Available Credit for Workers Abroad Is it cheaper than elsewhere?
A loan for a foreign worker is an unsecured loan that is issued as a result of verification of a customer’s official income abroad. Although it is widely said that home loans are expensive, interest rates in the Internet credit segment tend to be significantly lower than similar financial services such as England.
- Registration costs : no commission (free)
- Credit amount : from 50 USD to 3000 USD
- Repayment term : 3 months to 4 years
- Interest rate : The amount of the rate depends on credit history, income, term chosen, loan amount, etc. variables.
- Money in the account : ~ 30 minutes after the application is completed
- Applying : By filling in the application online
Conditions of eligibility
This type of loan is intended for Latvian citizens or non-citizens who have reached the age of 20 working abroad. To qualify for the loan you need:
- official (verifiable) income
- own bank account in Latvia (with access to Internet Banking)
- mobile phone
- must be at least 20 years old
Already, an active loan from another company or credit institution is not an obstacle to borrowing, provided the income level is high enough. Each application is evaluated individually.
Living abroad – in England, Ireland, Germany, Sweden, Norway or elsewhere – consumer credit may be needed in many situations and it is good to apply for it in your home country. The amount of loan available does not allow you to buy real estate – a house or apartment in Riga, but it may be useful for smaller goals. When applying for a loan on the Internet, you will receive a reply regarding its availability by email or sms. A business credit specialist will contact you for further information.
Allows you to vary the amount of your credit payment
Flexible payment term of your choice allows you to vary the amount of your credit payment at your discretion. It should be remembered, however, that a longer payback period in the long term means that you will pay more in interest over the entire period, so consider which option is more profitable. If you are confident that additional cash will be available in the foreseeable future (inheritance, salary increase, bonus, sale of property), you can opt for a longer repayment period. Latvian law provides that the loan can be repaid early without additional commission (within the terms of the agreement). Pay back faster and save on interest.
If you would like to get more information about loans available in Latvia. Borrow responsibly. Evaluate your financial ability to repay your loan on time. If in doubt about your solvency, try to refrain from borrowing.