Is it worth applying for a loan

You probably associate the green logo with the word Good Credit. I think you passed a sign with such an inscription on your way, and maybe you even wanted to use their services. I admit that I used it, although it was a few years ago. Customers sometimes joke that it’s a cash leap?

Seriously, Good Credit are financial institutions that are not banks, only cooperatives and have been operating in Poland for over 25 years.

The first Credit Unions in Poland was established in 1992. In the following years, credit unions increased like mushrooms after the rain. They found a niche, i.e. customers who were excluded from the banking sector.

Only cash register members can use the offered products

Only cash register members can use the offered products

Do you think you can enter the first branch of Good Credit and get a loan or open a deposit? Not so fast…. To be able to use the services of this institution, you must become a member and pay fees in this respect. The amount of fees depends on the particular Cooperative Fund.

Each member of the Cashier is obliged to:

  • pay the entry fee (from 1 to 60 USD)
  • buy at least one share (from 1 to 30 USD)
  • make a membership contribution (from 1 to 25 USD)

Offer for Members

Cash registers offer is poorer than banks, for example Good Credits do not keep currency accounts and do not deal with brokerage activities. However, the statistical Good Credit can invest savings or borrow money.


  • settlement and savings accounts with Internet access (so-called eGood Credit),
  • savings accounts,
  • credit cards,
  • Insurance,
  • loans (even for 10 years),
  • loan.

Good Credit -in numbers

Good Credit -in numbers

The number of Credit Unions in Poland is decreasing year by year. Smaller cash registers are absorbed by larger ones, while others fail and are taken over by banks.

Some Credit Unions disappeared from the market, while others developed and opened new branches again.



113 Credit Unions operated and the total number of branches was 928.


70 Credit Unions operated, the number of branches was 1 586

YEAR 2017

The number of credit unions was only 35 and the number of branches 1021.

The number of members is nearly 1.9 million.

Deposits USD 10.6 billion.

Loans granted USD 7.3 billion

As can be seen, the trend is downward.

Bankruptcy and bankruptcy

In the last few years, Cooperative Credit Unions have not had a good reputation in the media, but they have earned it themselves. From 2014 until the end of 2017 11 credit unions went bankrupt. One large tsunami swept away several Good Credits from the market. It turns out that they were poorly managed, in addition, the media reported many scams that took place there.

Bankruptcy of the Credit Union does not affect credits and loans taken by members of the Credit Union, and repayment of loans and credits takes place on the same basis.

Is our money safe

Is our money safe

If our savings do not exceed the equivalent of USD 100,000, they are safe.

We set up a deposit in Good Credit and pay our life savings there, because we want to earn extra on interest.

One morning, with morning coffee, we hear in the news that the Savings Bank collapsed. And what? We probably have heart palpitations, because we paid our savings there earlier.

But take it easy.

The funds accumulated in the Cooperative Savings and Credit Unions were covered by the statutory guarantee system by the Bank Guarantee Fund (BFG). The funds are covered by the guarantee at the cash register up to the equivalent of USD 100,000 – in full.

Easy payment of payday loans.

Payday loans are loans that can be obtained quickly and conveniently, without extensive formalities or checking creditworthiness. Ease and incurring them means that many people borrow money later having problems giving them away. If paying back payday loans is a problem for you, read our tips.

Payday payday repayment – how to deal with debt?

Payday payday repayment - how to deal with debt?

In a situation where, for various reasons, we can not give money on time, many people panic and do not answer the phone. This is the worst solution that can only aggravate our problem. We ourselves should contact the loan company or debt collectors, inform us about the expected difficulties and find out exactly what amounts are to be repaid. It is worth trying to set a new, more convenient repayment schedule – in many cases loan companies go hand in hand if they see that they care about paying their liabilities.

