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As every year, the Kantar TNS institution conducted a survey of the reputation of the Polish financial sector. The National Bank of Poland and commercial banks operating in our country still enjoy the greatest trust of Poles. However, a growing number of Polish citizens are also beginning to trust loan institutions from the non-banking sector.

Difficult beginnings

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Only a few- or a dozen years ago, short-term loans were not very popular among Poles. This was mainly due to circulating rumors and myths that arose in the 90s. They were mostly based on the activities of unprofessional companies and various private individuals involved in granting this type of financial obligations, whose activities often went beyond the limits of the law. Additionally, for years, taking loans online has been effectively discouraged by the lack of any legal regulations for this type of service. However, this has changed. The market analysis by Kantar TNS indicates that the trust index among Poles increases on average for all entities covered by the survey, however, the largest and most dynamic growth of loan companies was recorded in 2017 .

According to data

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Institutions from the non-banking sector increased their confidence by as much as 54 percent in one year. At the same time, interest rates declining by 7 percent until recently to distrust loan companies. The group of people undecided regarding trust or lack of trust towards non-bank institutions is only 8 percent.

Accordance with the law

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According to a reputation survey for loan companies, the non-banking industry is already trusted by over 17 percent. Polish consumers and this trend is still growing. Influenced undoubtedly the introduction in March of 2016 years of relevant legislation, which limited the maximum cost of the loan, and also introduced new organizational requirements for loan companies, and therefore, inter alia an obligation to introduce a minimum of 200,000 share capital, which must be fully covered by cash, as well as the need for financing companies by lending companies in the form of a limited liability company or as a joint stock company. A public Register of Loan Institutions in Poland at the Polish Financial Supervision Authority has also been established, which undoubtedly means that the non-banking sector is now operating openly and in accordance with Polish law.