More than half (55%) of Poles admit that they currently have cash or installment loans or loans to pay off. Since March, 47% of consumers have decided to borrow money. At the same time, 19% of those interested had to resign from applying for a loan, most often for fear of losing the possibility of repayment, showed the study “How Poles borrow”, carried out by IMAS International at the request of the National Debt Register (KRD).
Poles borrow or buy in installments most often when they are unable to buy something for cash (48%), because the purchase is beyond their possibilities. Every fifth person (21%) covers unforeseen expenses in this way. Slightly more than every tenth respondent (11, 5%) admit that they borrow because they lack money for basic needs due to low wages, difficulties in planning their budget or because of the loss of the source of income, while every twentieth consumer (5%) does not hide that he spends more than he earns, so they have to save themselves with loans, said the report.
In 2020, the pandemic also joined the reasons for taking out a loan or credit. Its influence on the decision to incur liabilities has already been indicated by every fourth borrower. The need for additional financial support appears most often in connection with the loss of a job (16%), medical expenses (14%) or a reduction in salary (11%). On the other hand, the most frequently chosen method of additional funding during a pandemic is hire purchase (18%) and cash loans (16%).
“In the face of restrictions and difficulties in trade, stores try to attract customers, encouraging them to take advantage of the possibility of spreading the repayment or postponing it by up to several months. As you can see, it works, consumers are eager to use this opportunity, feeling that thanks to it they can divide a large expense in time and bear its cost even in the event of a deterioration in their financial situation – said the president of KRD Adam Łącki.
The vast majority of credits and loans (83%) are taken out from banks. 12% borrow from relatives, friends, neighbors. Every tenth person applied for funds to a non-bank loan company. However, 7% succeeded after the so-called payday loan.
