of all, the number of attractive gadgets and ways of spending free time increases.
Secondly, young people are taking over the patterns of older people (e.g. parents) who are increasingly willing to apply for loans and advances.
Thirdly, over the last 10 years, there have been many opportunities on the market for quick borrowing of funds. It is worth remembering that at the end of the last decade the non-bank loan market in Poland was much less developed and diversified than it is today.
Fast internet loans that are a good proposition for young customers (July 2017)
Detailed information on loans:
Fast cash – loan amount for regular customers from USD 100 to USD 6,000. Repayment period from 1 day to 30 days and from 60 days to 65 days (up to 30 days for new customers).
The lender does not require income proof documents. A loan for people at least 18 years old.
Honest Bank – the loan limit for regular customers is USD 7,500. Repayment period from 1 day to 30 days.
A holiday voucher with a value of USD 500 added to each loan. As part of the recommendation program, Honest Bank pays USD 30 for acquiring a new borrower. The lender does not require income proof documents.
A loan for persons aged 20 – 78 years.
Loan amount for regular customers from USD 100 to USD 5,000. Repayment period: 5 days, 10 days, 15 days, 20 days, 25 days, 30 days, 35 days, 40 days and 45 days.
A loan for persons aged 21 – 70 years. People who have drawn at least three loans can count on the free assistance of a consultant assisting in financial management.
Good Credit – the loan limit for regular customers is USD 4,000. Repayment period from 14 days to 30 days.
The lender does not require income proof documents. A loan for persons aged 20 – 70 years.
Honest Bank – the loan limit for regular customers is USD 5,000. Repayment period: 5 days, 10 days, 15 days, 20 days, 25 days, 30 days, 35 days, 40 days and 45 days.
The lender does not require income proof documents. A loan for persons aged 21 – 70 years.
Fast internet loans for young customers
Market changes are evidenced, among others, by the current offer of fast internet loans for young customers. In the table below we present the moments that young users of our portal willingly choose. Such people value, among others:
- record value (USD 6000) of free loan for new customers offered by Good Finance
- high limit of the first and free moment in Honest Bank (USD 3,000) and Honest Bank’ current promotion consisting in adding a voucher (USD 500) to each loan
- it is possible to borrow funds for more than 30 days on Honest Bank and Good Finance
- no need to present income statements when applying for a loan on Good Finance, Good Credit.pl, Honest Bank and Honest Bank
- a free financial help Good Finance service for customers Good Finance
In Good Finance and our loan comparison rankings, you can find many more moments that are completely free for new clients (including the young ones). Many people take advantage of the promotional offer of various companies, which offer free borrowing.