Personal loan for my self

    Hii i want to know can i get personal loan in Hungary from otp bank there are my saving account so can you suggest it's possible or not and which documents they ask
   

    -@deepakvyas042

Why don't you ask the bank? But it will depend on how long you have lived in the country.

I hate loans, it will kill you, curious where the loan is needed for. With the right documentation, job, remuneration I am sure it is possible. Just conceptually I do not like debts, not even for properties.

They are clever, but they also want to protect themself. I have seen some people come into misery because of these type of loans.

Having said that OTP is a good bank I think, but they have to make a profit as well.

The bank will give you the details but I know a personal loan is a rip-off. 17% interest!! Yikes.

The only time we got a loan was in 1986 when we purchased a home in S. Ca.

No way on earth can most people save that much cash to buy a house in S. Ca. unless you've just won the lottery.

We put down $43,000 in cash and got a $100,000 loan.

That wasn't easy but my husband had a good Hungarian tax man that showed we could afford the payments on a fixed loan of 10% interest. Seems very high now but at the time it was a very good rate to borrow, They were pushing people with ballon payments back then.

That same house is not worth more then a million bucks, man even thinking of the property taxes now makes my head spin.

The other time we borrowed we paid it off super fast, we bought industrial machinery which in time pays for itself.

I used to tell my husband silly things like why don't you buy me a diamond ring. He'd say that is the biggest waste in the world, just tell your friends you own a Murasaki Lathe.

It's worth more then a rock.

Long story short, personal loans are terrible unless you are using the money as an investment not on living expenses or a new car which devalues over night.

    I hate loans, it will kill you, curious where the loan is needed for. With the right documentation, job, remuneration I am sure it is possible. Just conceptually I do not like debts, not even for properties.
They are clever, but they also want to protect themself. I have seen some people come into misery because of these type of loans.
Having said that OTP is a good bank I think, but they have to make a profit as well.
   

    -@cdw057

As for me I never evert had a asked for a loan from any financial institution.

Rather when I wanted to have something collected for that for years and finance myself.

    Hii i want to know can i get personal loan in Hungary from otp bank there are my saving account so can you suggest it's possible or not and which documents they ask         -@deepakvyas042

Getting a loan from a bank, in Hungary or anywhere else will depend upon your situation (how long have you been living in country? Your status in the country? You must be a permanent resident. Do you have an account at such bank and if yes, for how long? Your age? Your heath?  What is your STABLE income? Do you have any debts? Do you own your apartment/house and if not, how much do you have to pay back and how much are the monthly payments? How many people do live on your income? etc..etc etc... etc.....

These are the issues any bank will consider and depending on banks there must be others.

        I hate loans, it will kill you, curious where the loan is needed for. With the right documentation, job, remuneration I am sure it is possible. Just conceptually I do not like debts, not even for properties.They are clever, but they also want to protect themself. I have seen some people come into misery because of these type of loans.Having said that OTP is a good bank I think, but they have to make a profit as well.        -@cdw057As for me I never evert had a asked for a loan from any financial institution.Rather when I wanted to have something collected for that for years and finance myself.         -@sjbabilon5

Me too.   I was lucky to pay my apartment cash (further to selling a house)

We paid cash for our Budapest apt.

Not my dream apt. but what we could find and buy at the time for cash on hand.

We hadn't planned on buying anything  here but it just happened.

My MIL died and her two other children were not moving to sell her property.

We traveled to HU to take care of it. Quit our good jobs in the US to move her property.

We never expected it to take over 18 months to sell.

Had to live off our savings while we waited it out.

In the end we decided to invest our tiny share from her sale and add out own capital and bought a property here.

Moved in and a few weeks later closed up the apt. and didn't return to Hungary for several years.

We thought of this apt. as just a vacation place.

We figured if we converted the forints left us by my MIL we'd not see much and in short order we'd spend it in the US.

At the time it wasn't very easy to find an apt. we liked for the cash on hand,

We didn't even consider trying to get a loan in Hungay even though my husband is a citizen.

Are legal residence full time was in the US then.

