Micro loans – increasing amounts

When 6 years ago online loans began to become part of the financial market in Poland, loan companies offered potential clients a maximum of USD 2,000. The great popularity of the so-called payday loans, the growing number of entities specializing in providing them, as well as the growing needs of consumers, have forced the industry to change the conditions of providing services to more competitive ones.

New Lender started a loan boom for USD 0. It is also time to increase the maximum liability amount limit. Lending up to USD 10,000 with an installment repayment option is also a new trend. 

New Lender set the bar high from the beginning

loan application

New Lender is one of the companies that have more than doubled the amount of maximum liability since entering the Polish loan market in August 2012. Initially, you could apply for a maximum of USD 1,600 in the brand’s offer. At the beginning of 2013, the limit increased by USD 400 to USD 2,500 in April. In February 2014, New Lender once again raised the bar for competitors, deciding to make available to its regular customers the amount of USD 3,500, which is one of the highest micro-loans on the market (we will find the same amount in the Loans).

At the same time, the company offered an increasing amount to new borrowers. At first, the free loan was equal to USD 800, then it systematically increased by USD 200 to stay at the current level of USD 1,400. The loan should be returned once within 30 days.

24-HOUR CREDIT is another giant setting trends

money loan

Round 3,000 USD – this is how much you can get as a reliable customer from 24-HOUR CREDIT, which has 7 to 30 days to donate. When the Kreditech brand launched its offer, it was prone to borrow USD 1,800.

From November 2013, the maximum liability for PHIL Credit borrowers increased by USD 500. Currently, for the fifth and subsequent loans, you can apply for USD 3,000. In September last year, the company decided to make the offer for new clients more attractive, attracting them with a free loan of 1000 USD (previously you could get the most 500 USD).

Lend, SMS and Via also jumped from 2000 to 3000 USD. The same amount, instead of the previous USD 1,000, can be found in Bright Loan and Loan Minus, which previously gave no more than USD 1,500 to regular customers.

Installment loans are conquering the non-bank loans market

Installment loans are conquering the non-bank loans market

The industry has also expanded its range of services by introducing installment loans. Thus, it increased the chances of people who, due to bad credit history or lack of it, insufficient income or type of employment, will not receive financial assistance in the bank.

It is worth adding that the last company is the only one that requires you to specify the purpose for which you intend to spend the loan. The motor loan has a specific offer, which, according to the name, allows you to get up to USD 10,000 to buy a car. 

Instantaneous payment or installment loan

Instantaneous payment or installment loan

When considering the option of incurring liabilities in the non-banking sector, it is worth first making a small balance of the household budget and on this basis choose either payday loan or installment loan. The first solution will be appropriate when we need a small amount and we are sure that the month will be enough to settle it.

Otherwise, it is worth choosing the option of long-term repayment in equal monthly installments, which with a higher amount will not overburden our finances.

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