The increase in the competitiveness of non-bank loan offers has led companies to search and reach further to meet the ever-changing needs of their potential customers even more precisely. Along with the dynamic spread of mobile media, in addition to online loans, the SMS lending service is becoming more and more popular.
The trend of using popular smartphones in financial services is becoming more pronounced. Thanks to this, clients have guaranteed access to full information about loan products and are much more willing to reach for additional cash to satisfy the desires of their or their loved ones. Short-term loans in a reliable company are definitely a desirable good, regardless of the form and mechanism of receiving money.
Borrow online regardless of age
Contrary to appearances, new technologies are not just the domain of young people. Nowadays, it is clearly visible that older people over 50 are more and more likely to borrow online. Scholars taught by their children freely compare the offers of various companies, which destroys the stereotype prevailing on the market that the clients of loan companies are only young people.
Actually, such a positive breakdown of older people into the loan sector illustrates a significant change in the modern trend and allows us to conclude that online lending is increasingly understandable to everyone and provides a sense of security.
This approach of people means that customers are more confident in the online services offered by loan companies. This definitely has a direct impact on the number of cash loans requested, although it does not in fact mean that the amount of money actually granted must still increase in direct proportion.
It’s all about speed and simplicity
The growth of sales in the pre-Christmas and holiday period has a significant impact on the development of the sector dynamics. At that time, consumers are more willing to borrow at loan companies, because in most cases the time to launch such assistance is usually shorter than at banks. Consumers value the speed, convenience and simplicity that they receive in a proven loan company, in which the terms of the contract are clear and clear.
However, it should not be forgotten that loan companies sometimes have to adapt to the absurd or even bizarre requirements set by the body supervising the non-banking lending sector. A good example of this is the recent statement by the president of the board of the Association of Loan Companies, About consumer credit.
Loan companies, although they do not grant loans and cannot even use this wording in advertising communication, they must operate entirely on the basis of the Consumer Credit Act. In addition, despite the fact that in the majority of loans companies do not grant loans for a period close to one year, they must show the client the annual percentage rate (APRC), which theoretically reaches tens of thousands of percent, but in practice it often means that for several hundred dollars loan, the customer after a short time simply has to pay a dozen dollars more.
A dynamic sector, but …
The lending sector in Poland is currently developing at a dynamic pace due to a well-defined market in which there is a great need for non-bank lending by consumers. However, the current shape of the regulations being implemented, by introducing limits and restrictions, completely ignores the specifics of the short-term loans market. Moreover, ill-considered regulation policy will significantly reduce the pace of growth in the dynamics and volume of non-bank loans.
In addition, it will increase the growing growth of the shadow economy, which will clearly deteriorate the reputation of the entire loan sector and will certainly not contribute to the prospects of the loan products sector. However, when talking about the overall results achieved in recent years by the loan sector, it is worth noting the statistics relating to the value of the loan portfolio, which sometimes record over 50%. its value increases and the number of consumers using online loan services continues to grow.
What constantly refreshes the loan market are different ideas using modern technologies. For example, by using smartphones, which, using advanced applications, allow the customer to apply for a loan at any place and time and receive money within a few minutes. No less important on the part of the lender is that such methods of improving the tools used do not worsen credit risk management.
Another direction in which the loan sector is heading is the wider promotion and introduction of more flexible solutions. The reason for this is the high competition on the cash loan market.
With the development of the industry, customers are becoming more and more demanding. The first loan service absolutely free is no longer sufficient, they need something more, hence various programs and competitions are created to encourage the continuous use of the services of the company.
There are also completely new projects, such as unlimited borrowing. This is the opposite of traditional lending at banks, where you have to pay back a monthly installment. We can safely say that it is the most effective source of quick money (taking into account costs, loan period and timely repayment of the loan), which gives rise to the development of the entire loan sector.