It's just  a shame we spent 18 months of living expenses before we bought anything.

I had a small mortgage when I lived in the UK but it was easy for me as I was a full time resident and citizen. But I pumped all my savings into the home so was able to buy it. I renovated it myself apart from getting help for things I wasn't legal to do... electrics. Lucky for me my uncle is a qualified electrician. I got on the property ladder quickly.

Sold it at a profit and bought my next home. Sold that at a profit and was able to buy my home abroad and cover shipping the furniture across.

Those that say loans are stupid is just crazy. You need some help in cases. Not everyone is born with a silver spoon in their mouth or with a high paid job.

    I had a small mortgage when I lived in the UK but it was easy for me as I was a full time resident and citizen. But I pumped all my savings into the home so was able to buy it. I renovated it myself apart from getting help for things I wasn't legal to do... electrics. Lucky for me my uncle is a qualified electrician. I got on the property ladder quickly.Sold it at a profit and bought my next home. Sold that at a profit and was able to buy my home abroad and cover shipping the furniture across.Those that say loans are stupid is just crazy. You need some help in cases. Not everyone is born with a silver spoon in their mouth or with a high paid job.        -@SimCityAT

True some things cost too much to be able to save up for, like a home.

My step-father in the late 1950's  moved from Penn. as a young man and got a good paying factory job in Ca. Bought his first house at age 18 and moved his 3 brothers, sister and mother to Ca. They hated Ca. and all but his sister moved back to Penn. He sold his first house and sat on the money until he met my mother I suppose.

Those were the hey days in the USA.

Now forget it, even with 2 incomes a person needs to make 6 figures or more to even think of buying in Ca.

I think we rode the last wave of average working class people able to buy in S. Ca. with one income.

My husband made more then average income but he did it all on his own, came to the US without a dime and worked hard and no one ever handed us anything.

Even my mother wouldn't give us a short term loan and she knew we were good for it.

Cold war ended and so did my husbands great paying job.

He should of seen into the future and learned computer CNC machining.

His ego got in the way, he thought his skills were the bomb and would always be in high demand.

Perhaps they are again but time marches on.

For example, my step-father bought us a home in Simi, Ca around 1966.

It wasn't the most expensive homes but Simi was a bit far out  and very quiet which was what they wanted.

Took a good hour each way for him to get to and from work in Burbank.

It cost them $17,500. It was last worth a few years ago when I checked over $750,000 and going up all the time.

It was just a basic 4 bedroom house and not built all the great. Slab foundation with a large back yard, large by todays standards that is.

No one can really afford living in Ca. these days.Let alone buy a home there.

It was so good in the 50's and 60's in the US that my working class step-father wanted to help my sister buy her first home. He qualified for the G.I.bill where he could buy a home with $1.00 down! Stupidly she and her husband declined his offer. They didn't see owning a home as a big deal which now it is.

My husband and i lived a bit in the ,"good ol'days" in the US when the dollar was really worth a dollar and you got more for it then expected.

Now days, it's an insult to tip even $5.00 in the states.

    I had a small mortgage when I lived in the UK but it was easy for me as I was a full time resident and citizen. But I pumped all my savings into the home so was able to buy it. I renovated it myself apart from getting help for things I wasn't legal to do... electrics. Lucky for me my uncle is a qualified electrician. I got on the property ladder quickly.
Sold it at a profit and bought my next home. Sold that at a profit and was able to buy my home abroad and cover shipping the furniture across.

Those that say loans are stupid is just crazy. You need some help in cases. Not everyone is born with a silver spoon in their mouth or with a high paid job.
   

    -@SimCityAT

Absolutely!

Most people do need to borrow money to buy apartments/houses and items such as cars. Of course, it costs but people don't have choice.

That's right, SimCityAT, not everybody was born with a silver spoon in their mouth and I believe most people were not.

    I had a small mortgage when I lived in the UK but it was easy for me as I was a full time resident and citizen. But I pumped all my savings into the home so was able to buy it. I renovated it myself apart from getting help for things I wasn't legal to do... electrics. Lucky for me my uncle is a qualified electrician. I got on the property ladder quickly.
Sold it at a profit and bought my next home. Sold that at a profit and was able to buy my home abroad and cover shipping the furniture across.

