For many Poles, buying a flat is possible only on a mortgage. This usually means 20-30 consecutive years spent on paying monthly installments. Can we take a new payday loan during this time?
Mortgage loans are special types of loans for which a property is a security, such as a flat. As we take out a loan for a considerable sum, usually several hundred thousand zlotys, it means a large installment. Of course, the loan must also be spread over a long period so that the average earning person can afford to pay off.
Thanks to mortgage loans, we can fulfill our dream of living in our own “M”, but we also have to remember that it is a risky offer. We are not able to predict what will happen in the future. The home budget can be extended to the limit due to the need to pay a small installment – usually it ranges from 800 to even PLN 2,000 per month. In this case, can we still decide on some other loan or loan?
It all depends on your creditworthiness
Basically, there is nothing to prevent you from applying for another loan or loan when you already have a mortgage. However, we must be aware that we will not always be able to borrow money. This is mainly due to the fact that banks and loan companies investigate our creditworthiness each time. It is on its basis that they decide if we can get money.
We define creditworthiness as the ability to repay debt over a specified period of time. High creditworthiness occurs when we have high incomes and low expenses as well as a good credit history. We talk about bad creditworthiness when our income is not high or we have a lot of expenses and we have little money every month. In the first case, we can count on a positive consideration of our loan application. In the latter it is unlikely, but it is not impossible.
Where can we apply for a payday loan ?
When we have good credit standing, we will get a loan that is practical everywhere – both in banks and non-bank lending companies. Of course, its amount will then depend on what amount we have “free” after paying all our expenses. The higher it is, the more space in the home budget will be repaid.
However, if we do not have a good financial situation, there is a problem. In this case, the bank will most often receive a refusal. Non-bank loan companies remain. The best will be the installment loan, because then the debt can be spread into small installments. However, let us remember that loan companies also check BIK databases, which contain information about our obligations. We can be refused if the loan company does not recognize us as a completely trustworthy customer who can easily repay the loan.
In summary, if our creditworthiness is good, we can easily get additional payday loans when we already have a mortgage.