How do you pay back payday loans and loans?

Currently, most of us use loans. This is not surprising – banks and loan companies are tempting with offers at every turn. And such offers trigger in the consumer the current need for purchase, which can just be realized thanks to the loan.

Most Poles live on credit today. This trend came to us from the west, mainly from American society, which we have always looked at so much. Everything was always there “on credit”. We also have unfortunately now, because we are buying houses or apartments and arranging them, then after many years we have to renovate our four corners, in the meantime a new car appears somewhere, we go on a nice vacation, we send a child to study, we buy a new TV, a washing machine, a dishwasher, a games console for the child, new furniture and all this either on installments or on credit. Overall very cool. We ‘re developing. But what if our income no longer allows us to repay all our financial obligations ? And there are fees, food, rent for the flat, car and fuel. Unfortunately, in this situation people often reach for … another financial commitment to cover the current and leave a few pennies for current expenses. People leaning to the wall often do not think soberly and just make another commitment. After all, it will be somehow, it will pay off somehow. How if it is not enough for all this?

 

How do you get out of payday loans and loans?

payday loans and loans?

The best solution in this situation is to consolidate loans into one lower installment. This situation will definitely be a relief for the consumer. Yes, his total commitment will increase, but the installments will be adjusted so that they can be repaid without any problems. Until the status of a “clean” customer allows us (this is not a consolidation without checking the bases ), we can use this solution.

Unfortunately, not everyone does just that way. Hi, I’m still trying to “save situations” with non-bank products. Their availability is enormous and, as a rule, does not require checking credit bases, and if so mainly for indicative purposes.

One form of non-bank loan is the so-called payday loan. Instantaneous pay is a short-term commitment, usually up to 30 days, after which we must repay the entire amount plus additional fees associated with its borrowing. Some payday loans use a method, colloquially known as the drug dealer method. They offer the first loan for free – this means that the borrower gives back to the creditor only what he borrowed. He is not thinking even more about paying off payday loans , but he is glad that he took the opportunity. This is of course wrong thinking because the company deliberately manipulates the customer hoping that even if it does not extend the payday payback and will give it back free of charge, it will borrow again soon, but of course with considerable fees.

Unfortunately, one payday loan likes to go hand in hand with another, of course, to pay off the first, then the next for current needs and another for something extra to improve mood. The instantaneous loop is even worse than with normal term installments. Here, we must immediately repay the whole or extend the liability for further days, which does not reduce the liability. Getting out of payday loans is really very difficult. Here, if we don’t get any extra cash, we won’t be able to deal with several such loans at once. A salvage can again be a bank loan to pay payday loans . If we can and manage to consolidate everything and attach new commitments to it, then we can say that we succeeded. What if not already? The bank refused another loan? Bad entries in BIK do not allow this?

 

Where to consolidate payday loans?

Where to consolidate payday loans?

Consolidation of payday loans for indebted consumers is no longer as simple as for those who have a clear history in economic information databases. Here you will need to find the right institution that helps people in this situation, because of course consolidation for those in debt is also possible. However, we must remember that the loan for the payment of payday loans will reach us monthly payments in the form of installments. The amount of the fee will depend on the amount the creditor must pay us and the costs he adds for this service. Consolidation of payday loans without checking BIK will certainly not be a cheap thing anymore – if we report to such a company, we are probably a high-risk customer. However, we should remember that consolidation of payday loans without creditworthiness is possible and it is worth thinking about it.

 

Debt Loop

Debt Loop

If we do not currently have a contract of employment, but we have a stable source of income enabling us to pay back in installments, we can also try to combine our payday loans into one unit. Consolidation for the unemployed is offered by several companies available on the market. These institutions know that nowadays you can be unemployed only “on paper”, and actually go to work and receive regular payroll benefits. And even if the potential customer does not have a fixed income, he can receive high social benefits that are completely enough for him to support himself, additionally paying off the consolidation of non-bank products in one monthly installment.

You can always get out of debt. It is never worth breaking down. Unfortunately, the situations described above are quite common today and many people who seem to be doing well, may have slipped their legs many times. It is not worth judging anyone, because we never know what the script is for us. It is worth borrowing wisely . Borrow in such a way that you can pay your debt without having to worry about where to get the money for it. If this happens, however, consolidation is a good lifebuoy and should be used as soon as possible. Finding an offer, both for people with bad BIK and for those who can freely use the bank’s services will not be difficult. You need to search the internet and certainly everyone will be able to find an offer tailored to their situation and their needs . Finally, I just wanted to add that I wish each of us not to have to look for her …

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Holiday loan – how to choose the best offer?