Those that say loans are stupid is just crazy. You need some help in cases. Not everyone is born with a silver spoon in their mouth or with a high paid job.
   

    -@SimCityAT

No loans are not stupid per se.

Loans are quite well when someone does it for business/ investment.

Also can be done when needs something which is neccesary (so not some consumer society stuff), and the person is SURE that able to pay back and loan conditions are proper.

items such as cars. Of course, it costs but people don't have choice.

    -@Myrtille319

Also true:

If car needs to do business, neccesary to do work: investment.

But if someone just get a loan for an expensive vehicle which used for comfort and leisure - bad loan.

Credit cards in the US are easy to get and credit card debt easy to accumulate. In fact the average credit card debt is pretty shocking.

I have the sense this is just not the case in Hungary. True?

    Credit cards in the US are easy to get and credit card debt easy to accumulate. In fact the average credit card debt is pretty shocking.
I have the sense this is just not the case in Hungary. True?
   

    -@zif

It is same way everywhere in the world. Banks are nowhere philanthropists.

    Credit cards in the US are easy to get and credit card debt easy to accumulate. In fact the average credit card debt is pretty shocking.I have the sense this is just not the case in Hungary. True?        -@zif

On Dec. 31 1998, we cut up all of our credit cards and never used one again.

I will not say how much we had rung up in debt, it is shocking.

Well over, $100,000.

Obviously at one time we were good for it or they never would of issued that much credit.

But, paying it all back is another matter.

I forget the number given for the majority of Hungarian debt holders.

Perhaps if memeory serves me right it is an average of $5,000 in the hole?

They talked my husband into getting himself a credit card in the US last visit there.

It's only in his name and has a low limit on it.

I think it's more of a travel credit card.

He never uses it but you never know when it may come in handy.

Lesson learned, Marilyn and credit cards do not mix!

We pay cash only and it's amazing how much one learns they don't really need things when it's cash out of pocket spending.Credit cards are dangerous in the wrong hands.

I often wonder when I see people in the store using a card just to purchase a drink and snack if they are running up credit or using a debt card. Even if it's a debt card the banks here charge for using those.

My husband said years ago,"If I marry Hungarian women, I be millionair, crazy American wife spends with two hands".  I'm lucky he doesn't care about money or I'd be a cooked goose years ago.

I suppose the interest rates are different if you apply for a secured loan vs a unsecured loan?

IDK if they even give unsecured loans in Hungary or not.

I know in our building they are about to start some outside electrical work.

The tenats voted for this months ago.

Depending on the size of your flat you paid a certain amount towards the commom repairs.

Our neighbor sent over a copy of who paid what in cash and who had to get a bank loan for the repairs.

It looks like more then half the people in the building, the owners had to get a bank loan and didn't opt to pay cash.

Our share came to around $700. US which we just paid out right to be done with it.

I am not sure what interest rate people will get, it was suppose to be only 4% but that sounds way too low with inflation.

In any case without even getting a vote from the owners the house manager has changed banks 2 times within a year.

Wonder what sort of scam he is trying to pull. That's a bit much and without a vote from all of us?

In Hungary and perhaps all over the EU if you default on a bank loan then they have no mercy.

In the US you can declare a chapter 13 .

In some countries debt collectors are party of the local mafia and use whatever techniques are necessary to get the money.

    In some countries debt collectors are party of the local mafia and use whatever techniques are necessary to get the money.        -@zif

Exactly.

Our old next door neighbor was a ,"collector".

He often had a black eye and broken front teeth.

He later became a LT. and got his teeth fixed.

He took us around the neighborhood when we first moved in.

Showed us the veggie shop, the computer repair shop, tire shop etc.

Later.. our laptop was messing up so we went to the computer store he showed us.

The older couple that owned the place were nice, my husband mention who had sne him over and their faces dropped. They went into the back room and a younger guy came out to help.

My husband got the creeps really badly, made some excuse and left the store.

We had no idea at the time that this is very common in every district, not everyone who runs the show works in city hall.

