Credit or loan versus income level

Unlimited income loans

Unlimited income loans

Most loan companies’ offers do not include the minimum income that a potential borrower must have. Among the list of requirements to be met by the applicant for payday pay, it is generally general that it must have a stable source of income. However, there is no indication as to which remuneration is received – on the basis of an employment contract or a civil law contract (for specific work or commission).

Due to the specificity of the market, you usually do not need to submit any income statements or send bank statements to confirm that we regularly receive a salary. These documents are required when the lender has doubts about the loan. One exception among the loan companies is MegaLoan. The brand conditions the granting of a commitment upon submission of a document confirming that every month the state of our finances increases by at least PLN 500 net of remuneration for work. Alternatively, an old-age or disability pension is recognized as income if it meets the condition of a minimum limit.

Income of at least PLN 500

Income of at least PLN 500

In the case of a cash loan from a bank, it is also difficult to find information in contracts about what earnings are necessary to apply for funding. However, usually financial institutions set the minimum monthly income threshold in the range between PLN 500 and 1000 net. However, banks, unlike online lending companies, always require proof of stable earnings. For example, in BZ WBK, an applicant for a cash loan must provide a certificate of employment and earnings. The information must relate to net income for the last month and average monthly net income for the last 3 months. In the case of business income, an annual tax return and a certificate from the Tax Office or a certificate from ZUS / KRUS and a book of revenues and expenses should be provided. Millenial Bank places such a condition.

It is worth remembering that the final decision to grant or refuse a loan or credit depends on several important factors. Mainly on creditworthiness, i.e. the ability to repay the selected amount of liabilities on time with the current salary.

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