Currently, many Poles work abroad – in Germany, in England, in Ireland, in the Netherlands or in Norway. When you also work abroad and want to get a loan in Poland, you may have problems, but there are also ways to get around.
Most Poles working in other European countries earn much better than in their homeland. Sometimes these earnings are several times higher, which also gives new opportunities. Buying a car, building a house, going on an exotic trip – all this is available at your fingertips.
It would seem that greater creditworthiness, i.e. higher earnings, will translate into the possibility of taking a large loan. For a long time, banks and non-bank institutions in Poland accepted such clients with open hands, even if they lived in a different country on a daily basis. Now, however, the matter has become complicated.
Credit only in the currency in which we earn
With the introduction of the so-called recommendation S by the Polish Financial Supervision Authority, the provisions on granting loans have also changed. The main purpose of the recommendation was to prevent Poles from concluding contracts for currency loans in line with the principle that we should take a loan in the currency in which we earn.
At the same time, however, it caused problems for those people who earn in another country every day, but also continue to return to Poland. For example, when we would like to take out a mortgage to buy a flat or build a house, we can have some difficulties. This is due to the fact that banks currently do not offer so many foreign currency loans. These are mainly loans in euros, sometimes in US dollars or Swiss francs.
What about cash loans at the bank and loan companies?
Recommendation S applies to loans, ie products offered by banks. However, what is the situation on the loans market, which are offered both by banks and loan companies?
In general, the case is not too simple. Most loan companies and banks simply require the client to have a permanent registered address in Poland. Of course, when we are still registered in the country, then there is no problem, but we must also remember that sometimes it is not enough when we are seldom at home. It may happen that a loan company or a bank will require signing of documents brought by courier, and then it will not be possible to collect them.
Payment of installments in zlotys
Of course, we must also remember that if we do not apply for a currency loan, we will have to repay the installments in zlotys. Then definitely the best solution is to use the help of online money changers, which allow us to quickly exchange the currency without having to leave the house. We need two bank accounts – one foreign exchange and another one in gold – to transfer money to them and then repay installments.
To sum up, taking a loan when we live abroad will not be that easy unless it’s currency loans. On the other hand, loans are more easily available, but we will also be familiar with the conditions before submitting the application.