Poland is becoming a home for an increasing number of foreigners, especially those from beyond our eastern border. Citizens of, for example, Ukraine working in our country, at some point want to apply for a loan for various purposes. They are afraid, however, whether their status gives them such an opportunity.Fortunately, they can apply for a loan in our country, and financial institutions are constantly expanding their loan offer.
Conditions for obtaining a loan for a foreigner
Not so long ago, the only way for a foreigner to apply for credit in Poland was to obtain citizenship of our country. Currently, these rules have changed, so that customers from outside Poland can apply for a loan at one of our financial institutions.
In most cases, a bank or lending company requires people from outside the European Union to have a permanent residence card and a visa. These are the basic documents thanks to which this type of institution can confirm the fact that a given person stays legally in our country. Another, equally important issue is also a stable and of course legal source of income, which should be properly documented. The amount of such income must, of course, also allow the borrower to repay the loan installments on a monthly basis.
For a financial institution, the services we want to use, it is also very important what type of contract binds the client with the employer. As you can guess, mainly contracts for an indefinite period are welcomed, although a fixed-term contract is also given preferential treatment. However, this is not the rule, because in recent years banks have started to look favorably on other types of contracts. Therefore, most of them do not dismiss those working on a mandate contract, a specific task contract, on a contract, or self-employed clients.
The history and creditworthiness of a foreigner
For each financial institution that grants cash loans , it is extremely important to verify the credit history of each client, but also his creditworthiness. In the case of foreigners, this is not so simple. A person from outside our country who has no Polish citizenship from the very beginning of their stay should therefore try to build their credit history, which does not have to be particularly difficult.
The easiest and at the same time the best way to do this is to set up an account with a Polish bank. Our salary should regularly affect such an account, which is a signal for banks that we are accumulating some funds. Of course, depending on our needs, we should also use such an account when making transfers or withdrawing cash from it using an ATM card. All this makes us more reliable as potential borrowers for the bank. The only thing we must absolutely remember is the timely repayment of all debts arising, for example, on a credit card.
Of course, one could say that such credit history is very modest, but it matters. Especially if the account has regular receipts from work performed in our country.
Cash loan for a foreigner – documents
As you can guess, each bank and other financial institutions set their own terms for granting cash loans . They may also have different requirements as to the documents that the borrower must provide to them. In most cases, however, these include:
- employment contract or employment confirmation certificate;
- permanent or temporary residence card for foreigners who do not yet have a permanent residence card;
- certificate of registration in Poland; valid passport;
- PESEL number;
- Credit report from country of origin.
In addition, financial institutions require a foreigner applying for a loan to have an active account number in a Polish bank. Although, if such a person has been legally working in our country for some time and builds his creditworthiness, this requirement is usually already met.
Where to apply for a cash loan for foreigners
A person from outside our country who lives and works in Poland should not have major problems finding a bank or non-bank company that grant loans to foreigners. What’s more, the number of institutions that want to attract such clients is growing. Therefore, some of them even offer them service in Russian or Ukrainian. Of course, this is not a standard yet, but there are more and more such establishments.
Many people think that it is best to go to one of the Polish banks for cash loansbecause they are trusted institutions. And of course this is true, the more that their loan offer addressed to foreigners is quite interesting. However, it is also worth getting interested in the offer of non-bank companies, which often tempt us with less formalities or better credit terms. The best solution seems to be to use the offer comparison engine, thanks to which we can quickly and efficiently find out which of them are worthy of our attention.