Each of us may experience a situation when the only solution to financial problems turns out to be credit. The same applies to foreigners residing in Poland. However, in this case, getting a positive decision from the bank can be difficult. Why? What conditions must be met to get a cash loan for foreigners?
Foreigners in Poland
According to statistical data provided by the Office for Foreigners, it appears that at the beginning of 2019 in Poland, 372,000 had a residence permit in Poland. foreigners . However, the growth dynamics for 2018 was lower than in the previous two years. Despite this, an increase in the number of foreigners from Ukraine and Belarus was recorded. This is undoubtedly influenced by the political situation and borders. It may come as a surprise that more and more people come to Poland also from India, Georgia and Vietnam . No wonder then that cash loans for foreigners are a sought after product. Are there such offers and what conditions must be met to receive money?
Is a loan possible for foreigners in Poland?
The effect of problems related to loans in francs is Recommendation S introduced by the Polish Financial Supervision Authority. It says that we should receive this type of financial support only in the currency in which we earn. In reality, however, you can still find offers in banks that include, for example, loans in euros. In addition, one of the conditions that is often found in the proposals of banking institutions is the possession of Polish citizenship. Does this mean that no person outside Poland will not receive financial support?
It turns out that a lot depends on the internal arrangements of banks. Until recently, every applicant should have Polish citizenship. However, there is now no doubt that some institutions do not make the decision to accept the application dependent on this. However, to obtain a loan for a foreigner in Poland, several important conditions must be met.
Credit conditions for foreigners
As we have already mentioned, a lot depends on the internal arrangements of banks. However, there are several basic conditions that must be met in order to think about loans for foreigners. The basic condition for both applicants with Polish citizenship and those without it is to show an adequate source of income. For banks, the type of contract is very important. Undoubtedly, persons employed under an employment contract are in the best position.
In addition, remember that your credit history will be checked for each customer.
Thanks to this, the lender limits the risk related to the potential loss of the client’s source of income. Of course, this does not mean that people working on the basis of civil law contracts will not get a loan. However, their chances of receiving a positive credit decision are lower. The amount of earnings is also important, which should allow for trouble-free repayment. These are elements that affect creditworthiness. Any arrears entry may be the reason for rejecting the application. In addition, we must have the appropriate documents.
Will I receive a loan for a foreigner with a residence card?
Most of the offers we find in banking institutions assume the obligation to submit a document certifying permission to reside in Poland. We are talking about a loan product for a foreigner with a permanent residence card. It should contain the PESEL number of the person concerned. However, not every foreigner has such a permit.
Sometimes, resident status is granted temporarily. In this situation, getting a loan can be a problem. It is not certain that the applicant will stay in Poland for the entire loan period. The exception are short-term obligations ending before the expiry date of the temporary authorization. Some banks require it to cover at least 12 months. However, the question arises whether you can get a loan for a foreigner without a residence card?
Loan for foreigner documents
Foreigners can stay in Poland not only on the basis of a valid residence card, but also permits or visas. Having one of these documents, we also have the chance to receive the necessary financial support. As you might guess, the lender will require you to provide a residence card, visa or check-in certificate.
Additionally, you should be prepared to provide:
- the history of the bank account to which the withdrawal has been delivered over the last few months,
- credit history report generated by the system in force in a given country,
- Passport confirming the customer’s identity
- income attestation from the workplace.
If we collect the necessary documentation, we can proceed to inference. It is worth remembering that not every bank requires all these documents.
When you apply for a loan for a flat for foreigners …
In this situation, in addition to all the above-mentioned conditions, the bank will require an additional document. It is to confirm the rights to activities related to the purpose for which the applicant wants to allocate a mortgage to foreigners. I am talking about the permission of the Ministry of the Interior for the purchase of real estate. If we do not need one, we must also prove it.
Is there a student loan offer for foreigners?
Students in Poland can apply for a student loan on attractive terms. It is one of the cheapest products in the banking offer. Thanks to it, young people can gain additional funds for living and study freely. Good information for foreigners is the fact that people without Polish citizenship can also take advantage of the offer. In such a situation, an additional condition will have to be met. It could be:
- settlement permit,
- refugee status,
- temporary protection on the territory of the Republic of Poland,
- the status of a migrant worker with the citizenship of a country belonging to: EU, Swiss Confederation or EFTA or a family member of such a person,
- long-term permit
- temporary residence permit in connection with education,
- subsidiary protection on the territory of the Republic of Poland.
Mortgage for a foreigner, what bank?
Banks that enable foreigners to obtain loans include: Alior Bank, Bank BGŻ BNP, Bank BPS, Millennium, Bank Pekao, Credit Agricole, Citi Handlowy, ING Bank Śląski and PKO BP. In some of these institutions you will also find a cash loan for a foreigner in Poland. Below are some banks that may accept the application.
Will I find a cash loan for working abroad?
It turns out that some banks still allow you to get a loan in some currencies, for example the euro. In addition, by obtaining income to a bank account, we can receive a loan offer from the institution in which it was registered. In this case, the amount of income and the form of employment are key. In addition, we will need an income certificate (it cannot be profit from our own business activity), bank statement and credit history from the system in force in a given country. However, just as not every bank has a loan for foreigners on offer, only a few offer support for people working only abroad.
Credit summary for foreigners
If we have permanent employment in Poland, adequate income and all necessary documents, we can apply for a loan for foreigners. People who have a bank account at a Polish bank also have the option of submitting a credit card application.