According to various sources, it is estimated that nearly 20 million Poles and people of Polish origin live outside our country. About 1/3 of this group are Poles, born and raised in Poland. The remaining part are people who have Polish roots, but their degree of connection with the country is very different. However, both groups share several common features. One of them is planning to return to Poland at some stage of your life. Often, the first step is to take a loan in Poland. Mortgage, for the purchase of real estate, or cash – to use your high credit standing. It also happens that people who do not meet the requirements to obtain financing abroad ask for a loan in Poland. In this post, we will focus on the second group, i.e. people interested in cash loans. We will give some tips on how to prepare for the whole procedure, what you should pay attention to before even thinking about applying for a loan.
Order in documents
Regardless of the stage at which we establish contact with our clients – we always urge them to set up a briefcase in which all employment-related documents will be collected. There really is something to collect, and everyone working abroad is fully aware of this. Employment contract, all annexes, annual tax settlements, monthly payslips (so-called payslips or those bearing a different name, depending on the country), etc. Analysts wanting to reliably verify income stability can ask for documents from 12 months. Then maintaining systematic ordering of documents makes things much easier.
Translation of documents in Polish
According to the procedures of most banks, all documents submitted in a foreign language must be translated into Polish. Importantly, this does not always have to be done by a sworn translator. The bank decides about it, so it’s worth remembering or just asking about it. The time at which such documents must be submitted is also important. Getting to the bank branch without a command, from the so-called “Street” – we usually learn that such translations are needed from the very beginning to submit an application. But always? Well no. In many cases, you can process the application on untranslated documents, lead to a decision and only in the case of a positive credit decision, deal with the translation of documents. This is a particularly important tip for people who know that their situation is not the simplest and they expect possible difficulties in obtaining a loan. This will save from a few hundred to even over a thousand zlotys on translations, which may eventually prove to be unhelpful. Naturally, in a situation where we care about time (e.g. we want to do all the formalities using a week’s stay in the country), it is worth thinking about it earlier and complete the required documents for translation. Translators also have their deadlines and it is worth bearing this in mind.
Show me your extract and I will tell you who you are
We return to the statements we discussed earlier. This time, however, we will look deeper into what transactions are on the statement. And here our advice – if we like, for example, gambling, bookmakers, etc. – let’s set up a separate account for this type of transaction. A large number of this type of operations visible on the account, often ends in a negative decision. The above phenomenon, even if it is only a form of entertainment, is very negatively perceived.
Another example are transfers made for the benefit of our family members or friends. It often happens that we will be asked to make a transfer on someone’s behalf, e.g. for rent, kindergarten fees, repayment of loan installments, etc. Please believe that convincing the analyst that they are not our burden is neither easy nor quick. Therefore, it is worth having at least two separate bank accounts. One basic, for obtaining remuneration, shopping, etc., and the other – emergency, for carrying out all transactions that in the future could be an obstacle to obtaining a loan.
The credit report, on which we will prepare many separate entries – is an important document that we will have to present when our salary affects a foreign account. There are countries where we can easily buy it via the Internet and receive an e-mail, but there are also countries where we can only get it in a traditional form – in the paper version sent by letter. The exception is the aforementioned situation in which we do not have to present such a credit report – the impact of remuneration on the Polish account.
To make it easier for our readers to apply for a loan in Poland, we will soon prepare guides on how to download a report step by step in a given country. Our observations show that this is where the most problems occur.