Deteriorating consumer sentiment in expected to put pressure on demand for consumer credit during the forecast period as high inflation and the rapidly rising cost of living discourage Polish consumers from taking out loans. Furthermore, borrowing is set to become more expensive as the cycle of interest rate increases is likely to continue.
After a strong performance following its introduction into Poland during the review period, buy now, pay later is expected to become an increasingly important area of other personal lending during the forecast period. Many mainstream financial service providers and card lending organisations have already announced plans to enter the buy now, pay later arena, with the increasing importance of e-commerce set to be a major driver of demand for buy now, pay later.
The recent tightening of Poland’s the anti-usury laws is likely to affect the consumer lending industry during the forecast period, specifically by influencing the ongoing process of consolidation in the industry. For instance, one of the proposed changes to the anti-usury laws assumes that only those companies with a minimum share capital of PLN1 million will be able to enter the register of loan companies.
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Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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