The end of the year is the time to summarize and define plans for the next 12 months. Starbuck took off in February this year, in which, apart from publishing rankings and making it possible to apply for payday loans online, we also published a lot of loan-related content.
We kept you updated on all promotions organized by payday loans companies
We also gave advice, wrote about news, trends, and statistics in the quick loan industry. Within a few months, Starbuck became the largest and the most visited industry portal in Poland. In response to your high interest and comments, we launched a chat where our expert answers your questions on weekdays.
The response exceeded our expectations, for which we thank you very much. We end the year 2020 as the most visited loan website, but we’re not going to stop there. In 2019 you can expect a lot of content, analysis of loan offers, promotion of the best payday loans, we will also warn you of those trying to stretch customers. And what happened in the online loans industry?
2020 in the online loans industry
2020 was a breakthrough year for the industry. Both customers and the companies themselves providing loans without BIK have reason to be satisfied. The number of loans granted via the Internet more than doubled, exceeding the barrier of USD 5 billion.
This is not only the effect of the growing needs of Poles but above all a much better offer. While a year ago, free payday loans could be counted on one hand, in 2020 there were several such offers. We hope that in 2019 the first payday fee for USD 0 will be standard.
Companies have also improved the process of granting loans
reducing the waiting time for cash (often less than 5 minutes), simplifying the application form. All changes have largely been caused by growing competition.
The year 2020 is also the appearance of many new companies on the market, but also the opening of new payday brands by existing companies. Some online payday loan companies have also decided to enter the online installment loans market.
Establishment of the Association of Loan Companies
It is noteworthy that in 2020 ZFP (Association of Loan Companies) was also established, which was founded before industry leaders. The Association works for the online loans industry, oversees the process of adopting the Consumer Credit Act, but also works on creating a Register of Loan Companies, where companies that meet the required criteria and operate according to the Code of Good Practice for Loan Companies will find their place.
2020 was a successful year for the industry and consumers, in 2019 we wish clients and lending companies that the introduced regulations are beneficial for both parties and that the market develops at least at the same pace as in 2020.