Nowadays, loans can be taken in any country. There are maybe a few other offers, but their principle of operation is the same. The borrower takes a loan and the bank gives it to him under strict conditions specified in the contract. The first thing you need to do to be able to receive such a loan is to submit a loan application at the bank of your choice. The loan application must contain some very important information. It must first of all specify the loan amount, its purpose, dates when we want to repay the loan, the loan period, and should also contain information about the amount of all other liabilities we have. We should also state in our application what our financial situation is and what form of loan security we would prefer. Until the loan agreement is signed, there are several important stages that each borrower must go through. After submitting the application, the bank will analyze our financial situation and only be able to decide whether it is able to grant us the requested loan amount. After a positive decision, the contract is signed, and then the bank pays us the money in the form that was indicated in the contract. The bank will also check whether we used the loan in the way it was indicated in the contract.
When analyzing our creditworthiness, the bank takes into account several factors that are important to it. If we apply for a loan as a natural person, the bank will check what assets we have, what our income is, what contract we are employed on, and whether we have other loans and credits that we are currently repaying. For legal entities, the bank will want to check the solvency and profitability of the enterprise by analyzing its financial results. The company’s financial liquidity will also be assessed, as well as how cooperation with other banks has looked like so far.
Every well-prepared credit agreement should contain some important information. It should contain the date and place where the contract was concluded. The details of both the borrower and the lender should be specified. The agreement should contain general provisions and should contain the amount we borrow and the currency of the loan. The loan agreement must also include the conditions under which the loan will be launched, and for what purpose the borrower will take it. The contract also includes the loan period and repayment dates for individual loan installments. The bank will also specify in the contract at what percentage the loan is taken, whether the interest rate may be variable, and also what commission will be calculated for the loan. The way in which our loan will be secured, as well as how the bank can control the repayment of this loan by us should also be included in the loan agreement. The bank should also include in the contract what are the possible conditions for amending the contract or withdrawing from it, as well as what will happen if the terms contained in the contract are violated. The amount we borrow can be paid to us by the bank in cash and put at our full disposal. Money can be deposited into our bank account or directly transferred to the purpose for which the loan was taken. Two parties are required to conclude the loan agreement. Loans in Poland may be granted by banks as well as branches of foreign banks and credit institutions. A loan can also be granted to us by a cooperative savings and credit union, as well as an organizational unit that has the right to do so.