When it comes to financing, the creditworthiness of the borrower plays a crucial role. This is not always enough to find a suitable loan offer within Germany. The view then goes towards neighboring countries, where financing is offered, which can also work with a slightly weaker credit rating. The loan from Poland is a product that has recently been on the market.
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Poland – a country for cheap credit?
Anyone who financially has a bottleneck has to rely on a fast and professional help. No matter if there is a necessary purchase in the room or an opportunity that you do not want to miss. Or perhaps the account should be balanced and urgent bills paid. Normally, as a borrower, you then either turn to the house bank or another bank that is active in Germany and holds loans in a wide range of variants.
The possibility is then to increase the collection or to apply for a classic consumer credit. Since there are now many online loan offers, this is relatively easy and cheap loan terms are waiting for most consumers.
But what to do if these cheap offers can not be used because the credit rating and thus the creditworthiness is not given? Then a loan from Poland could be the solution to all problems. Whatever the motivation, looking over the country’s borders can make sense, but at the same time should not be associated with too great expectations. Because who is interested in a loan from Poland, must pay a lot.
The credit from Poland – without credit information is not
If a loan is to be applied for in Poland , it must always be possible to prove first that the borrower can afford the loan as well. It is important to have a comprehensive credit check so that the potential lender can risk-classifying the borrower.
The lower the lending risk, the better the loan offerings and the better the conditions that can be found around the offer. If there is a high risk of lending, so that a payment default must be expected, the conditions for the loan deteriorate and it may happen that no loan offer is made at all. Therefore, potential investors always check in advance how high the risk of default is and whether a loan can be granted with a clear conscience.
Economic data are examined, inter alia, by the inquiry of credit bureau. The loan prospective not only has to submit proof of income and bank statements, but here in Germany also allow a query of credit bureau. However, anyone who has serious negative characteristics in credit bureau will generally not receive credit in Germany. The same often applies to people who already have financing or who have a slightly lower income and can therefore become a problem.
Also with a credit from Poland the creditworthiness of the credit prospective customer is examined. The lender simply refrains from interrogating the credit bureau. The borrower must therefore be able to score with his proof of income and bank statements as well as additional collateral. He must be able to prove on the basis of his personal and economic situation that he is a good borrower. Then a loan from Poland can be a good option to bridge a financial bottleneck and get solid funding.
It is important that the prospect is willing to overcome the hurdles for a foreign loan, in this case a loan from Poland.
Only small loan amounts are possible with a loan from Poland without credit bureau
Micro loans, mini loans from Poland have been offered for several years now. They have a maximum volume of 1500 €. For these loans, the credit bureau is not queried. A credit check can also be made, for example, at Creditreform. It stores negative features that indicate, for example, enforcement titles or personal bankruptcies, as well as affidavits and arrest warrants. In such cases, it is generally not possible to receive a mini loan without credit bureau. No matter who was selected as the contact for the loan in advance.
For a small loan from Poland, it may not be possible to ask the credit bureau. Nevertheless, the Polish banks are obliged to conduct comprehensive credit checks before granting a loan. Even if it is a foreign loan. In addition, Polish banks usually have access to information files, such as Creditreform. Because these information files now also offer their services internationally.
Is there an affidavit, is there an enforcement order or an arrest warrant or is the creditor in the middle of a bankruptcy, even in Poland a loan is unfortunately not possible. In most cases, a very small loan amount can be raised by adding a guarantor in Poland under such conditions. Because with these small loan amounts are not so strict rules when it comes to the examination of creditworthiness.
In addition, there are numerous private donors in Poland, which may also refrain from querying the entries in an information file. The problem is, however, that such loans are usually paid not in USD, but in Polish zloty. In addition, they must also be paid back in Polish zloty.
When converting money from zloty into USD and back, additional fees will be charged. In addition, these private investors also demand higher interest rates than is the case with banks and savings banks.
Credit from Poland without credit check?
If a sufficient credit check is not made, the interest rates are likely to be very high. In addition, a corresponding installment payment may be required for the payment. There is also the currency risk. The zloty is not one of the major currencies, but one of the currencies, which sometimes have larger fluctuations.
So it may be that the supposed advantage of taking out a loan in Poland quickly turns into the opposite. High interest rates, unfavorable exchange rates and always the risk that the loan may be over-indebted must be budgeted for.
The advantage of a loan from Poland
However, a loan from Poland also has advantages. On the one hand, he provides funding if it is not awarded in Germany due to a weak creditworthiness. On the other hand, such a loan can be conveniently requested online. So there is no need to travel to Poland, but the application via the Internet is readily possible.
If you apply for a loan from a major player in Poland, the contract documents will be translated into German. There are also a number of German providers who work with Polish banks and intermediaries to help them apply for the loan. Here it is important to look at the German providers exactly who hides behind the offers and how these offers are classified.
Despite everything, a loan from Poland must be considered carefully. On the one hand, only small amounts of credit are possible, on the other hand, the foreign currency, the possible high interest rates and the fact that a loan can only be taken if it can be repaid, must not be hidden.
Loans from Poland are an alternative if credit can not be taken up by a weak creditworthiness within Germany. But they should not be the first choice, as they often have higher interest rates and unfavorable other conditions. For larger loan amounts, borrowers will also have to go through a credit check on a loan from Poland.
For smaller loan amounts, which come from private investors, is sometimes waived an extensive credit check. There are higher fees there.