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Loan for a foreigner – Loans for Poles working abroad

More and more students in our country are people from abroad. The main reason is certainly that the level of education of Poles is high and valued abroad. Why do we mention this on this blog? Students after completing their studies settle in Poland, because corporations or large international companies open their branches in Poland and willingly accept foreigners to work in our country.

Mortgages for foreigners

Mortgages for foreigners

The factor that we presented in the introduction causes that more and more foreigners are asking about the possibility of credit in Poland , even if they work outside our country. It turns out that over half a million personal accounts in the Polish banking sector belong to foreigners. The largest number of these accounts belongs to Ukrainian citizens. Of course, this potential is recognized by the banks that have so far given very high amounts to these citizens.

Increasingly, such people associate the future with our country and they want to buy their property here, but not necessarily using their own contribution . To apply for a mortgage, a foreigner should have a residence card in Poland. This is a necessary condition. However, this is still a great convenience for foreigners living in Poland, because once the basis for applying for a loan was the possession of citizenship. Fortunately, this has changed. Currently, as we have mentioned, such persons are only required to have a residence card (however, it must relate to a permanent and not temporary stay). For the procedure of obtaining the loan, it is also necessary for the employer to declare the income achieved from abroad or from Poland. It is also important to document your income from previous years. PIT should be the most appropriate.

Both loans for people working abroad and foreigners should be preceded by consultation with a financial expert . Such a specialist is certainly more oriented in all offers on the Polish market. In addition, specialists in this field will help you choose the right offer tailored to the borrower’s needs. Customers of credit advisors do not have to worry about the fact that they will not be able to handle the formalities, because they will certainly be properly directed by them. A financial expert will also help you negotiate the appropriate loan terms. The advantage of consulting a specialist familiar with banking requirements is also that he will suggest how to make a good impression on a banking institution and how to improve its creditworthiness. It is worth emphasizing that not all banks will grant such a loan to a foreigner. Even if he will have all the necessary documents that were specified above. Among other things, this is why the role of an investment advisor, who knows in which bank it is worth applying for a loan, how long it will take and how a given bank will attempt to incur a commitment by a foreigner may be important here.

Of course, every foreigner, just like a Pole, must take into account the necessity of making their own contribution . In this way, it also increases its credibility in banking institutions.

BIK as an institution that supports banks in responsible and safe lending has launched the option of verifying the credit history of Ukrainians in the two largest credit bureaus. This is another step in the development of the international information exchange service at BIK. Verification does not apply only to residents of Ukraine, because BIK offers verification of residents of Germany, Great Britain or Italy. It is useful for Poles who want to have income in these countries. But we mentioned this process in detail in our other article. However, to sum up and refer to lending to a foreigner, the development of BIK will help both Polish banks, foreigners and Poles who will be able to find better financing in foreign countries .

What documents are necessary to get a loan?

What documents are necessary to get a loan?

One of the documents, without which it makes no sense at all, for a foreigner to visit a bank with a loan application is, as we have already mentioned, a residence card in Poland. She must certify that he has been living in the country for at least six months. What else should he take care of? Below is the list:

  • employment contract (preferably to be concluded a minimum of 6 months before applying for a loan),
  • certificate of residence and domicile in the country,
  • passport (must be valid),
  • credit report from your home country (people living are simply checked in BIK, but foreigners should report with such a document),
  • PESEL number, which should be given to him by the commune office at the place of residence.

In addition, if such a person applies for a mortgage, for example, a set of documents confirming ownership of the apartment will be useful, etc. When contacting a financial expert, a foreigner will get detailed information on which documents are required to be able to apply for a loan.

Opening an account with a Polish bank is a necessity?

 

Most often, banks also require foreigners to have a bank account in a Polish branch. It is probably the loan that will be transferred to it if the bank decides to grant it. Therefore, it is also worth looking for a good financial product that will not be backed by millions of account maintenance fees (transfers, cash withdrawals, monthly fees). A financial advisor will certainly help a foreign person to look through the available offers and choose the best one.

Why all the formalities?

Well, every bank is anxious to protect themselves and their interests against the possible insolvency of the person to whom he pays a large sum of money. In the case of people coming from abroad (or permanently living there), it is not easy to establish the exact identity and confirm their credibility. This is especially true for foreigners who do not have Polish citizenship. And although for some time this is not a contraindication to obtain a loan from a Polish bank, it hinders the whole process. However, it is not worth worrying about the supply, and even more so discouraging. With the help of financial advisors, you can do a lot – not only get a loan, but also receive excellent repayment terms. They will also help when choosing a bank account and calculating APRC. No loan installment calculator works so well to replace an expert on loans, borrowings and other financial products offered by banking institutions.

Loan in Poland – it is not impossible for foreigners to obtain it, but it involves more formalities than when the person was born and lives in this country. Fortunately, with the help of financial advisers, everything becomes much easier. Why is it worth to trust them? They work efficiently, quickly and in favor of their clients. In addition, this service costs the borrower nothing, because their remuneration is a commission charged from the bank. Do you need to further convince you of how sensational this solution is?