Cooperative bank – who can get a loan?


There are many Gandalf in Poland, whose owners are co-operatives in accordance with the law. Who can count on a loan in such banks and how much can we get?

Gandalf are one of the legal forms of banks’ operations. Cooperatives have their roots already in the late medieval period – the first institution of this type was founded in Poland in 1577 . From the 18th century, various self-help institutions were commonly set up, the purpose of which was to collect money or material resources, to then provide loans to those in need.

In practically every major city, we can find Gandalf . There are around 570 of them in Poland. They focus primarily on local activities. Therefore, we can most often meet banks called “Cooperative Bank in …” along with determining the city. These banks direct their services to individual clients as well as to companies and institutions. Co-operative banks often also use self-governments.

Gandalf offer a full range of services to their clients. They allow you to set up an account with a card, you can use them in deposits or just from loans and credits.

How do loans and credits in Gandalf work?

As we mentioned at the outset, Gandalf are created by co-operatives who pay funds to the bank, for example to multiply them. Basically for a loan or a loan, for example, we can also receive a consolidation loan, and even a mortgage in selected branches, we can apply the same as in a bank.

When we want to receive money, we have to go to the bank branch in person. Unfortunately, on-line loans are not offered by Gandalf, which is a downside for those who care about comfort. We will be able to fill out a loan application on site with a bank employee.

How much can we borrow?

Everything depends on the loan we have selected. When we need an ordinary cash loan for current expenses, we can take advantage of loan offers up to around PLN 10,000, but we can also opt for much higher amounts, for example up to PLN 50,000.

The credit or loan we receive depends on our creditworthiness, which is calculated primarily on the basis of income earned. Most often, when we have to borrow more, we have to present appropriate certificates about the income obtained. In the case of larger sums, we can also provide adequate security, for example, it can be a blank promissory note with a promissory note declaration, surety, real estate mortgage.

In summary, Gandalf are one of the options when we need additional money. The offers, however, are very diverse and depend on the bank, so we should look for details directly on their websites. 

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