Putting out the entire amount needed for a holiday trip at once is often too much burden for the home budget. So what can you do to not strain your finances too much, but be able to take advantage of your dream vacation? A holiday loan is a good solution! In the summer, both in banks and in private loan companies, there are a lot of promotional offers for holiday loans. Is payday loan or bank loan better? Which lender should you choose? Check how to find the best holiday loan offer.

 

Bank credit

Bank credit

If you want to borrow money with a repayment period of several to several thousand , the best solution will be a traditional bank loan. Holiday loan promotions can be found on websites presenting loan rankings and loan comparison websites such as Summoney or Moneyswing . The advantages of a bank loan are that the interest rate is relatively low, and if you choose a larger number of installments, you will not burden your home budget with high monthly repayment amounts. In addition, by using special holiday offers, you can count on such bonuses as, for example, zero commission for granting a loan.
Also, a credit card is a solution worth considering, because it gives us more flexibility than regular credit. Here, we can also pay back our debt for several months, but we decide what amount to pay and when. So we can pay back once more, once less. Of course, the most advantageous for us will be to pay as soon as possible all the sum used from the allocated limit. If we do it in the so-called interest-free period , which lasts 52-54 days, then we will not incur any loan costs . We will give back exactly what we borrowed, without any interest.

Unfortunately, not everyone has the opportunity to apply for a loan at the bank, because in order to successfully pass the credit verification process, you need to show employment under a contract of employment, income statement, good credit history at BIK and KRD . If we do not meet any of these conditions, the only option available to us is fast online loan.

 

Online payday loan

Online payday loan

It is much more accessible because private loan companies do not apply such restrictive rules for granting loans as banks. We will not need a statement of earnings, only a statement. Various sources of income are also recognized – including mandate contracts or other types of contracts.
It is true that most parabanks check their clients in BIK and KRD , but if we do not currently have any overdue debt, we have a chance to get payday pay even if our credit history is not the best.
The benefits of payday loans are:

  • easy availability,
  • the possibility of applying for a loan at any time 7 days a week,
  • minimum formalities,
  • money on your account after only 15 minutes.

 

How to choose a good payday loan?

How to choose a good payday loan?

It’s best to review the listings of offers such as the payday rankings. There you will find all the most important information about loans , interest rate, commission, administrative costs, total loan costs. It is worth checking more carefully which companies offer their clients special holiday pay on preferential terms.
Let’s choose the offer that best suits our expectations. Do you use payday pay for the first time in your life? Then you can count on a loan for free. Yes – payday pay for free is not a myth at all! Fast zero percent loans for new customers are available in many parabanks. You borrow money for a maximum of about 60 days in the amount of up to 2-3 thousand (depending on the company), and then give back exactly the same as what you borrowed. Of course, the promotional conditions apply only if you receive the repayment deadline.
Holidays on credit do not have to be associated with high interest and debt repayment difficulties, provided that we approach the whole matter responsibly and choose a good offer, and then we will conscientiously pay back the loan. Let’s also try to find the best options for holiday travel such as last minute offers, or cheaper accommodation in hostels or campsites. We will have fun on such holidays and we will pay them back much faster.

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Mortgage ranking 2019 | Loans, Banks and Finance Experts

Mortgage loan ranking 2019, which is how to choose a bank for a mortgage, which we will allocate for the purchase of an apartment or house. We have two options: we can use the internet mortgage finder or make an appointment with a financial intermediary.

What is the best mortgage and in which bank to apply for a loan for the purchase of an apartment, house or other property? Maybe a mortgage ranking is the best solution? There is no credit ranking that objectively presents the best mortgages for everyone. There is simply no such ranking.

Credit rankings are most often created for specific orders .

mortgage

The ranking of loans can be determined in such a way that a particular bank will be in the first place. It is enough to take into account the appropriate parameters for comparing loans, so that the particular bank will take first place in the ranking.

It should be noted that every mortgage proposal is just … a loan offer for everyone. Only after examining the customer’s creditworthiness and creditworthiness can the bank submit a loan offer. The better we get the assessment made by the bank, the better credit terms we can count on.

