Do you work abroad and earn in a different currency than in Polish, but you are determined that you want to take a loan in a Polish bank? Where to look for a source of financing if we want to invest in Poland or need cash for another purpose in Poland?
Loans for people working abroad. Which bank will lend?
The supervisory requirements in force since 2014 are clear – the currency of the loan must be the same as the currency in which the borrower receives the main income.
The tendency of Poles to work abroad forced banks to verify their loan offer. Many compatriots who live outside the country want to take out a loan not only for the purchase of their own house or apartment, but also for investment in real estate.
Loans for people who receive income in a different currency than in Polish, unfortunately it is rarely found. In practice, people who earn in USD should not have problems finding a lender. Earned in other currencies, they have to do good gymnastics to get a loan in Poland.
It turns out that only in theory many banks are willing to grant credit despite sufficient income from abroad. An additional problem turns out to be the consequences of Recommendation S of the Polish Financial Supervision Authority, which permits to take out a loan only in the currency in which the borrower earns.
Before taking a loan, it is worth knowing and comparing the offers of at least several financial institutions. The profitability of the loan is influenced by: the amount of earnings abroad, the amount of the loan itself and the loan margin.
For example, mBank has a liberal approach to people who work abroad. You can also receive cash on your account within a few minutes from non-bank companies. Theoretically, it is in these institutions that the loan should be the perfect solution for people who work abroad and want to get a small amount for sudden expenses. The limit here is the loan amount, which is usually not too big.
Loans for persons working in Norway
Loans for people working in Norway, Scotland or within the European Union are the biggest chance for positive verification. The problem appears especially when we earn in other countries and receive remuneration in francs, koruna or forints.
To sum up, Polish emigrants do not have easy when it comes to loans in Poland. A Polish citizen working abroad is unfortunately not a favorite customer of banks, especially if the borrower applies for a mortgage.
Credit application – people living abroad
This is unfortunately not so simple. Even if we find a bank that is ready to grant us a loan – it is a rather complicated process. We have to visit the country to get to the details and sign the loan agreement. In the meantime, we need to collect all the necessary documents.
How to make it easier?
This is a good question for a financial expert. Well, it is enough to contact him by phone or e-mail to perfectly explain to us the individual bank offers. He will probably conduct a short interview to determine our capabilities and expectations. Then we need to give him time to analyze the banking products available on the market. Certainly will call back soon and present us the best offers. Maybe it will be more convenient to receive them by e-mail? It is worth highlighting during a telephone conversation. After receiving a summary of the best banking products selected especially for us, we have the opportunity to review them and think calmly. If we have any questions – write them down and ask them the next time you talk to an expert.
Power of attorney – how to grant it?
A specialist will also inform us. People from abroad are not always able to come to the country and personally submit an application and sign a loan agreement. In this case, it is worth considering granting a trusted full power of attorney to someone. It must be signed by both parties and confirmed by a notary public so that the bank can confirm the identity of the authorized person. However, it is possible and convenient. And sometimes it can be the only way out.
Financial advisors – why should you trust us?
We are experts in our field. Nobody will dispute this. We deal with loans most efficiently on the market and on the best possible terms. What can we offer you?
- We will help you choose a loan – we will analyze each offer in terms of your needs and possibilities. We will conduct a detailed interview with you. Get ready – we will certainly ask about the purpose of the loan, but also about your earnings, type of contract, other obligations and even who you share the household with and what is the financial situation of that person. If your wife has a huge loan – it can significantly affect how the bank will look at your application. We need to know this in order to choose the best offer for you.
- We will answer all your questions – if after presenting the list of offers you still have any doubts – we will dispel them. You can ask us anything, remember that whoever asks, does not err.
- We will calculate your creditworthiness. Based on all the information about you, we will be able to calculate how much credit you can get from the bank.
- We will tell you how to present yourself well in BIK. Unfortunately, the bank checks your BIK every time. Remember that you cannot have any arrears or late payments. Your credit history testifies to you. When assessing it, the bank assesses you really – are you reliable and trustworthy? However, if you come from abroad you will have to provide the bank with a document confirming that you have no arrears in your country of origin. Sounds complicated? Don’t worry – we’ll help you with that too.
- We will negotiate the most favorable loan agreement terms with the bank. Thanks to this you can save a lot. However, we know how to negotiate like nobody. We will use your strengths to prove to the bank that you deserve better conditions.
- We will explain to you exactly what documents you need to prepare for the bank and where to get them (e.g. in the case of a mortgage, you must arrange a quote for the apartment that will be occupied by the mortgage).
- We will guide you through the document submission process and keep our fingers crossed for the positive response of the bank.
- We are happy to inform you that you have been able to get a loan. However, if the answer is negative – we will find out the reason and help you re-apply.
- We will be with you when signing the loan agreement. Then you can also ask us anything that will raise your doubts.
We are not afraid of meetings with bank employees or financial experts. Bank employees should try to convince you to offer their bank. You draw conclusions from conducted conversations, the more conversations you have, the more knowledge you will have and you will be able to choose the best offer for you!