Financial consulting
If you intend to take a loan for a car, a house purchase or for company development, it is worth comparing offers of various institutions. However, it is a time consuming process. In such case, you can use services of a financial consulting companies. Such companies can help us in finding the best ways of investing. A financial consultant can help us to choose an investment, an investment fund or will inform us about any other ways of investing. Many companies offer services that are free of charge and they only charge a commission from a grantor at the contract.
The most popular financial consultants:
www.expander.pl
goldenegg.pl
www.xelion.pl
www.open.pl
www.domkredytowy.pl
www.finamo.pl
www.moneyexpert.pl
Credits
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NOTE! You should also be aware of the latest service: a loan through an SMS - SMS365. It might look as a very attractive offer. After becoming familiar with all conditions, it is visible that interest rate can amount to even few thousand percent a year! |
There are two types of credits: a consumer credit and a mortgage credit. The first can be spent on various aims like a car purchase, holiday or furniture purchase. A bank granting such credit will require information about registration address (also residence permit in case of a foreigner), employment status and past employments in Poland, employment confirmation and often also an endorser (a person who confirms that the borrower is capable of repaying a credit and who repays the credit when a borrower has problems in repayment). Usually, a foreigner must have a document confirming a right to the residence in Poland that exceeds a period of a credit repayment time.
Consumer credits are quite expensive and their real interest can exceed 20 percent a year. Banks will also require having a NIP number (Taxpayer Identification Number,; it is given by the Tax Office and is used for all actions related with taxes). Sometimes, especially in cases of large amounts, a bank can require an officially confirmed copy of the PIT declaration.
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Please be aware of credit offers stating such low interest as 7%. It is a nominal interest and does not include additional costs. Always check an actual interest. |
A mortgage credit (e.g. for a flat purchase) requires registration address, now frequently own contribution, history of employment in Poland, sufficiently high income certified by the employer, a statement of the account, a preliminary contract and a statement regarding legal status (like clear status of a mortgage) of the purchased real property. Apart from the interest, there are also additional costs of such credit.
In Poland, mortgage credits can be granted in other currencies than PLN. Many people take credits in Euro or Swiss Franks. Though, credits in foreign currencies are related with higher risk. Moreover, banks apply more rigorous criteria of determining credit capacity for people who intend to take a credit in a foreign currency. For his reason, conservative experts advise taking a credit in a currency of our salary.
Every credit application is individually examined. A foreigner can be treated by a bank as a person of a higher credit risk and it can result in a higher credit installment. A process of granting a mortgage credit can last even more than three months, depending on a bank.
The average interests:
| Credit type |
Average interest |
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Consumer |
22,8% |
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Mortgage in PLN |
8,1% |
|
Mortgage in EUR |
5,6% |
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Mortgage in USD |
4,9% |
|
Mortgage in CHF |
4,3% |
Source: Polish National Bank, own work.
A credit is an obligation for many years. The decision about a credit should not be made in a rash. It is worth to check offers of various banks. Financial advisors can help you in this process, however advices of some of them should be sceptically treated. If you do not have a proper experience in this matter, it is worth to use some assistance of more experienced friend or acquaintance.
There is also a national program "An own home for a family" which can decrease credit costs. It can be used by married couples or single persons who bring their children up on their own and do not own any other real property. Married couples of which one person is a foreigner also can participate in this program.
More information: http://www.rodzinanaswoim.pl/