The mortgage cost is affected by many factors, including: interest on the loan, the amount of the credit margin, the installment system (equal or decreasing), the amount of own contribution, the loan period, the date of loan payment, the amount of costs not directly related to the loan.

The best way to create a mortgage ranking with regard to our financial situation is to make an appointment with a financial intermediary.

Comparison of mortgage offers

mortgage

The question: what is the best and cheapest mortgage FOR US , can only be answered INDIVIDUAL comparison of mortgage loans.

This is very important because only comparison of bank offers gives you the opportunity to search for a favorable mortgage. Mortgage offers on the market are very much, which can cause some difficulties when making the right choice. To simplify this, you can use several helpful tools: a mortgage comparison engine, a bank offer search engine and a mortgage calculator.

On the portal you will find one tool that combines all of these applications.

Credit search engine is also a bank offer comparison engine. All you need to do is enter the value of the mortgage and you get an estimate of the loan installments, but this is not a credit ranking, of course. It is only a simulator of loan installments, from which you will learn how much the estimated amount of installment will be.

Apart from the calculator itself and the verification of loan offers, it is also worth arranging with a financial intermediary – there is a list of entities above. At the meeting, the financial expert will compare mortgage loans, check if there are promotional offers, calculate the creditworthiness, help in the completion of documents and answer all your questions related to mortgage loans.

Such a meeting does not oblige us to take out a mortgage in a bank indicated by a bank adviser, but it is the best way to choose a favorable mortgage loan.

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Summer cleaning instead of borrowing – Loan

From time to time you need to clean out your home and find things you can do away with. There are often many things that just become unused and that will never be used, but which for some reason are still not done away with.

A proper spring cleaning can help to overcome this, but now it’s summer and if you haven’t cleaned yet, you can do a summer cleaning instead.

Exactly what one can have lying at home varies a lot from person to person

bank

Some have lots of clothes that are no longer used while others may have electronics, old cell phones and other such (especially those who constantly want the latest) and some may have outdoor gear, games or whatever.

The bottom line is that there are things that just remain lying and that will no longer be used. Some things you think you should use again, but if you are actually completely honest with yourself then you realize that it will not happen. Other things you already know for sure that you will not use but are a little too lazy to do something with.

There can even be some things if you actually use the occasional but still used infrequently for it to be worthwhile to leave the stuff and take up space in one’s home. In these cases, you can make a trade-off and get rid of some gadgets that you rarely use.

Large cleaning is good in many ways

bank

Cleaning and cleaning is something you may need to do just to get rid of old things and crap that are never used. To get rid of unnecessary gadgets and make room for things that you actually benefit from. You can get a lot more space in the garage, storage room or in the attic / basement in this way. Or inside the home for that matter, in wardrobes, cabinets and drawers.

Getting the chance to clear and get rid of things is good for that reason, but there are other benefits as well. When you clean things up you have a few different options – you can throw them away (if it is total junk), you can give them away (eg clothes or other utility items) for charitable purposes and you can sell them.

Of course, many things can be thrown in right away, but if you have clothes or other things, you can always choose to donate them. Give to a clothing collection and your old garments, which you never use, will come in handy for someone who has a need. However, there is actually a lot to sell as well, which is one of the points I try to make here.

Sell ​​your old gadgets and earn a living

Sell ​​your old gadgets and earn a living

What I really want to come to is that there are usually things at home that can be sold. Most have gadgets that are just unused, which have a perfectly good value if you try to sell them in the second hand market. It can be anything from cell phones and old video games to clothes, interior decorations, children’s gadgets or outdoor equipment. You can sell most of it nowadays.

Do you have any furniture that you have tired of or clothes that you will not use again? Try to sell them. It might not always be possible to get a lot of money for every thing, but if the alternatives available are to either just leave them in a dark corner and collect dust for eternity or just toss them straight off, then it sounds pretty good to get even a small coin.

In this way you can actually hit two flies in one fell swoop. You can clean and clean up your home, your holiday home, your garage or storage room etc and thus get more space, cleaner and finer. At the same time, you can make some money. This money can be seen as a pure bonus if you so wish.

There is a lot you can do if you have some extra money left over. Of course, it is nice to save the money, for example investing them in mutual funds or similar, or repay the mortgage. However, it may feel a little boring and it is of course ok to use the money to do something fun or buy something that you want. At least as long as you do not have a specific need to improve your finances, for example by paying off expensive loans.

