Creditworthiness is the basis
Timely payment of amounts due to financial institutions, which is reflected in a positive credit history in the Credit Information Bureau, is one of the most important factors affecting the granting of financial support. However, even a fair repayment of obligations may not be enough to take out a cash loan if you find that your creditworthiness is too low. This indicator tells you how much credit you can afford with your current earnings, i.e. how much and for what period will not cause you any problems with giving back money in accordance with the loan agreement. Based on the analysis of your home budget, the bank estimates how much monthly installment should be for you to be able to pay.
Credit surety, or what?
If you belong to people who did not slip their leg during repayment of other obligations, e.g. credit card, but you lack creditworthiness to make a positive decision, the bank may propose that you find a guarantor. Such a person, also called a resident, will help you get extra money thanks to high earnings. In this way, the bank secures the repayment of the liability. Granting a surety means that a loved one – your spouse, parents, brother or sister – agrees that in the event of any problems with your payment, the bank may request a refund. Such a solution is offered, for example, by Money Bank. As part of the “Cheap credit with account” you can combine your income with another family member and thus increase the chance of credit. The maximum amount available is 120,000 PLN, which can be repaid for 108 months. The guarantor must provide a statement of earnings. The bank will also check it at BIK.
Guarantor – his rights and obligations
When deciding on a cash loan surety, it should be remembered that this way we reduce our own creditworthiness. The bank treats the girrant as a risk client because you never know if the person you have decided to help will not get into financial problems and the lender will ask you to return the borrowed money. As a resident you have to face difficulties in getting a loan for yourself. In order not to have any problems yourself, it is worth limiting your responsibility as a girrant when signing the contract. This may include, for example, determining the amount of money you guarantee. As for the rights of the gironde, in a situation where you have to pay the borrower’s debt, after settling the arrears, you can apply to him for a refund of losses.