Analyze your home budget

Analyze your home budget

The next step should be a thorough analysis of your home budget. It is worth to write down all necessary expenses and those that can be canceled. In many cases, discipline and “tightening the belt” for a while mean that you can calmly organize your finances and get straight. Unfortunately, this is not always enough. Sometimes, despite the very economical life of money, repayment is simply lacking. In this case, it is worth looking for additional earning opportunities.

The exact terms of repayment of the liability are included in the loan agreement, check what to look for.

Payday loans – convenient consolidation of payday loans

It is worth being aware that there is another solution. Most often, financial problems arise when we have to pay not one, but several payday loans. In this situation, the best solution may be a loan or consolidation loan. These offers are especially for people already in debt: they allow you to combine several obligations (for example payday loans, credit and installments for household appliances) into one. Thanks to this, we pay only one lower installment per month. You can find more about consolidation of payday loans here.

Credit on the mandate contract

A commission contract is a so-called “junk contract”, which is often accompanied by low earnings. Often, but not always … Freelancers often work on such contracts, e.g. programmers, graphic designers or copywriters who don’t complain about earnings. After all, the mandate contract is said to hinder or even prevent you from getting a loan. Credit on the mandate contract seems impossible … Why? Each banking institution calculates the creditworthiness of the client. He assesses whether he will be able to pay his debt without any problems. Creditworthiness is affected mainly by financial history in BIK, age, marital status, number of dependents, occupation, earnings and precisely – the form of employment. It’s no secret that an employment contract that gives you the most stable employment is most desirable. But how do you calculate the creditworthiness for people on a mandate contract? Is a loan under a mandate contract even possible?

Contract and credit agreement

Contract and credit agreement

The mandate contract is a popular civil law contract that employs around 10% of Poles. Unfortunately, it is governed by other laws than an employment contract, which is why people employed on such a contract often have difficulty obtaining a loan or credit. The mandate contract is easy to break up, and this creates the risk that the customer may suddenly, day by day, be left without income. As a result, the bank is not sure that the customer will be able to pay its debt.

Credit on the mandate contract is difficult to obtain, but this does not mean that it is impossible … Can you take a loan on the mandate contract?

It turns out that yes! What’s more, we can receive support in both the bank and loan companies that offer payday loans and installment loans. Banks are increasingly providing financial assistance under a mandate contract, provided that you have sufficiently long work experience and adequate income. The form of employment and the type of contract are of great importance for creditworthiness, but fortunately, this is not the most important thing. If we have proven stable income, we can count on a loan based on a mandate contract and even a contract for a specific task! Moreover, such contracts are often considered as additional income and are included in the creditworthiness.

What form of employment do banks accept?

  • employment contract,
  • civil law contracts, i.e. a mandate contract and a contract for specific work,
  • business activity,
  • pension and retirement pension,
  • farm,
  • appointment
  • calling
  • management contract

The credit procedure is very simple. We can personally go to a selected bank branch and talk directly to a credit advisor, or fill out an online form and wait for his call. By submitting your application, in many cases you can support your bank statement confirming the regularity and amount of income. However, most banks will demand the presentation of the contract itself, usually from last year.

Contract and home loan

A housing loan on a commission contract seems a total abstraction … and yet! Contract and mortgage? This can also work! Of course, the condition is a period of employment. To be able to make such a commitment, you must document the length of service under the mandate contract, which must be at least 6 months. In some banks 12 months, but it depends on the requirements of a particular bank. The bank may also contact the workplace or the payer to confirm cooperation.

Is a loan possible under an order contract?

Is a loan possible under an order contract?

Banking institutions prefer clients with regular and regular income under an employment contract, but we can also apply for a loan under a mandate contract in non-bank companies. The more that such a loan goes quickly to your account! In addition, in the case of banks, a bad credit history usually prevents you from getting a loan, even when working on a contract of employment. Non-bank institutions often do not look at credit history. What counts is the fact that the client has a stable source of income, so it is fully reliable. Loan companies consider clients working under a mandate contract to be completely solvent. They pay attention to the regularity of orders, and when verifying the amount of income, they usually take into account the average of the whole year.

