Will Social Loans Gain More Popularity?

Social Loans

Social Loans

Loans granted by bank outlets have become too pretentious for many customers. Poles complain that too much paperwork, not only discourages people from seeking a loan, but most of all, many clients exclude themselves from getting the money they need. According to a special creditity report, it can be said that if there is only such a possibility, Poles borrow money from their relatives. As much as 1/3 are dissatisfied with the bank’s services and bypassing the branches with a wide berth.

The interest of many customers is social loans such as Cofold and creditity. This is an alternative when there is nothing to look for in the bank, and we can not count on our relatives.

Poles borrow money for various purposes. This is evidenced by the report, which indicates that about 33% of Poles borrowed money last year. Apart from loans from friends and family, cash loans or purchases in the installment system enjoy great popularity. Half the less Poles use the debit that they can have on their own bank account. Another way to borrow money is by credit card. Only 2% of people using loans decided on a mortgage loan, and only 1% on online loans .

Clients usually complain about too complicated regulations, as well as documents presented by loan outlets. It is incomprehensible to them that the advertised interest rate differs from the APRC, ie the actual interest rate. In addition, Poles avoid borrowing money at banks because they worry that the costs are too high.

The term social loans is no longer so new. For the first time, the form of such a loan saw the light of day in 2008. Still not enough people have heard about them, because only 7 percent of Poles know what a social loan is all about. According to experts, the European market dealing with this type of loans has a value of EUR 1 trillion!

Although the awareness of Poles in the subject of social loans seems very low, creditity considers this to be a very good result. For the reason that in the UK about loans from other people it realizes only twice as many respondents as in Poland. If you were interested in taking a loan to creditity, you should expect interest of around 10 percent (we already refer to the real interest rate).

Will social loans gain more popularity?

If it works, creditity plans to attract more Poles with community loans. In addition to the fact that creditity wants to open the door to people with very low creditworthiness, in order to get the money they need, it also wants to guarantee a wide range of opportunities for people who intend to invest their money in other loans. Investments may start from PLN 100, while the maximum financial contribution will amount to PLN 100,000.