Some people get private loans and they have collectors.

Our neighbor for a very short time was even operating a small coffee, cig shop. So out of charactor for him. I suppose he had to show the real owners how things get done?

He worked for a business man for a long while as a driver and body guard.

The guy was a Dr. so that's a worry.

If you don't seriously need to get a loan it's best to avoid them.

Never know what troubles might come with that new car or apt.

In fact we later thought we were sold out apt. because the owner wanted to move away from the other neighbor, no wonder they were so nice to us when we just wanted to show up and measure the windows etc.

Sort of interesting and a bit of an eye opener...

This Dr. our neighbor worked for was in the pharma business. A rep for some large co.

In fact our neighbor asked us to show him around Las Vegas when he went there for a pharma convention. He stayed at Caesars Palace. We took him downtown , had him try out the all you can eat shrimp cocktails and showed him some sights over a 2 day period.

Makes you wonder why he'd need a body guard in Hungary.

Long story short, our old neighbor has retired to the countryside.like any legit business man would!

If you don't seriously need to get a loan it's best to avoid them.
Never know what troubles might come with that new car or apt.
In fact we later thought we were sold out apt. because the owner wanted to move away from the other neighbor, no wonder they were so nice to us when we just wanted to show up and measure the windows etc.
Sort of interesting and a bit of an eye opener... 

    -@Marilyn Tassy

I'm in the position of having to dispose of a UK property soon that I will inherit a share in.  There are some building construction issues there and it looks like it'll force  a lower price due to conditions inside.

But what's really causing a problem is interest rates.  The chain will be stuck.  Anyone downsizing to the property I'm involved in will have trouble shifting theirs.   Only if they have cash could it work but someone in the chain is going to  be borrowing.  And what with energy rates and wotnot, it's going to be hard to shift.  I don't mind as I'm not the only owner so the costs are shared but if it goes on years, I will start to get nervous.

    If you don't seriously need to get a loan it's best to avoid them.Never know what troubles might come with that new car or apt.In fact we later thought we were sold out apt. because the owner wanted to move away from the other neighbor, no wonder they were so nice to us when we just wanted to show up and measure the windows etc.Sort of interesting and a bit of an eye opener...      -@Marilyn Tassy

I'm in the position of having to dispose of a UK property soon that I will inherit a share in.  There are some building construction issues there and it looks like it'll force  a lower price due to conditions inside.

But what's really causing a problem is interest rates.  The chain will be stuck.  Anyone downsizing to the property I'm involved in will have trouble shifting theirs.   Only if they have cash could it work but someone in the chain is going to  be borrowing.  And what with energy rates and wotnot, it's going to be hard to shift.  I don't mind as I'm not the only owner so the costs are shared but if it goes on years, I will start to get nervous.
   

    -@fluffy2560

I will be the same, but I hope the old man has a few years left in him, The sale of the property will be split 2 ways, me and my sister. Its in a nice area and can not see it having a trouble in selling it. But who knows what the market will be like in the future. It is powered by solar which is a bonus and was totally renovated when my parents bought it 15 years ago.

It can be a huge hassle to sell proeprty if you're not there in person .

Have to hire a good estate agent.

That's the problem we had in Hungary when my MIL died.

She had a large 2 lots size bits of land in Erd with an old house they built 30 years before hand on it.

Solid house,well built but still old fashioned inside.

The land was worth the money not the house so much.

My BIL and SIL really got us mad because they both lived just 2 streets away from my MIL and couldn't be bothered selling it.

Nothing was happening with the house we my husband and I packed up, quit our jobs in Vegas and went to Erd to sell it ourselves.

My BIL knew he was cut out of the sale by my MIL and my SIL already owned half the house because of some deal she made with my FIL before he died.

It wasn't worth the time for my BIL as he got nothing out of it and my SIL already knew she was on easy st. sale or no sale.

My husband and she alone shared 50-50 half the property.

Really honestly to me I was pissed off.

We made more in 6 months working in Vegas then what we'd get from the sale.

My husband just wanted it done with and forgotten so off we went.

