Not every bank in the country will grant a loan to a person who is not a citizen. Currently, however, most banks have this offer. Very often it is not a specially dedicated financial product, but simply the same loan as a citizen. Of course, there are banks that specifically emphasize that they have a cash loan for foreigners and determine its specifics. It is also worth emphasizing that banks in the country grant mortgage loans to foreigners.
What conditions must a foreigner meet to receive a cash loan?
According to the latest estimates, the number of foreigners who have a long-term residence permit in the country has increased to 400,000. Most foreigners come to the country looking for work. Having a stable, legal source of income, just like citizens, they can apply for cash loans in the country. However, they must meet a number of requirements. Among them are:
- Possession of permanent residence card and / or visa (depending on the country of origin).
- Legal documenting, stable income.
- Confirmation of registration in the country.
- Valid passport.
- An active bank account at a bank.
- PESEL number.
- Having adequate creditworthiness.
A positive credit history and proven income is a requirement that absolutely every cash loan applicant must meet, regardless of nationality. However, while citizens only need to have an ID card, foreigners usually need a valid passport. If a foreigner does not have a PESEL number, it must be issued by the town or commune office competent according to the foreigner’s place of residence.
PESEL is issued during a foreigner’s registration in the country. Therefore, it is enough to register for permanent or temporary residence to obtain one of the necessary conditions for taking a cash loan. Permission to stay in the country (permanent and temporary) is obtained at the Office for Foreigners. The applicant must personally, not later than on the last day of legal stay on territory, go with the completed application for a residence permit to the competent voivode for the place of stay.
In turn, an active basic bank account can be opened at any bank.
What documents are needed for a cash loan for a foreigner?
The list of documents for a cash loan for a foreigner is longer than the list of documents that a citizen would have to provide. This is due to the fact that institutions must thoroughly verify a client from abroad to be sure that they do not take high risk.
So what will a foreigner need to get a loan in the country?
- Identity card and / or passport *.
- Employment contract or employer’s certificate confirming employment in the country.
- Permanent or temporary residence card (temporary if the foreigner does not yet have a permanent residence card).
- Certificate of registration in the country.
- Credit report from country of origin.
- A correctly completed loan application.
* the selected bank decides
It is worth remembering that if we apply for a cash loan that is to be used to buy an apartment or house, we will have to prepare for a much larger amount of formalities. The cash loan can be used for any purpose, but the bank representative will certainly ask a person from another country for what purpose he / she wants to allocate the obtained funds. If the purpose of the loan is real estate, we will also require permission from the Ministry of the Interior to purchase the property. So we have to get them and attach them to other documents attached to the loan application.
The credit report from the country of origin is usually downloaded by banks. Foreigners wanting to take out a cash loan in the country, together with an application for a bank loan, submit an authorization to obtain through credit information available in their national office. Such authorization is included in the consents entered in the application.
Is getting a loan difficult for a foreigner in the country?
Only a few years ago it was very difficult. Currently, banks have greatly simplified the lending procedure. If a foreigner earns in currency, lives in the country and has a bank account, there is really nothing to prevent him from receiving an additional injection of cash.
Since a cash loan can be used to finance real estate, the only difficulty may be when a foreigner wants to take out a loan for an apartment or house in the country. Then he will have formalities connected with obtaining the permit of the Ministry of the Interior for the purchase of real estate.
If a foreigner wants to buy a property located in the border area or arable land with an area exceeding 1 ha, he may face the situation in which he will be thoroughly checked by the competent authorities. However, overall, banks are willing to grant cash loans to foreigners living in the country.
How to increase the chance of getting a cash loan by a foreigner?
There are several ways to effectively increase the chance of getting a loan in the country:
- Marriage with a citizen – it is really a solid reason to settle in the country (it does not arouse suspicion) and gives an additional person co-responsible for the commitment. Condition: there must be no separation of property between the spouses.
- Good credit history built in the country. Taking small loans and their timely repayment or even overpayment is a quick way to build such a story.
- Work in the country under an employment contract. Contract mandate or a specific task contract are a less reliable (according to the bank) source of income.
You may also consider ordering a credit card. Regular use of it just to pay off debts immediately will quickly build us a credit history in credibility in the country on the Vistula. If we apply for the first loan without credit history, we may be unreliable to the bank, which will result in rejection of the application.