Online loans on the rise in Poland

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According to the union, over 500,000 Poles took loans over the internet in the first quarter of 2014.

Experts have estimated that Poles will borrow 4 billion zloty (955 million euro) this year outside the banking system, and that half of this sum will be reached through online loans.

The Rzeczpospolita daily has noted that online loans are especially popular with young people, who either do not have solid enough job contracts to take out bank loans, or simply do not want to go through banks.

ZFP notes that the average online loan taken out by Poles this year is for 860 zloty (205 euro), and that the debt is typically repaid within a month. The cost of such a loan is 177 zloty (42 euro). (nh)