Cash loan for a foreigner

What does a cash loan for a foreigner look like and the procedure for applying for it? How is it different from applying for other banking products? What do you need to know about him and what documents to prepare before submitting the application? We invite you to read our mini-guide.

Cash loan for a foreigner – what are the conditions?

Cash loan for a foreigner - what are the conditions?

In most cases, foreigners will receive the same credit conditions in the country as nationals if, of course, they are employed in compliance with all regulations governing this situation. Further, the whole thing looks basically the same: in each individual case, of course, it will depend on your creditworthiness, income and history. However, can a loan for a foreigner be more expensive than the one offered to a our language citizen? Absolutely not! Here we have clarity and equality: the maximum interest rate on credit products in the country is determined by law.

It is not possible for banks to offer foreigners a more expensive loan than the regulations require, simply because they have less confidence in the client. It is a bit different in the case of loan companies, which have different regulations. Here, a cash loan for a foreigner may be more expensive, but it will be much easier to get it.
What’s next? Foreigners must also undergo the same creditworthiness analysis procedure as citizen. The biggest chance for a cash loan for a foreigner is for those employed permanently for several months. However, banks are increasingly also granting loans to foreigners who have a mandate contract or a specific task contract.

Cash loan for foreigners – what documents are needed?

Cash loan for foreigners - what documents are needed?

Financial institutions differ in the procedures under which they grant loans. This means that one bank may require completely different documents than the other. It may also turn out that in one bank a foreigner will receive a loan without any problem, and in the other he will only get a negative decision after analysis. In the search for a loan, the help of someone who is experienced, e.g. a loan broker, will be useful, and above all someone who is fluent in our language and is able to translate, because it is in our language (in some banks also in English) there are all documents.

However, there are several documents that most credit institutions will require:

  • permanent or temporary residence card – most banks will require a stay in the country for a minimum of 12 months;
  • employment permit in the country, issued by a voivode – it is applied for by the employer who wants to employ a foreigner;
  • report in the country – its settlement is not problematic. There is also no need to own an apartment, just a lease.
  • number – we apply for it at the commune office. Only some banks will require it, because sometimes it is enough for an employee to indicate that the client is a “non-resident” and the system will no longer require a number at any stage;
  • passport, which must be valid.

Credit application – documents

Credit application - documents

In addition to these documents that will confirm the identity of a foreigner and live in the country, the bank will also require those that document his income. To this end, a contract will be necessary – for work, commission or work. Banks most often grant loans to foreigners who work under an employment contract of indefinite duration, but are also increasingly accepting other forms.

You will need to have an account in a bank that operates in the country and – very advisable – building a positive history of cooperation with this bank. Transferring remuneration to a bank account, making payments from the account or card payments is of great importance. Thanks to this, the foreigner will be able to present documents that confirm that he works in the country, earns income and also spends his money here. If these conditions are met, it should be quick and easy to obtain cash loans for foreigners .

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