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Private loans – Loans and cash loans

Each of us knows what private loans are and how they are granted. Many people get into debt and turn over with borrowed funds on a daily basis, buying specific goods or services for them. However, not everyone is aware of the actual difference between a loan and a loan and what are the types of private loans that are becoming more and more popular. What do we mean by the concept of a private loan, what specific form of financial support does it mean, and how can we reach for a private loan? ocnw.org has more notes

 

What are private loans?

money loan

Private loans are any form of making certain monetary amounts available to third parties by non-bank institutions or individuals who are their property and which the borrower can use for any purpose. In short, these are all loans that are not granted by banks. Private loans can have a different nature. These can be loans taken from friends, family, through social networking (so-called social loans) and quick loans offered by non-bank loan institutions. By far the most common form of private loans on the market today are quick loans commonly known as payday loans that are included in the offers of private loan companies.

 

The difference between a private loan and a loan

The difference between a private loan and a loan

Loans and credit are very closely related, but they are not synonymous (synonyms), there are several formal and legal differences between them. The main difference is that they are reserved for different institutions. A loan is the exclusive privilege of banking institutions, in that certain funds are made available to the borrower, but they are virtual money that the bank creates for the borrower’s needs under applicable banking law. We can buy specific goods for the money created in this way and given to us in the form of a loan. The market of loans granted by banks is strictly regulated as opposed to looser rules on which a loan can be granted or obtained.

The concept of a loan is a broader concept. It includes all forms of private loans , which are associated mainly with popular payday loans granted by non-bank institutions and social loans implemented through specialized internet platforms connecting borrowers and lenders, which are a relatively new phenomenon on our market. These entities conduct specialized business operations on general principles and are not covered by the financial supervision of the country to which the banks are subject.

 

Private loan is also understood as a direct form of making funds

Private loan is also understood as a direct form of making funds

It is available by a private investorwho is willing to grant another person a cash loan from their own savings. Unlike loans offered by non-bank companies, there are no limits on the amounts that limit the amount of loans granted. The terms and conditions for granting such loans are regulated on individually agreed terms between the creditor and the borrower in accordance with the provisions of the Civil Code. A private loan is also any form of financial support for our family members or friends.

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Loan for the construction or purchase of a dwelling house

Credit purpose and own contribution. The purpose of loans for building a house is not only to cover the costs of building a house, but also all related investments, including land purchase, garage construction, plot fencing, utility costs. Most banks require the borrower to ensure a significant own contribution in financing these investments, amounting to 10-30%. The amount of own contribution is as shown in chapter II.4. – significant impact on the interest rate on the loan. It is worth noting that the concept of own contribution can be understood differently, some banks include, for example, the value of land2.

 

Home loan

Home loan

The size of home loans varies greatly. A significant proportion of borrowers build a house with an economic system, with a large amount of own work, financing work from own and family savings, which is why we meet loans lower than $ 100,000dollars. At the same time, however, loans for the purchase or construction of a house of over $ 600,000 are not uncommon. USD, and there are also loans exceeding $ 1 million.

 

Documentation Required

credit loan

With loans for the construction of houses, banks place particularly difficult documentation requirements; the potential customer must submit numerous certificates, statements etc. In addition to the documents listed when buying an apartment, among others, provide a valid building permit and decision on building and land development conditions , an excerpt and an excerpt from the land register, a cost estimate drawn up by the applicant, an excerpt from the land and mortgage register. If we are building a house with an economic system, banks often demand the presentation of a technical plan of the building, a certificate of non-compliance with property taxes, fire insurance policy and other random events.

 

Payment method

Payment method

Loans for house construction are usually paid in tranches. Construction of a house can take years, and the bank – as mentioned – pays the majority of money (70-90%, and in some cases – even 100% of the loan) directly to suppliers of goods and services related to construction. The borrower in some banks receives a certain amount (e.g. 10% of the loan capital) in cash. Together with own resources, it can therefore:

• cover costs for which there are no bills (the common practice of working in the black industry in the construction industry means that most of the construction costs must be borne in cash by the borrower, especially at the final stage of construction),

• cover the costs of numerous, usually small purchases, for which you must pay immediately (the seller does not want to wait for payment by the bank for the invoice issued),

• create a reserve for additional costs – most often they are revealed during construction.