A loan under a commission contract is therefore possible! The loan company is only interested in timely repayment, that’s all. And where do we get the money for it, it already leaves us. The company may possibly reduce the amount of loan that we applied for.

More and more people specializing in well-paid jobs prefer to work as a freelancer. Most often they accept orders only on the basis of a mandate contract or a specific task contract. Financial institutions know this very well, which is why they are increasingly willing to offer support.

Cash loan and income from work abroad

It is estimated that over 2 million of our compatriots live outside the country and generate income there. Many of these people after some time have a need to take out a loan for the purchase of an apartment, or possibly a cash loan for any purpose.

The rule for mortgage loans is that they are paid in the currency in which you earn. If we generate revenues in dollars or dollars, there is no problem because we will receive financing in such currencies.

The problem begins when we are employed in countries such as:

  • Switzerland
  • Norway
  • Iceland
  • Denmark
  • Sweden
  • Czech Republic
  • Hungary

and we earn in currencies. In Poland, we will not get a loan for an apartment in such currencies.

This problem, however, will not be with a cash loan for any purpose. In all these cases, we can apply for a loan in USD. Additionally, people with income in dollars and pounds can use it.

Financing the purchase of an apartment with a cash loan

Financing the purchase of an apartment with a cash loan

If we are not able to obtain a mortgage for the purchase of an apartment, we can use an unsecured cash loan in some part.

Such a loan can be spread over a shorter period, i.e. within 8-10 years, although we have to take into account that it will be more expensive compared to a secured loan. In addition, the loan amount will be lower, as it will be around USD 150,000

The pros are that the mortgage will not be taken over by the bank and the property will be 100% our property.

Funds raised in this way can be used for any purpose, for example:

  • buying a car
  • renovation
  • holiday
  • consolidation of other loans

Institutions lending income obtained abroad

Institutions lending income obtained abroad

Income from: employment contracts, managerial / seafarer contracts, old-age pension / disability pension is accepted.

For an employment contract / contract, a 12-month work experience with the current employer is required.

The condition is the receipt of remuneration on the Polish account. The minimum work experience of the current employer is 3 months.

The minimum seniority is 6 months with the current employer. Required impact of remuneration on the Polish account.

The offer is dedicated to applicants with an employment contract who reside in Poland and provide work in Germany or the Czech Republic

The loan is available to bank customers who have a foreign currency account with an income of at least 3 months. In addition, a co-borrower registered in Poland is required.

An account is required from a minimum of 6 months with payment receipt

An account is required from a minimum of 6 months with payment receipt

Requirements identical to those employed in Poland. Employment experience min. 3 months and 12 months ahead. However, we must realize that these are the minimum requirements and with larger amounts it will be difficult to get a loan for a longer period than the employment contract.

People who earn income in countries bordering Poland and whose income affects the Polish account are credited. If you run a business abroad, you will not receive a loan from a Polish bank.

FINANCING vs LOAN. What is the difference?



There is often confusion between the two terms. Here are the differences!

There is often confusion between the two terms. Here are the differences!

Loans, loans, consumer credit, are increasingly recurring terms that we hear or use, often without knowing what they are specifically.

In reality, talking about financing is like talking about fruit or cars, that is, of a generic category: just as there are various brands of cars and various types of fruit, so there are different forms of financing.

A Fiat and a Ferrari are always cars… but very different!

From the greengrocer nobody will understand if we just ask for fruit, without specifying what we want to buy in particular: oranges, apples, pears or other.

Now, applying for funding is certainly not like buying a kilo of fruit or a car, but it is an operation that needs particular attention, and let’s see why…

Do you need financing or a loan? Request your FREE consultation!

Do you need financing or a loan? Request your FREE consultation!

