The cash loan market is highly diversified. In the industry, you deal with retail banks, Lite Lenders, and even private investors, brokers, and the social loans sector. In the article you will learn some industry curiosities. Development and prospects for cash loans in the non-banking sector.
In Poland, short-term loans have entered a strong upward trend. For several years, there has been an increase in interest in cash loans on the Internet, mainly for amounts up to 1000 – 2000 USD. Money is most often used during the holidays, during minor renovations, during specialist treatment, for current needs.
The structure of Lite Lender customers is also changing
Short-term loan (payday loan) is not only the domain of the poorest sections of the society, but a product dedicated to medium-wealthy clients with a stable professional situation. Such clients obtain payday loans in Lite Lenders not only because of reduced formalities, but because of the convenience and ability to build loyalty in a particular loan institution.
In Lite Lenders, the overall credit history is not that important. A loan company allows you to set up your own borrower’s account, e.g. on a website. If you pay your liabilities on time, you get more and more favorable conditions for access to short-term and medium-term loans.
The need to reduce borrower servicing costs in Lite Lenders
A bank tax was imposed on Lite Lenders. The largest entities in the industry are dealing with additional costs. Added to this is the competition of payday loans for the poorest with new social programs. The Ministry of Justice also recognized the problem of usury loans as an important issue.
According to the latest reports, the Anti-usury Act aims to significantly reduce non-interest costs in contracts with Lite Lenders. Cash loans are eagerly used by generation Y, brought up practically on the Internet, a global village where information exchange is key to eliminating dishonest lenders.
The cash loan is strongly coming into the minds of customers by increasing advertising expenditure by Lite Lenders. Consolidation in the industry is inevitable by the emphasis on long-term cost reduction. When you need a loan, check the offers on this portal.