Monthly Archive: November 2019

Income abroad and credit in Poland

According to the Central Statistical Office, over 2 million Poles already work outside our country. Do we have a chance to take out a cash or mortgage loan in Poland while working abroad?

Unfortunately, when it comes to loans for people working abroad, the Polish banking services market is not very friendly to potential customers. In practice, very few banks offer cash or mortgage loans to people earning in a different currency. The reason for this is Recommendation S issued by the Polish Financial Supervision Authority in 2014, according to which banks operating in Poland may grant loans only in the currency of the client’s permanent income (the recommendation is a consequence of the turmoil in the Swiss franc loans market – a loan boom in this the currency was 2006–2009). By not providing loans in foreign currencies, banks try to minimize the risk associated with changes in their exchange rates.

US Dollar loan

While the hopes of getting a loan can be earned by those earning in euros (due to the fact that it is the currency for transactions with most European countries, and mortgages in euros are the most on the market), then the chances of people with a salary in pounds sterling , dollars or Norwegian kroner fall to almost zero.

The first thing to do is to get a good idea of ​​which banks offer mortgage or cash loans in foreign currency. If we can find a potential lender, complete the following documents:

· Contract or contract (including seafarer’s contract);

· Income certificate – in addition to employment contracts and contracts, these can also be pensions, but not your own business (except for doing business in Germany – in this case you can get a loan from banks with German headquarters);

· List of payments to a bank account in the last three months;

· A report from the local credit information bureau, i.e. the equivalent of the Polish Credit Bureau (see summary at the bottom of the article).

Document translation

It is worth knowing that in the case of a contract or contract, the bank may require a translation of the documents which must be done by a sworn translator.

The solution to this problem may be applying for a mortgage in PLN together. However, you have to remember that in this case For many reasons, this is not a solution for everyone.

There is also a solution that could be called emergency. Namely, we can apply for a mortgage or cash loan in PLN together with another person who earns in Poland, e.g. a parent or sibling. With this option, it should be remembered that the salary of our PLN co-borrower will be the key, and creditworthiness will be associated with them.

It is difficult to get a loan for people working abroad

To sum up, loans for people working abroad in the Polish banking industry are rare. Only a few banks offer such loans, which is connected with the necessity to grant loans in the currency in which the borrower earns. Even if the customer finds a satisfactory offer, he will have to face a number of formalities and provide extensive documentation. Therefore, a solution may be to take a loan in PLN with another person for whom he earns in the Polish currency.

Garry Ludge and people working abroad

credit debt

What is the situation with obtaining a loan at the Ratkomaty by people with income outside of Poland ? Unfortunately, we don’t have the best news. As we provide in the conditions for obtaining the loan, the client applying for financial assistance in Garry Ludge should:

– be between 20 and 80 years old,

– not to be in the BIG debtors register (InfoMonitor, ERIF),

– have a permanent home address in Poland,

– have stable income in Poland (due to employment contract, pensions, old-age pensions).

It is important for us that the borrower has a permanent address in Poland as well as documented income in our country. These are the basic criteria for granting a financial commitment.

How to get a loan for an apartment in Poland?

Are you interested in a loan for an apartment in Poland, but currently you only have income from abroad? Currently, many people are thinking about buying a flat in Poland, while still staying abroad. Many people left to earn a better life, but after a while they want to go back to the family and build their own house or apartment. What if, however, they need a loan to finish their dream four corners? How is credit in Poland working in the UK? Different banking institutions offer different types of products. You need to take a good look at everything and find the right one that suits your needs and capabilities. In some banks, borrowers have the option of taking loans for people earning abroad. Is a mortgage loan for earnings in England possible? Sometimes it happens, but in most cases banks take into account the possibility of taking a loan for an apartment, when the client’s employers make monthly transfers to a bank account in Poland. It is also best for people applying for a home loan to be employed under an indefinite employment contract. People who have their own business and work outside of Poland may have a slightly difficult task. However, we should remember that if we can find a suitable financial institution that will grant us a loan for an apartment, if we earn abroad, we will need to translate the documents into Polish.

