In times of economic crisis, as in which we are, when unemployment is high and therefore increase the debts and defaults of individuals and businesses. So to face the expenses and current payments more and more companies and individuals are forced to ask for a quick or personal loan. However, in these situations, financial institutions and credit companies become increasingly prudent when granting loans. And in the most difficult crisis situations, the lenders get to reject around 90% of the credit applications they receive without giving any kind of explanation. In fact, you may have experienced that situation yourself, and you may wonder
What to do before requesting a loan?
Well, although there are no magic solutions, it is true that there are some tips that you must take into account before asking for a loan:
- First, keep in mind that each lender has its own formula to analyze the risk profile of each of the applicants. In the world of financing, to companies and individuals, this formula is called a rating. And it is an indicator, numerical or with letters, that establishes the financial solvency of the applicant. Normally, the variables taken into account are: the level and recurrence of income, existing debts, equity, estimated recurring expenses, family charges, etc. Knowing your personal rating is essential before asking for a loan.
- Second, there are different types of lenders specializing in profiles of very different applicants. Some credit companies grant quick loans, other personal loans, and some mortgage loans. So the loan to get depends on the term, the interest rate, and especially the risk policy that the lender has. That’s why before asking for a loan you should know what you need.
And last but not least, you must take into account some basic requirements when applying for a loan. These recommendations are always essential when a bank or a company decides to grant a loan application. So if you do not follow these tips you will have a hard time getting the loan you need, be it fast or personal. And if you get it, you will be forced to pay a much higher interest rate. That is why it is so important that you meet these three requirements.
3 basic requirements to apply for a credit:
- Do not appear in a list of defaulters and unpaid, such as the asnef file.
- Have a stable monthly income that can take over your personal expenses as well as the monthly installments of the loan granted.
- Have a reasonable level of personal and professional stability. That is, not incurring family responsibilities as children or pensions for food derived from divorces. And especially have a fixed work contract, even if it is not full-time.