Lending is firmly rooted in our lives and often helps us deal with relatively serious problems, such as covering medical or tuition costs. We can also use a bank loan to make an expensive purchase, in other words, in case of an urgent need, credit money can "patch holes" in your wallet.
It is possible to repay the loan in stages
Depending on the borrower's options. Applying for a bank loan always gives the customer an emotional uplift, and even if this procedure has been planned in advance by the family council, applicants start to worry for a variety of reasons: whether we get the money we need or the bank specialist succeed, what the cost will be the credit taken, that is, how much the overpayment will be.
Anyone who has gone to the bank for a loan will immediately want to hear the coveted "Yes" from the potential investor, or at least get a loan faster and get the desired amount of money .
Equally important is the issue of annual interest, the borrower must be convinced before the contract is signed that he has a good loan at the bank. To avoid all the "corners", stop worrying and look financially attractive, we will give you some simple recommendations and help you understand the issues most common to future borrowers when choosing a bank loan.
Before you go to the bank to get a loan, you need to know exactly what kind of loan you want to take: a target loan or a non-target loan. You also need to realistically evaluate your options and analyze whether you have any loved ones who may come to you as guarantors or whether you can offer real estate collateral. All of this has to be "considered" beforehand so you can safely choose the financial product that suits you, rather than accepting the credit manager's option.
Once you have answered the very first question, "What credit do I want to get from the bank?" No matter what kind of loan you intend to draw (pledge or guarantor) to sign the contract, the passport alone will not be enough. If you are in a formal job, you will need to prepare a statement of your salary for the last 6 months. If not, look for a co-borrower (if it is a mortgage). Timely documentation will help you better focus on your options and find out almost immediately how much you can expect.
Before you get a loan from a bank, you'll definitely want to "rate"
The main thing that a lender will look out for when giving a loan to a bank is your credit standing. In the past, this indicator was evaluated much shorter and more subjectively with the help of a credit specialist. Investors are now addressing this issue in a more complex way, not only analyzing the returns they receive but also auto-scoring.
As a result of these two main factors, the bank receives a fairly objective assessment of the customer's creditworthiness. It is most important for the borrower to know that obtaining a loan from a bank depends on only 2 factors: the level of regular profit and the credit history. In order not to get into a bad situation, ask in advance what circumstances the bank will definitely refuse you credit for.
It would probably be interesting for any borrower to know exactly how the scoring analysis is done and how "some" points are calculated. Everything is very simple to get a loan at a bank An employee of the organization enters your data into a special program using a question-and-answer method, but only in a simplified form. The program puts its own score on each such answer.
Depending on the number of points collected, the machine makes a decision: whether to grant the applicant a loan at the bank or it will be safer to refuse. To get the bank credit you need, you often have to ask for help from a guarantor or co-borrower, because our monthly income may not be enough to cover the payment. Creditors calculate the maximum loan amount based on your salary: the compulsory contribution may not exceed 50% of the family's total income.