For the purchase and evaluation of most consumer goods we don’t need many preliminary explanations. When we go to a dealer, this does not need to explain the difference between a small car and a sedan, because the difference is completely evident: the bodywork, the accessories, the cost, are all elements that alone are enough to make us understand that we are talking about different car categories.

Unfortunately, for financing it is not the same thing, because a financing is not an object that is seen as a car or something else, it is a service that can be presented in different forms, known specifically only by professionals. Once a good consultant has the task, once we understand our needs, to guide us in making the most appropriate and convenient choice.

Therefore, it is important to know that there are different types of financing, distinguishable mainly on the basis of the subjects to which they are addressed – PRIVATE or COMPANIES – as well as, on the basis of the amounts disbursed and the purposes for which they are requested.

This distinction allows us to talk about ” consumer credit “, more commonly called consumer credit which represents a first and important macro category, which includes all loans granted to private individuals, for an amount between $ 200.00 and $ 75,000., 00. Therefore, a loan requested by a private individual for the purchase of a television set, but not for the purchase of an agricultural machinery or other object that is used for professional needs, of any amount will be included in consumer credit.

Why this distinction???

Why this distinction???

Because the legislator thus wanted to identify a category of loans which for amounts and purposes are mainly addressed to subjects recognized as ” CONSUMERS “, a category for which it has provided for specific protections and specific rights. These protections translate into information obligations to be provided to the consumer customer by the bank or company authorized to provide the loan, before establishing the contractual relationship and then for the entire duration of the relationship that may have been established.

And the Loans, instead???

And the Loans, instead???

So far we have always used the term “loan” because it is a generic term, however, ” loan ” is a specific term that refers to the particular form that financing can take.

For example, in the category of consumer credit that we have named, there are loans such as the “finalized loan” – the one required for the purchase of specific goods, such as appliances or mobile phones – or the “personal loan” which instead does not provide for a specific purpose.

Therefore, financing is the term used to refer to a generic category, loan is the particular form that financing assumes, while the term consumer credit simply defines the category of financing addressed to “private” consumers, for which the law provides for particulars protections and rights.

It will always be the task of our consultant to identify in particular the loan that best suits our needs at the moment.

Therefore, it is always good to turn to a specific professional figure, an expert in financing, ensuring that he is qualified to practice the profession.

How to check your credit standing?

Creditworthiness is one of the most important parameters that the bank checks before granting any loan. If our ability is small or even we don’t have it at all, we can forget about the financial support of the bank.

Fortunately, knowing whether there is creditworthiness at all and how to influence it before we go to the bank, we can prepare ourselves for it. You have to start by answering the question, what is credit standing? In the simplest terms, it is our ability to repay the commitment. Before the bank gives us any amount, it will estimate whether we will pay the installments on time.

Calculation of creditworthiness

Calculation of creditworthiness

The answer to the question of how to calculate creditworthiness is not quite simple at all. It consists of many factors and independent calculations will not be so reliable that they show exactly the same values ‚Äč‚Äčthat will come out at the bank. However, you can use ready-made tools available on the web. We need to fill in a few headings in them, and eventually the approximate amount that we can apply for will be shown. It will also be a hint on what bank employees will focus on. Among the data necessary for calculations is the household’s net income, the number of family members, the sum of fixed expenses, the sum of monthly installments and other obligations, the time for which we want the loan and the interest rate.

If we are determined that we will apply for a loan and want more professional help and think how to check creditworthiness, we can turn to a professional financial advisor for help. He will tell us exactly what will affect our credit standing in our case. His knowledge will go far beyond a simple calculator, so we can be sure that his calculations will be more similar to those that will come out at the bank.

When is it not worth checking your creditworthiness?

When is it not worth checking your creditworthiness?

First of all, when we know that it does not look good. And this is exactly the case if our name is in the BIK debtors database. This is the first place where the bank will check us. If we are unable to meet the deadlines of existing commitments, it can be suspected that the new installments will not be repaid on time. So before we start calculating creditworthiness, let’s check the BIK.

