Temporary suspension of installment repayments, reduction of their installments, postponement of loan repayment dates and failure to collect penalty interest for late payment of liabilities – these are recommendations developed by Association of Financial Enterprises (ZPF) and Financial Market Development Foundation (FRRF) for loan companies associated in both organizations. The proposed solutions are to support borrowers in financial difficulties due to the SARS-CoV-2 coronavirus pandemic in Poland.
Both organizations, in total, have about 70 percent. market share in non-bank loans.
“SARS-CoV-2 pandemic is currently hitting the Polish economy. Each company faces an exam on its responsibility to its clients, employees or contractors. It is no different with the loan industry, which on the one hand must ensure the stability of the sector, including continuity of employment for tens of thousands of people, but on the other hand, it notices and understands the financial situation of its clients and wants to support them in this difficult time,” Agnieszka Wachnicka, president of the FRRF, said.