 

House for a loan

House for a loan

The basic mass of money from a loan is paid by the bank by transfer to suppliers of goods and services after receiving invoices confirmed by the borrower. Any construction can be conventionally divided into stages, called tranches. If the construction is carried out by a rented enterprise or construction team, usually after the completion of each tranche3 financial settlement takes place and the bank transfers (at the request of the borrower) the appropriate sums to suppliers . The bank is interested in making the client realistically determine the construction cost and approximate amount of individual tranches, which is why he is asked by the bank to fill in the table showing the forecast payment distribution.

Remember that credit installments will be calculated in relation to the amount of money paid out within each tranche , also the loan period is counted from the moment of launching these tranches. As a result, the amount of loan installments changes enormously in the initial loan period (bank computers can easily cope with the necessary calculations).

 

The cost of building a house

The cost of building a house

Bank costs , including interest rate and credit commission, are usually set for the loan for house construction on the same terms as for the loan for the purchase of an apartment, while there are significant differences in non-bank costs borne by the borrower. Most non-bank costs are small and burdensome just because we have to bear them when we start investing. So the most expensive is real estate appraisal. The customer must also bear the expenditure of for: tax on civil law transactions , notary tax, application for court entry and stamp duty. In practice, the same fees must be paid when purchasing land. Most fees depend on the value of the property.

An additional cost for a home loan is the expenses associated with compulsory insurance of that house until a mortgage is established on it, and then – insuring it at all times when the loan is repaid.

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Loan for the purchase of an apartment

General rules for granting loans for an apartment. Housing loans are granted for the purchase of an apartment on the primary or secondary market. We remind you that the purchase on the primary market is the purchase of a new apartment, and on the secondary market – the purchase of an apartment resold by its previous owner. Almost all housing loans are granted for long periods, usually for a period of 20 to 35 years1. When granting these loans, banks attach the greatest importance to meeting two conditions: demonstrating creditworthiness and having adequate collateral by the client. The basic collateral for such a loan is of course the flat. The problem is that the client of the apartment does not have it, he intends to buy it – in Chapter VI we show how this problem is solved.

 

Housing loan

Housing loan

Credit amount. Loans for the purchase of housing constitute the majority of mortgage loans granted by banks. They are currently being repaid by over one million people. The size of these loans varies greatly. Most customers are afraid of high interest charges and try to minimize the amount of credit as much as possible, reducing their requirements and using family support accordingly. Despite everything, the average value of mortgage loans in Poland is growing rapidly , in 2002 it amounted to 76 thousand USD, in 2005 – 110 thousand USD, and in 2009 – 203 thousand dollars .; the average loan amount was similar. In cities such as Warsaw, Krakow, Poznan, currently the largest number of borrowers take loans in the amount of about 300 thousand USD, however, there are also much smaller loans.

 

Credit Procedures

apartment loan

Formerly complicated, the credit procedures used by banks when granting loans for the purchase of an apartment have been significantly simplified, which does not mean that the conditions that a customer must meet are always easy to meet. Usually, the client must attach numerous documents to the loan application . If the client is employed full-time, he should provide the bank with a certificate from the workplace about employment under an indefinite employment contract and a statement of earnings (within the last 3 or 6 months). Persons working under a mandate contract or a specific task contract provide original contracts (mandate or specific task), a statement by the employer that they intend to maintain this type of employment relationship in the future and PITs from the last two years confirmed by the tax office. Banks grant housing loans to such persons only exceptionally.

 

Mortgage

Mortgage loan

Some potential borrowers run a business, often those who have just started such a business. In practice, the banks’ requirements for persons conducting business activity are much higher than for employees. Most often, they must provide the following documents: entry in the business register or entry in the national court register, REGON and NIP , certificate from the Social Insurance Institution (ZUS) on non-compliance with liabilities, revenue and expense ledger, PIT for the last month and last year, tax card and PIT for the last month and last year (either a tax card and PITs from recent years, and in the case of “flat-rate” payrolls – PIT-27 or PIT-28 from last year and a written statement of the amount of income for the last six months), a declaration of the spouse agreeing to taking a loan .