How to get low interest credit?

The MCB has promised the lowest interest rates. Our loan comparison keeps the interest rate promise. With one click and a maximum of three selection options, we will lead you to a loan with low interest rates.

Comparing for free and saving interest doesn’t mean giving up good advice. Our interest rate advisor reveals which loans are particularly cheap and what is important for the bank.

Low Interest Loan – Find a Provider

Low Interest Loan - Find a Provider

Virtually all credit institutions advertise with the low-interest loan. But, it is not only the choice of the right loan provider that decides about the low-interest loan. The choice of a suitable loan comparison can be just as crucial. Special interest rates for applications for certain loan comparison offers are no longer uncommon. In addition, not all German citizens are equally qualified for low-interest loans.

Creditworthiness through the score – effect on loans

Creditworthiness through the score - effect on loans

The decisive factor in lending and often having a clear impact on the interest rate is personal creditworthiness. How good the personal creditworthiness of the individual is can be guessed at rather than actually substantiated. It is the scoring providers’ business secret which precise characteristics influence personal creditworthiness and how the individual characteristics are weighted in the score. In 2014, the Federal Court of Justice dismissed the lawsuit against private credit checker regarding the transparent disclosure of all data relating to the assessment and its weighting.

Nevertheless, there are clues. In the score, comparative data and personal experience with the prospect are processed. Exactly which individual experience values ​​are saved at private credit checker can be asked once a year. The private credit checker self-disclosure is free of charge. It is also known that certain professions are considered to be higher or lower credit risk.

Employer – indicator of creditworthiness

Employer - indicator of creditworthiness

Officials and employees of the public sector can look forward to a “credit rating bonus” from the employer. B-tariff credit used to be something of a guarantee for low-interest loans. Today it is no longer clear from the name which loan product is the cheapest for civil servants and other public servants.

Best credit rating, lowest interest rate:

In the loan comparison, applicants privileged by their professional position and secure income choose loan offers at credit-independent loan interest. If the actual creditworthiness is as good as it can be assumed, the interest rate-dependent interest pays off through particularly favorable conditions.

Favorable interest rate for normal creditworthiness:

For people with normal creditworthiness, it is the interest rate offer that is independent of creditworthiness, behind which their loan is concealed with low interest rates. The term “independent of creditworthiness” means that every borrower who is basically qualified for the offer receives the same interest rate.

Credit risk through no fault of your own:

Temporary workers can not only cost employers the chance of low bank interest rates. The choice of employer can even completely rob them of their credit opportunities. The “hire and fire” in temporary agency work has resulted in some credit institutions generally refusing to grant loans to temporary agency workers. At least, a closer look and an interest rate adjusted to the credit risk must be expected.

Low interest rates – loan amount and term

Low interest rates - loan amount and term

Small loans, between 1,000 USD – 3,000 USD with terms between 12 months – 36 months correspond to the most common loan requirements. Small loans are often referred to as instant loans because the loan approval is decided in a simplified procedure. A credit decision is made almost in real time. In connection with the ID check via Videoident, payment is made to various online providers within 48 hours of submitting the application.

But the small loan is not just easy to apply for and is quickly in the account. It is a proverbial example of low interest loan. Only small installments are payable for small loan amounts. This has a noticeable effect on the loyalty to repayments and thus on the interest offers. Borrowers are financing 3,000 USD today (as of April 2016) at an effective annual interest rate of 1.99 percent independent of creditworthiness. For comparison, low-interest loans of the medium order of magnitude only start at 3.89 percent effective interest rate regardless of creditworthiness.

The term has less impact than a year ago on the loan with low interest rates. If, for example, a loan amount of USD 10,000 is financed over 60 months, the loan costs 3.89 percent effective interest. In contrast to the past, the interest rate remains the same if you finance for 72 or 84 months. The accustomed interest rate jump for long-term financing via consumer loans only arises from a term of 96 months.