Since the land was double sized it was out of the price range for many buyers.

In the end we found an older lady who's daughter lived near by and she wanted the house.

We were glad she showed up. 18 months of sitting around in Erd was driving me nuts!

Thankfully I discoverd the 200 liters of great homemade wine in the cellar.

I still sort of burn when we are here in Hungary thinking of what a hasle it was and how little we really gt out of the deal.

We had t toss in our own limited savings to purchase our flat in the city.

We figured the money was so little in the long run that we'd spend it fast in Vegas without a second thought, best to invest in a flat then piss it away on the slot machines or shopping malls.

If not for that being put on us we may not of ever moved to Hungary to stay at all.

The only thing that brought us back was this old flat.

Now in our older years it's nice to know it's paid off with no big worries but then again those 2 years or so were wasted drinking and mowing the grass in Erd.

I will be the same, but I hope the old man has a few years left in him, The sale of the property will be split 2 ways, me and my sister. Its in a nice area and can not see it having a trouble in selling it. But who knows what the market will be like in the future. It is powered by solar which is a bonus and was totally renovated when my parents bought it 15 years ago.        -@SimCityAT

My parents were in their sheltered accommodation place 10 years and the building is 20 years old.  It's hard to say if it was built for any real longevity.   It's not like a Victorian building, made with a concept of 100s of years of life.  Due to somewhat dodgy conditions inside,  I'm now involved in discussions about who is responsible for outside renovations and by knock on, inside too.   It's a leasehold so the management company should be responsible and they have buildings and liability insurance.  But now we're wondering if they were negligent on external maintenance, i.e. they must pay.

When it does come to selling, you need an Estate Agent anyway in the UK if you want it done properly and they will do all the advertising. There are only 2 agents in my dad's town and we know them both very well. My sister lives 60 miles away so that's no issue either. My dad has been Mayor twice in the 15 years he has lived there and is a councillor, and governor of 2 local schools, The Church organist so known very well in the town so not going to be ripped off.

We are a bit too, "Free spirited" and crazy at times. We sold our S.Ca. house oursevles within 2 weeks.

It was a nice house.

We sed a angent that helped us sell it ourselves but it was fr a fixed amount of money given to him and not a % of the house sale.

We sold that Erd house oursevles too, did the advertizing but did need a notary for the legal end of things.

Found this flat we now live in in a newspaper add. We had used a few agents but they just didn't listen to us. They kept on showing their none movers and we were not interested in any of those.

The stress of doing it yourself though is something else.My husband speaks and reads Hungarian but he never dealt with a sale before. He learned allot.

My BIl didn't know at the time that when the house, my MIL's house sold my husband planed on splitting the profit with him minus any expense we had for the upkeep for those 18 months.

He was such a let down that we forgot him like my MIL did.

    When it does come to selling, you need an Estate Agent anyway in the UK if you want it done properly and they will do all the advertising. There are only 2 agents in my dad's town and we know them both very well. My sister lives 60 miles away so that's no issue either. My dad has been Mayor twice in the 15 years he has lived there and is a councillor, and governor of 2 local schools, The Church organist so known very well in the town so not going to be ripped off.        -@SimCityAT

My siblings are now on the job. It's their turn to helm the process.

Place is in a village and there are also two estate agents (EAs).  The property is really "God's waiting room".  People eventually pass away and there's a turnover.  EAs get to resell multiple times.

But EAs won't do anything unless probate has been granted and it runs now in the UK at 4 months before they get around to granting it.  It's something to think about in the future - just paying bills is a problem as deceased bank accounts get frozen for all or some amounts.

Worth looking at LPAs (Lasting Power of Attorney) for both health and welfare and finance.  And making a will so it's easier to obtain probate.  There's HMRC and IHT and somewhat oddly, flat rate 20% income tax on interest or dividends to consider. Deceased people don't get a tax allowance.   Parents should blow their cash to avoid IHT.

Worth considering funeral insurance as well.  That'll take care of much. People think it's a rip off but it takes away uncertainty and someone is there to help.  It is also possible to use frozen account money to pay funeral expenses.