Creditworthiness (solvency) – the ability to repay the loan taken together with interest on dates specified in the contract. The borrower’s creditworthiness affects the creditworthiness of the borrower, its amount and the repayment period. According to the Polish banking law, having creditworthiness in this sense is a prerequisite for obtaining a loan. However, in some cases, a credit institution may give credit to a natural, legal person or organizational unit without legal personality without creditworthiness, if it agrees to establish a special loan security or provides a realistic plan to improve its financial situation. Credit institutions independently and on the…

Debt restructuring – debt cancellation or debt consolidation, which consists in extending the repayment period, suspension of repayment of installments for a specified period of time, or the granting of a completely new loan that will allow to repay the existing debt. The purpose of debt restructuring is the final return of the debt. Lack of repayment of the debt incurred in time leads to entering the borrower on the list of unreliable and unreliable contractors, which results in the creation of a negative credit history. As a result, it leads to problems with obtaining a loan or loan in…

Has your mother never taught you to tear off a patch quickly?? Then it only hurts a moment instead of pulling the pain out. She could have taught you the same about installment and consumer loans. It has become more and more common to borrow money, and where loans used to belong to home and car purchases, it is now used for everything! Mobile phones, computers, clothing, shoes, vacations, training equipment; everything! It is seen as a service that you can split the payment over 12, 24, 36 months. Few people notice the 500-2.000kr. as the “service” costs. The longer…

Simple loan agreement  A simple loan agreement is a general form of legal document that establishes formal parameters for a loan arrangement between a lender and a borrower. In general, the simple loan agreement can apply to many different types of informal or straightforward lending as opposed to the elaborate, complex documents often prepared by large corporate lenders. Simple loan agreements can reduce legal and administrative costs, make borrowers more aware of what they have signed, and help avoid some specific issues and conflicts over the term of the loan. Some of what defines a simple loan agreement is related…

Consolidated loans – what they characterize Many people borrow money, but often without any receipts, let alone contracts – which is a big mistake. Of course, there are also situations that when you need cash you do not have to be in a family or among friends, people who have much money. There may also be many other reasons why it is not easy to take out a private loan. The answer to such problems and needs can become just consolidated loans. They allow you to finance small expenses, but you can borrow several tens of thousands of zlotys (in the case…

Getting credit at lower interest rates is one of the big challenges here in the world’s highest interest land . Although the credit card’s interest rate exceeds 400% per annum (!) It is still possible to take advantage of some tips to get a cheaper credit. Without further ado, let’s go to them! 1- Payroll Credit One of the most common forms of secured credit, payday loan is a great way to get lower interest rates. This happens because, here, installment payments are deducted automatically from your payroll. This ensures that you will pay your institution before you can even…