Banks also want to receive statements about whether the customer is a borrower or guarantor at another bank and whether he maintains accounts at other banks. Employees of the bank granting the loan encourage the transfer of the account to their bank, claiming that it will facilitate settlements related to the payment and repayment of the loan.

If we buy an apartment on the secondary market (from another user), it is required, among others preliminary agreement or certificate from the real estate brokerage firm and excerpt from the land and mortgage register . However, if the flat is being built by a cooperative or a developer, you will need: a contract for the purchase of an apartment, a certificate on the progress of the construction, its total costs and the amount of the client’s payments, and an excerpt from the land and mortgage register. Often, banks also want to receive other documents (e.g. a copy of an extract from the National Court Register of a developer or housing association). Collecting all this documentation can be difficult and time consuming . Several banks provide assistance to clients in collecting the necessary documentation without charging any fees.

 

Credit cost

Credit cost

The basic cost of a home loan is of course interest, the customer also pays a loan commission, and in some banks – additional fees (e.g. for submitting an application). If you repay the loan before the due date, you usually have to pay the appropriate commission , just like when you change the currency in which the loan is denominated. A client who takes out a loan for an apartment must also bear small non-bank costs. The fact that non-bank costs are small is a big plus for the borrower who, when buying a new apartment, must bear various, unpredictable expenses.

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Loan for renovation or extension of a house or flat

The specificity of loans for renovation and extension. One of the most common types of mortgage loans are loans to finance expenses related to the renovation and extension of an apartment or house. The basic conditions for obtaining a loan for renovation and extension are the same as for loans for the purchase of an apartment. These loans, however, differ significantly from the previously discussed loans for an apartment and a house for three reasons:

Renovation loan

Renovation loan

1) the loan amount is usually much smaller – most loans for an apartment and a house are between PLN 100,000 and 600,000, their average value currently exceeds PLN 200,000, while loans for renovation and extension are often granted for sums less than 50,000 PLN 4 (sometimes they amount to several thousand zlotys),

2) the maximum loan term is much shorter, it can be 5-10 years, although some banks agree to repayment even within 20 years,

3) banks usually offer only loans in PLN for these purposes.

If a loan for a natural person is granted for less than PLN 80,000, it is considered a consumer loan. The law stipulates that additional rules apply to consumer credit to protect borrowers’ interests, including:

• the client’s right to ‘change his mind’ within 10 days of signing the contract – during that time he may cancel the loan without incurring additional costs5,

• exemption of the customer from commission costs for loan repayment ahead of schedule.

Banks’ documentation requirements are easy to meet for loans for renovation and extension.

Banks

Most often, banks require the submission of the following documents : a notarial deed or other document confirming the acquisition of rights to real estate, a cost estimate (made by the borrower), a current excerpt from the land and mortgage register, a statement of earnings and a statement on the client’s financial obligations.

If the bank avoids excessive risk, the credit inspector will visit the apartment, including to determine the reality of the cost estimate. When the borrower intends to move the walls, build the terrace etc., the inspector may request the submission of an appropriate administrative permit. When building an attic, such permission is necessary, and the period of settling the formalities associated with obtaining it may be very long (in multi-apartment buildings one should also take into account the possibility of refusing to issue the permit).

Credit cost and financing of undocumented expenses.

Credit cost and financing of undocumented expenses.

The basic rules for calculating the cost of a loan for renovation or extension by a bank are the same as for a loan for the purchase of an apartment. Credit commission and other fees are also the same.

For renovation and extension works, troublesome matters include undocumented expenses – very often when renovating an apartment, the client outsources a large part of the work to people who will not issue any invoices. To attract customers, some banks agree to allocate a significant portion of the loan to the so-called any purpose – then the borrower can receive a large amount in cash, but this is usually too small in relation to the needs. In this situation, the borrower must be prepared for the fact that part of the expenses will have to be borne from his own money or from an additional high- interest cash loan 

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Mortgage and the borrower’s age – Home Loan

Taking a mortgage involves meeting a number of conditions. Some of them are obvious and relate to the amount of income, costs incurred, as well as the value of the property itself.

The own contribution, or rather its share in the whole mortgage loan is not without significance. However, this is still not all – there is one more important thing – the age of the borrower.

Mortgage – who can grant it?

bank

In March 2017, the Act on mortgage and supervision of mortgage brokers and its agents entered into force. It regulated issues related to which institutions may grant a mortgage. It lists:

  • domestic banks, i.e. those with headquarters in Poland,

  • branches of foreign banks that operate in Poland on the basis of permits,

  • credit institutions and their branches,

  • cooperative savings and credit unions – popular credit unions.

