Consumer loans exceed mortgage loans in 2017

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The value of consumer loans granted by banks and bank-like entities (SKOK) stood at PLN 66.1 billion and significantly exceeded the value of mortgage loans, which came in at PLN 46.5 billion, according to Credit Information Bureau (BIK). “25 percent of consumer loans were granted for a period exceeding five years. These loans accounted for 56 percent of the total value of consumer loans granted in 2017,” BIK stated. The average value of a consumer loan for a period exceeding five years stood at PLN 40,500, compared to PLN 17,900 in 2016. According to BIK, extending the payment period for consumer loans has led them to become medium-term loans. The average payment period of consumer loans granted last year was 44.9 months (3 years and 9 months).

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