As a citizen of the European Union, we can travel without a passport and work abroad. Foreign banks are also open to us, where we can take out a loan. A loan is also available in Poland in foreign currency, but it’s not easy to receive today.
Why does credit in a foreign currency seem more attractive to us? The answer is simple – such a loan can simply be cheaper, and this is usually the most serious argument when making any liability to the bank. When the banking supervision tightened the criteria for granting loans in foreign currency by Polish banks, not everyone has the opportunity to take advantage of such an offer.
The most common reason is insufficient creditworthiness
For a loan denominated in a foreign currency, the creditworthiness is calculated on the basis of an amount of 20% higher than the actual amount of the loan. You can blame it on Recommendation S, forcing banks to propose primarily USD loans. Unfortunately, the loan in USD is usually more expensive and the monthly installments are higher.
One of the European directives is that all members of the European Union can take loans at any bank throughout the community. But this applies primarily to consumer loans in the amount of USD 200-75,000.
The purpose of the new regulations is access to a wide range of services. Banks are forced to provide accurate information on the conditions of granting loans – so the offer cannot lack information on the amount of the monthly installment, the amount of the commission and the annual interest rate.
All these parameters must be calculated according to harmonized rules
With access to such detailed messages, the customer can check which offer is the best. If domestic banks are unable to offer attractive terms, then you can easily look at the offers of foreign banks.
Another important provision of the directive is the consumer’s right to opt-out of the bank’s services. Even if we sign the contract, but within two weeks we come to the conclusion that its terms do not quite suit us, we can cancel it.
Such an operation will not impose any additional costs on us. Possible early repayment will also be made. In this case, however, if the bank decides that too early a return of the debt will cause him great losses, he will have the right to expect financial compensation from the client.