Financing risk credit at low interest rates – realistic?

Financing risk credit at low interest rates - realistic?

In the event of a poor credit forecast by the score, regular banks reject any credit request. The low profit margins with consistently low interest rates leave little scope for experiments. The score is by no means infallible. The inclusion of comparison groups does not always give a correct picture. Many a loan request that was rejected today would have been approved before the introduction of the automation system for lending.

The manual credit check shapes the image of modern risk bank credit. A loan with low interest rates remains possible, since the risk loan is more often offered depending on the credit rating. If the score lies “completely in the meadow” with its valuation, low interest rates at market level compensate the borrower. If the risk is justified, then it will be noticeably more expensive to borrow from the specialist bank.


Interest-free loan

Are you looking for an interest-free loan? Then you have found the right place! We at quick money can help you find an interest free loan.

Through this page you can find an interest-free loan and sms loan where you can borrow interest-free. We’re on quick money lists interest-free loans and compares them.

The most common interest-free period is 30 days. After this period, the loan costs the usual price. Keep in mind that the length of the interest-free period may vary and that additional fees may apply in case of non-repayment. Here you can read more about sms loans.

Borrowing money without interest

Borrowing money without interest

Borrowing money without interest – We help you find the right in the loan jungle when you want to borrow money without interest. The there are many players out there in the market so it can be nice to have someone who can point one in the right direction. Compare rates on various loans directly on our website. Quick money can be your lantern in the deep jungle of the loan jungle. You can always contact customer service via chat if you want personalized advice.

Good Finance offers a capital loan with an interest-free period for 30 days with a monthly interest rate of 9.45%. The effective interest rate is stated at about 200%. No extra fees apply. The annual interest rate is 113.5%. For example, a loan of USD 10,000 from Good Finance costs 945 without the interest-free offer in pure interest cost the first month.

What do you earn on an interest-free loan?

What do you earn on an interest-free loan? 

This is based on Good Finance’s interest rate stated above and with a maturity of more than 12 months. If you instead choose a bank that does not offer interest-free loans but a lower annual interest rate, for example Modus Finans, you would have instead had to pay USD 183 interest after the first 30 days. This is calculated with a maximum annual interest rate of 22%.
Modus Finance’s setup fee of USD 595 is added to it and the notification fee of USD 19 / month. The effective interest rate will thus be 37.2%.

It is almost exclusively small loans such as micro loans (micro loans) and sm loans that are offered without interest. We list several different lenders that grant this type of loan. There are also slightly larger private lenders offering slightly larger amounts, though not entirely interest-free. However, some of these offer interest-free months. This means that you can “pause” your payments and make them interest-free. We have lenders who offer 2 optional interest-free months per year.

Loans without interest

Loans without interest – How can a lender make money by offering an interest-free loan? It may seem unprofitable for the loan institution to offer an interest-free loan. For a person who lends it can at the same time seem like an offer that you do not want to refuse. If it sounds too good to be true then it is probably not true. The idea of ​​an interest-free loan is that you should be able to take a sms loan interest-free, but there is often a back side. There may be several reasons why the lending institution offers to be able to lend money in an interest-free loan. In part, the company wants more borrowers, which they succeed with in these advantageous offers, and in part they want to make more money.

Read through the terms of an interest-free and you will soon see that there are very likely conditions that are not entirely advantageous for the borrower. Interest-free loans are not necessarily the same as free loans. Although they are often called so. There may be additional hidden costs associated with an interest-free loan . Avi fees, delay fees and setup fees are some costs that are often added to an interest-free loan.

Lenders offering loans without interest, coldly expect some to miss their payments and therefore have to pay some reminder fees or even extend the loan at a cost. Be extra careful about paying on time when you take out a loan without interest. Otherwise, you might not get cheaper at all than it might have been from the beginning.