Lenders who grant loans in accordance with the aforementioned Act are included in the loan comparator , which can be found on our website.

What conditions must be met to get a mortgage?

bank

Before any of the above-mentioned institutions sign a mortgage contract with us, they must assess our creditworthiness. The latter results from the assessment of our options in relation to the repayment of the loan and accrued interest on dates specified in the contract.

This is where you consider what resources we have (regarding our own contribution as well as the subsequent repayment of subsequent installments), as well as the value of the house or flat. Creditworthiness assessment cannot be done without asking about our age .

Borrower’s age

bank

The borrower’s minimum age is associated with the acquisition of legal capacity. By default, it is obtained when you reach the age of majority and do not lose until death. There are, however, exceptions to the earlier marriage or loss of this ability in the event of total incapacitation. Therefore, we can assume that the minimum age at which you can take a mortgage is 18 years .

The borrower’s maximum age is not specified in the Act and its amount depends on the institution that grants the loan. The situation is different – there are institutions that do not specify the age limit at all as the time by which the loan should be repaid completely and then everything depends on the individual decision. However, in most cases, the last installment should be between 70 and 75 years old of the borrower. There are, of course, exceptions that allow repayment at the age of 80.

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How to cancel a credit that you no longer want?

Did you know that you can cancel your credit whenever you want? That is a right that you have as a user of financial services, but under what conditions can you do it? Next we will explain it to you.

In what cases can I cancel a credit that you no longer want or do not use anymore?

 

Cancel a credit if you do not have debts

Cancel a credit if you do not have debts

In this case, you must request cancellation from the bank and / or financial institution with which you processed the loan, comply with the format requested (usually includes submitting a written letter, among other documents) and wait a few days – skilled – for that the cancellation takes effect. Remember that some financial institutions can apply some fees for cancellation procedures, which are only legal if they were specified from the beginning of the adhesion contract.

 

Cancel a credit if you have debts

Cancel a credit if you have debts

One way to “cancel” a loan if you still have outstanding payments is to transfer the debt to another bank, meaning that another financial institution will “adopt” your old debt under other conditions, which ideally must be better. This is equivalent to asking for a cheaper “financing” to another entity or bank, and with that money to pay the first loan, in this way you will have pending payments, but less or with lower interest.

To this solution, it also calls credit portability . If you are interested in this alternative it is important that before choosing a bank to transfer your debt, compare the rates, terms and general conditions so that you select the one that suits you best.

 

 

And if I want to cancel my credit, how do I do it?

credit cancel

The first thing you should do is notify the bank of your decision, either by telephone, in writing or as determined in your adhesion contract.

 

What is the bank obliged to do in case of credit cancellation?

What is the bank obliged to do in case of credit cancellation?

The bank must provide you with a folio number that confirms that you have already informed them of your cancellation decision.

If you have a plastic card, they will ask for it so that you do not misuse it. In case you do not have it, you will have to write a letter in which you explain why you do not have it or that you have already destroyed it.

Whether you have transferred 100% of the debt to another institution, or you have no outstanding payments, the bank must give you a record that you have no debt with them for any future clarification.

Remember that if you do not cancel the credit properly, even if you had already settled the balance, the bank can still charge some commissions, for example the annuity or account management, check your cancellation document! and avoid setbacks in the future.

 

The obligations of the bank when you cancel a credit

  • The bank must inform other financial institutions that you no longer owe any amount, so that you can request another credit in another institution, if this is the case.
  • It also issues a notice to the Bureau and / or Credit Circle that you liquidated (or transferred) the debt. As they are different solutions, the rating is also different in each case.
  • The bank should not charge any commission for the cancellation of your credit card, if you had any associated with the canceled account.
  • Take into consideration that all the services related to the credit will also be canceled, for example the direct debit of payments, take your precautions.
  • If you opt for the portability of credit, the new bank will make the arrangements to cancel the credit with the bank with which you originally contracted, which will simplify the process of processing.

It is very likely that when you want to cancel any credit, the staff of the bank that attends you will try to persuade you not to do so and for that they offer you other benefits. Do not feel pressured, make a decision considering all the pros and cons.

 

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