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By accessing the credit procedure, whether it is a mortgage, consumer loan or other banking product, we must provide the financial institution with the documents on the basis of which our creditworthiness will be calculated. Until recently, a popular solution allowing to avoid these formalities was a loan for income statement. Unfortunately, due to the restrictions from the KNF, they are becoming more and more difficult to access.
In the case of traditional consumer loans, the basis for calculating our creditworthiness is issued by the employer with statements about the period of employment and the amount of income received. In the case of a loan granted on the basis of a statement, the information provided in it by the applicant is sufficient to consider the application. However, it should be remembered that this is verifiable data and that untruth may be legal consequences.
However, limited formal requirements do not mean that the loan for a statement on earnings is a general and easily available banking product. Banks hedge in the form of various restrictions on the loan granted on the basis of a declaration. Such a loan may be available only to fixed bank customers, for example. A client who has a bank account in an institution in which he tries to get a loan for a certificate is a more reliable borrower. People who are not clients of such a bank can get a loan on worse conditions or do not get it at all.
Some financial institutions also limit the number of potential borrowers to specific professional groups whose income is regulated by law. These are, for example, doctors or teachers. Another limitations are also the age ranges of customers for which such loans are granted. This form of lending is also higher interest rate than in the case when the client provides a certificate of employment and income, because it is more risky for the bank.
Recommendations of the Polish Financial Supervision Authority will force banks to tighten their lending policy, which means that currently only a few financial institutions offer loans granted only on the basis of a statement of earnings. The amount of the loan granted in this way usually does not exceed 20,000 zlotys.
When considering such a loan, it is worth taking a close look at the products offered by the banks. The observance of additional formal requirements and the provision of several documents may allow us to obtain more favorable lending conditions. The easiest way to get a loan for a statement is to have a loan history at the bank in which we try to get it.