Rynek pożyczek pozabankowych w Polsce w świetle polityki niskich stóp procentowych banku centralnego
Payday Lending Market in Poland and the Central Bank's Low Interest Rate Policy

Summary/Abstract: A large part of the society is still financially excluded from social life despite the era of low or zero interest rates. Banks are not interested in rendering services to customers of limited means. In consequence, citizens excluded from the banking sector are searching for the alternative sources to satisfy their financial needs. Money is supplied by payday loan providers which o$er usurious short term loans at prices many times higher than bank prices. The article answers the following research question: Is the payday lending market winning the competition with the banking sector in Poland and if so, what is the reason in era of historic low basic interest rates and incomparably higher total costs of payday loans? The following research hypothesis was verified in the study: the lack of supervision over payday loan companies in Poland contributes to usurious exploitation of the people excluded by banks, which results in a debt spiral for a considerable segment of customers.

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