Monthly Archives: August 2019

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Do you want a loan? Take care of rich Facebook friends

Not only employers and recruiters, but also banks are starting to use Facebook as a work tool. Soon, the lender will be able to check whether our facebook frends are reliable debtors and on this basis assess our borrowing capacity.

 

For the bank you are only a number

credit loan

The bank sends an e-mail and e-mail address by name? Is he preparing you for “special offers”? Offers new services “only for you”? If you think that you really are a flesh, friend and regular customer for the lender, then you are wrong. Our whole life, work, school and family is just a set of numbers and data that allow us to assess our credibility.

The mythical 15 minutes for granting a loan spent with a nice lady in a banking branch is in practice a fight with a soulless machine that, by grinding our data and counting on their basis algorithms, issues a judgment based on the IT system “zero-one”. As it turns out, the equation will soon be joined by … the assessment of our Facebook friends.

 

A poor friend? Say goodbye to the loan

A poor friend? Say goodbye to the loan

If you do not have a solid credit history, your chances of favorable interest rates, and sometimes of credit, are very limited. When the history of BIK is modest, the bank will stand on its head to find a factor in assessing whether you deserve cash for new furniture. For this purpose, even our Facebook friend list can be useful – no matter if you recently saw Janell and Franz in junior high school. On August 4, the US statistical office granted Facebook a patent enabling banks to automatically recognize information on the solvency of friends of a social network user.

 

“Who do you agree to become like this”

"Who do you agree to become like this"

In practice, this may mean that a bank using such a service offered by Facebook will be able to reject our credit application on the basis of a low rating of friends. uBorrow loan company is already using a similar solution, although without the official Facebook service. The computer analyzes the network of contacts and assesses creditworthiness on the basis of e.g. the frequency of contacts. Close acquaintance with avoiding paying the installment for a TV set can seriously limit our chances for an apartment or a new car.

Polish borrowers can still sleep peacefully, at least on Facebook. For now, the system will be checked in the United States and in situations where there will not be many other verification options. The system, however, already arouses enormous controversy throughout Europe and for a reason recalls the worst. Who knows if in the future the risk assessment bank will start checking who we meet, what we eat and whether we sometimes think badly about the institution that is supposed to lend us money.

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Family loan and legal issues

We can borrow money in many ways. We can use the services of banks or parabanks, but some people decide to borrow money from someone in the family. In such a situation, are we obliged to submit a loan somewhere?

Loans are a convenient way to improve your financial condition, but we must always remember that we have to pay back any amount. Many people decide to get a loan from a family member, to be exempt from civil law transactions we have to meet several conditions.

Family loan

Family loan

A family loan can be due to many different reasons. Some people did not have creditworthiness, others were simply more convenient to enter into a contract with someone in the family. However, few people still know that tax on civil law transactions should be paid on some loan agreements. The obligation to settle the tax lies with the person who took out the loan – ABC is a tax on civil law transactions, in the case of family loans it depends primarily on the relationship and the amount. So when are we exempt from paying the tax liability and when do we have to pay it absolutely?

Tax and family loan

Tax and family loan

A family loan is a convenient and more comfortable solution for most people, but you don’t have to pay tax to the tax office for some contracts. Persons from tax group 1 are exempt from this obligation and include: spouse, ascendants (parents, grandparents), descendants (children, grandchildren), daughter-in-law, son-in-law, siblings, mother-in-law, stepmother, stepfather, daughter-in-law and son-in-law. In addition, the amount borrowed cannot exceed USD 9,637. When we meet the above conditions, we do not only have to pay ABC, but we also have no obligation to submit such a loan to the tax office.

The tax exemption also applies to people who have borrowed more than USD 9,637 from their immediate family, i.e. according to the law they are spouses, ascendants, descendants, siblings, stepchildren, stepmother and stepfather. The borrower is obliged to report the conclusion of the contract (form ABC-3) at the relevant tax office within 14 days of its signing.

Loan will be taxed at a rate of 2%

money

In addition, he must provide proof that will confirm the transaction. If the borrower fails to comply with the above formalities, the loan will be taxed at a rate of 2%. In addition, if it is not reported to the tax office, a person taking credit may be charged a penalty of 20% of the amount borrowed.

Unfortunately, the extended family who intends to borrow over USD 9637 cannot count on being released from ABC. In this case, the borrower is obliged to submit the loan to the tax office and to settle the tax due.

A family loan is a very good solution, but the borrower should always check carefully whether he / she will get ABC exemption. The closest family members are in the best position and they are exempt from tax in any case.

Renovation loan – which one to choose?

Are you planning a holiday renovation? Painting, new furniture, kitchen tiles, or a renovated bathroom? This can take up several or even several thousand zlotys. What loan is worth taking for a renovation so as not to pay it back for the next renovation?

Renovation loan in two cases

Renovation loan in two cases

Renovation of an apartment or house can be financed in at least two ways. The first is a cash loan without any formalities or additional collateral. At the moment, such loans can have a value of up to PLN 200,000, which should satisfy the renovation aspirations of even the more demanding ones. Another solution is a mortgage, i.e. one that is secured by a house or flat. Such a loan may have a smaller installment than a cash loan, but granting a mortgage requires many additional formalities.

You know best what you want to change in your home. Try to pre-determine which order you can finance yourself and what you will buy for the loan. Perhaps the amount of credit can be estimated in such a way so that it does not constitute too much burden.

Cheap loan for small renovation

Cheap loan for small renovation

In the event that we are planning a small renovation, which will consume from several to several thousand zlotys, in this situation the ideal solution will be a cash loan. A cash loan is the “fastest loan” because we often get the decision on obtaining it within a few hours. Banks usually require a minimum of formalities, because proof and confirmation of income – salary or retirement often suffice.

Current cash loan promotions give us the opportunity to take out a cheaper loan if we meet the additional conditions. These are not extremely difficult requirements to fulfill, so it is worth taking advantage of such an opportunity. By creating an account in the bank in which we are interested in credit, we can often receive the lowest interest rate in thanks, and by inviting a close person to a loan, we can also take advantage of the interest rate promotion and we will obtain a higher loan amount.

What to look for when choosing such a loan?

  • For promotions for new / regular customers
  • On the interest rate (also promotional)
  • On the speed of your credit decision
  • On the possibility of taking advantage of credit holidays

A major renovation is a bigger loan

A major renovation is a bigger loan

Renovation of a house or apartment, which requires a significant amount of money, can also be financed with a mortgage. The bank establishes collateral for such a loan on our property, which means that this loan may have a higher amount than a traditional cash loan. The amount borrowed is determined by the amount borrowed and the value of the collateral.

However, the mortgage loan is more complicated. In her case, we do not have to prepare an estimate or settle the work performed, as is the case with a mortgage, but because the collateral is also a mortgage, the bank will require a real estate appraisal.

The mortgage loan, unlike the mortgage loan, is granted for any purpose, so we will finance refurbishment safely from these funds. In the case of a loan secured by a mortgage, a longer repayment period is tempting – we can pay back such a loan for up to 25-30 years.