Can more than 125,000 people take out a workers’ loan?

The workers’ loan is a free-purpose loan without real estate collateral, so it is worth comparing it with a personal loan. In the first nine months of this year, banks signed contracts for personal loans worth 601.05 billion forints. If the volume in the last quarter develops as it has so far, then around 799 billion forints of personal loans will be available to the population in 2024. The 500 billion forint workers’ loan accounts for 62% of this annual volume.

Another very important question is how many people are expected to take out workers’ loans. If we calculate with the value of 500 billion forints expected by the ministry and assume that everyone uses the maximum amount, then we can talk about 125 thousand applications and debtors. This number could be even higher if some applicants do not use the maximum amount. (Based on the expectations of Bankmonitor experts, the average loan amount taken out will be close to the maximum amount. In the case of such preferential schemes, applicants typically try to take full advantage of the opportunity.)

It is also worth comparing the expected number of loan contracts with the data shown for personal loans. By the end of September this year, banks had concluded 229,918 contracts. If the last three months of the year turn out similarly, then we can calculate with roughly 287 thousand contracts for the most popular unsecured loan by 2024. The expected 125 thousand contracts from workers’ loans would account for 43.49 percent of this year’s personal loan market.