How to know if I am granted a personal loan

The modality of personal and fast loans has been gaining strength in recent years, and the entities that provide these services have been adapting to day-to-day needs, making procedures faster and faster and less time can be wasted in market research and submission of documents. However, despite the great facilities these data verification systems have, it is still not possible to accredit all users and many times frustration overcomes a loan that we urgently needed has not been approved.

How to know if I am granted a personal loan

The truth is that there is no single way to determine if you are a person who can aspire to private loans , but there are several strategies that you can develop in order to better understand how credit systems work, what requirements you must present and which are the best ways to conduct a market search for a loan product.

The first thing to keep in mind is that in order for them to legally lend you money you must be of legal age. However, according to the agency that provides these services, 18 years are not enough for you to be part of the target audience and in some cases they will request that you have 21 or even 25 years to be able to access their loans. In the same way, we can find a maximum age after which most credit agencies will not grant us any type of pestane. This age is 65 years or in some institutions even 70, and if we are outside this margin we will find many difficulties to access loans, so we can be sure that we will not have the possibility of being accepted.

Now, once the age range is within the requested parameters, it will be important for you to understand that there is another great variety of criteria that for some agencies are essential while for others they are simply optional. Such is the case of appearing reported in a list of defaulters such as ASNEF, in which they evaluate our credit performance over recent years. For some agencies this is a central pillar, since it speaks of your commitment to payments and if you appear reported in any of these entities you will be rejected immediately. However, this is not always the case, for example when it comes to home equity loans we are talking about a completely different scenario. In this case, it is not our history that guarantees our ability to pay, but rather our own home is our commitment and it is not necessary to have a completely clean credit history but a property in our name.

In that sense, the most important thing when it comes to knowing whether or not we will receive approval for a particular loan is precisely the appropriate choice of our credit agency. In this way it is more likely to be as close as possible to our needs and to be satisfied with the conditions. Another of the most common requirements when applying for a private loan is to have a job or a permanent job, so that you have a guaranteed income and constant income. Unemployment or informal work with irregular earnings can generate from the beginning that the Instantor verifier rejects our profile.

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Roger molins Jerome P Allison ( LinkedIn )
I am a freelance writer and consultant for companies and individuals, with a particular emphasis on fintech, technology, startups and online marketing. More information ...