It is also known at the outset that our creditworthiness is questionable if we do not have a stable source of income. We can talk about this situation when we work under an employment contract for less than 3 months. However, economic activity must be carried out for at least a year. Sometimes there are such paradoxical situations that a person who has income of the order of several or several thousand a month, goes from bank to bank and cannot get a loan.

What affects creditworthiness?

What affects creditworthiness?

When we know how to check creditworthiness, we can go a step further. Just because the calculations do not quite show what we would like does not mean that it will always remain this way. There are a number of ways to improve your credit standing. The first thing we can do is to improve the situation in BIK. Knowing that we will need bank support in the near future, it is not worth delaying. Once every six months, anyone can generate a free report about themselves. If there are any arrears or liabilities, we should settle them.

BIK also has its advantages. If we already have a loan or shopping in installments, which we always pay back on time, it is a signal for the bank that we are a reliable customer. Interestingly, the lack of any entries in the BIK works to the disadvantage. This is often a problem for young people who have never taken installments. The bank knows absolutely nothing about whether we pay back or not, so it will exercise caution. Insofar as small installment purchases (in a small amount) will favor us, credit cards, overdrafts and revolving loans, not necessarily. They show that we have a problem with maintaining liquidity and financial stability.

Another way to improve your capacity – the second borrower. If two people take the loan, for example a marriage, then the creditworthiness will be greater. This is a great security for the bank. If one person is unable to pay the installment, it can be enforced with the other person.

Consider a longer loan period. If you want to take a loan for a long time, you may find that our credit standing is much greater. Again, this is due to the bank’s security and, of course, its profit. A longer period means a higher commission, moreover, the installments will be lower, so there is a higher probability that they will be paid on time. Fixed installments are also more favorable in this respect than decreasing ones.

When you apply for a mortgage, huge money comes into play. Then you also have to take care of your creditworthiness even more. And that includes gathering more of your own contribution. Most often a minimum of 10% of the property value is required, but this involves high costs and lower capacity. It is best to immediately assume that we collect until 20% accumulates and we get much better conditions.

Time to get a bank loan, how soon to get a loan?

Searching for a good and cheap loan by a layman, a person who is not a specialist in the subject can be difficult. The multitude of dozens of banks, various offers tailored to specific customer categories can be frightening. Well, how do you know that if you work in a budget, then the cheapest loan will get in bank A, and running a business from 7 months will get the best offer in bank B. Doing some research, comparing banks’ offers, choosing the cheapest takes a little time. Another time consuming matter is submitting the application, its analysis and final talks with the bank about the offer.

This usually takes a week. A lot of time for someone who works every day, takes care of the family, home. Therefore, it is much simpler to use the help of a loan broker who has adequate knowledge in the field of bank loans. The entire procedure from the time of reporting to the loan broker to the launch of the loan is usually 24 hours. Do you want to shorten the time to get the loan? we invite you to read

Best offer, finding a bank

Best offer, finding a bank

The first problem in looking for a bank loan, be it cash or consolidation, appears at the beginning of our path. Is the bank around the corner is certainly the best choice and we will get the cheapest offer there? The most important thing, do not walk on banks, do not make unnecessary queries. This may later result in denials of loans. Search by comparing bank offers. Each of them has the obligation to disclose the terms of their loans.

Pay attention to factors such as APRC, loan interest rate, commissions and margins. See also whether the bank must attach insurance to the loan. Think, is such insurance necessary? If you want to protect yourself, have an additional product for credit, which is insurance, definitely cheaper will go to an insurance company.

Insurance companies with which banks cooperate usually sell expensive insurance. In popular insurance companies, customers get 50% cheaper offers than those imposed by the bank. The time to get a loan will not be reduced by looking for yourself, but we are sure that we have chosen the cheapest offer.

