Between 1990 and 2020, over 750,000 citizens emigrated from Lithuania. Mostly, of course, because of the desire to find a better job abroad. Norway, England, Ireland, Sweden are just a few of the countries where our countrymen go to look for a better job. For some reason, these people may need to borrow money. With this opportunity in 2020, the search for loans for those working abroad will begin.
As a result, loans for working abroad and loans for ex-pats who may be temporarily out of work in 2020 are in high demand. They are not difficult to obtain, as lenders tend to lend such loans easily in good economic times. Granting a loan to a resident abroad may also depend on other details, but temporary workers can borrow in Lithuania boldly. In 2020, this is a process that has become commonplace!
Although the details are country-specific
There is virtually no state that would restrict the granting of loans to foreigners. To qualify for any loan, an alien must meet several essential requirements. First, he must have a legal job in the country where he works. However, this may not be enough as such work must guarantee a certain amount of income. While a $ 1,500 salary may seem high to us, it may not be enough for foreign lenders to talk about a loan. And if it was small, the person would still have to survive a certain period of time – usually several years. Some countries are even stricter – loans to foreigners are not granted at all.
Under these circumstances, getting a loan abroad is too difficult. Even if you meet all the requirements, language and other glitches can interfere with your credit. However, even after receiving it, you can never know whether you really got it under the best conditions, because without understanding the language it is difficult to compare different creditors. This can be extremely painful when it comes to getting instant credits. After all, even the slightest difference in interest can be very significant! Therefore, ex-pats have no other option but to look back and look for loans abroad in Lithuania.
Quick credits for working abroad are granted in Lithuania
We are used to the fact that instant credits are granted to Lithuanians without any major problems. Of course, there are several statutory requirements that must be met, but once you do, there are virtually no problems on the road. But it is rare for us to wonder whether credits can be given to those who work abroad.
The answer is very simple – yes, but with one condition. That condition is also self-explanatory. Those seeking a loan in Lithuania but working abroad must have a legal job. Otherwise, you will be unemployed as a creditor because they will not see your income in the system. And as you know, getting instant credit for the unemployed can be tricky. Therefore, the first rule is that you must have legal employment and legal income abroad. It is probably not worth saying that this income must also be formalized and registered in Lithuania. In other words, they must be visible to Sodra from which the creditors receive the data.
But that income must also be high enough. Just having a job and earning money is not enough. Lending too little will legally prevent lenders from giving you a loan. Simply, the potential credit contributions cannot be in a proportion higher than that prescribed by law. In addition, the majority of income is freely available to obtain a loan when working abroad. This means that most of them must be free from financial obligations.
In 2019, there is a real opportunity to obtain a loan from foreign lenders as well, but their requirements are much higher and most ex-pats would not even be able to qualify for a loan abroad.
What kind of loans is available to those working abroad?
If you meet all the terms and conditions (which are usually identical to those for those working in Lithuania), you have every chance of getting a loan. What types of loans are you talking about?
You will have virtually identical conditions as everyone else. You will be able to get a consumer loan, a home loan, a home repair loan or a car loan or a regular quick loan. Some lenders may even be tempted to grant these loans on better terms. But for that, your income must be high enough and you must have a high enough seniority in the same job.
For a home loan, you may even need to make a first down payment. This means that not only will you have to have a high income but also a lot of savings. The value of the mortgage loan will also determine the amount of this contribution. But it can be as high as $ 10,000.
With a consumer, the loan can also be tricky. Because you need to get it from a bank, which doesn’t always mean you can get it online. This already creates problems (return to Lithuania, paperwork, etc.). This can make it difficult for ex-pats to obtain such consumer loans. On the other hand, looking for a home loan will still require you to return, as such loans are not available online.
Like all ex-pats, emigrants have access to loan refinancing. Sometimes, working abroad can not only help but also be detrimental. For example, indebtedness can accumulate and, in the event of a sudden job loss or loss of income, such a burden of obligations can become difficult to bear. In such cases, a refinancing service can save you.
True, it can only be granted if your obligations are received in Lithuania. Having a commitment abroad to get refinancing even if your income is high enough is a difficult mission. Simply combining such debts into one would be too difficult for the creditor. However, as this service is usually tailor-made, be sure to write to your creditor and inquire about this option. You never know what kind of answer you can get.