Comparison of bank loan offers

Comparison of bank loan offers

The internet is full of credit comparison websites. In such a calculator, it is worth answering a few questions in accordance with the facts and bring out 2-3 banks that should give us the most attractive offer. Why should they Because we are not sure that it will be so. If bank A publishes data on its offers, APRC 11%, including a detailed description of interest and margins, this is only a general view. Banks have their own customer thresholds prepared. There are usually 10 of them.

If the customer is perfect, he falls into the threshold of 1 with the best offer, APRC, eg 4%. If the customer already has loans, there have been delays, inquiries can fall even to the threshold of 10, which results in an expensive loan with APRC 23%. Such a large divergence of offers means that a customer who does not have specialist knowledge in the field of bank loans can find an expensive offer.

Taking an expensive loan will only result in the entire repayment period bearing costs up to 20% higher than if we obtained the cheapest loan on the market. It is worth turning to professional credit brokers. They know which bank will be the most appropriate for a particular customer.

The process of applying for a bank loan

The process of applying for a bank loan

Applying for a bank loan also has no time frame. In one case, we can leave the bank after an hour with the loan activated, in the next time spent on visits to the bank, the analysis will take a good few business days. A significant saving of time is cooperation with a credit broker. He will immediately tell us what documents will be required by the bank. There will be no situation when we go to the bank today, tomorrow an employee calls to provide some information, and 2 days later he will tell us that there is still another signature missing from our application.

Such a process can lead to frustration. An additional thing is to submit the case for analysis, phone calls to us as clients and to employers regarding income confirmation. If the offer proposed by the bank is not satisfactory, it will not hurt to go to another bank. However, you should not make more than 2 credit inquiries. In this situation, if both offers are not satisfactory, please contact a recommended credit intermediary. Such a specialist will certainly find the cheapest cash or consolidation loan available to us.

Analysis and decision making by the bank

Analysis and decision making by the bank

After entering a loan application previously prepared with a bank employee, a decision or analysis process takes place. Bank analysts may want to call the employer to verify employment. They ask when the client has been working, for which contract form and for what time. The bank may also request the client to provide a certificate from the employer on its print. Banks have different types of printouts, which is why some clauses to be marked by employers may differ slightly. The analysis process can take from several hours to even 3-4 business days. It all depends on how many conclusions are in the analysis and how efficiently the analysts will work. The time in which they reach the employer and the client is also important.

It is definitely simpler to work with a loan broker who, through close cooperation with the bank, can greatly improve this process. In 90% of cases, loans are run without great verification and analysis. There is no telephone number for the employer because the certificate or recent transfers from the employer are reliable enough. After passing the traditional analysis, a bank employee calls the client with information about the possibility of signing the loan.

At this point you should also be careful and ask about the loan terms carefully. People working in banks sometimes overstate commissions or add credit insurance. They earn better commissions on such loans because they are more expensive.

Time to get a business loan

Time to get a business loan

What is the real time to get a loan for a company? A business loan is out of time because more factors affect it. Such are the certificates of non-arrears with ZUS or US. It depends on the bank’s offer which document from these 2 will be needed. Usually, the documents provided by accounting are the thing that extends the loan application period. It depends on the accounting efficiency when it will provide the relevant income documents.

In the case of companies, it is recommended to contact a credit advisor or broker regarding products for companies. The adviser will competently prepare the plan and specify the documents for the loan in detail from the beginning.

Looking for a loan yourself is a time-consuming task

Looking for a loan yourself is a time-consuming task

According to the summary – getting a good and cheap loan is a very time-consuming occupation, not always successful. Therefore, it is better at the very beginning to think about transferring the case to specialists in the field of obtaining bank loans. They cooperate with a dozen or so banks and constantly monitor the cheapest offers that banks have to offer.

The decision made today in the field of credit will have its impact on the next 10 years, in the case of credit for such a period. Therefore, let’s not act hastily, cheap credit will definitely be better than that with additional commissions and insurance. Remember, not only the time to get a loan matters. Its price and conditions are also important.