If you are going to apply for a loan, it is best to have all the information and documents before doing so, to avoid possible complications.
THE request for a personal loan Going to a financial or banking institution usually involves a procedure that you are not always prepared for: the documentation, filling out forms and, above all, the waiting time for your request to be approved or rejected.
Of course, when you work and receive a salary through a payroll loan, obtaining credit or a loan is usually faster. In this situation, it is very likely that the bank itself will offer a loan, for there is a greater guarantee for it.
However, before requesting or accepting a loan in this modality, you should pay attention to the terms and conditions of the contract. Checking where they offer lower commissions or interest rates, and which term is most suitable for you, is the same as knowing how much you will pay in total when the personal loan ends.
But if you have already made the decision to apply for a personal loan, find out here what are the most important and common requirements that you will have to comply with with financial institutions.
1. Age.
Believe it or not, there is an age range for banks or other institutions to consider you a good candidate. for a personal loan. According to some platforms, the minimum (or ideal) age is 21 and the maximum is 65. This is because during this period people are busy with jobs. This does not mean that if you are 18 or over 65, they will deny you a loan. They will just be more strict when evaluating you, and there is less chance of them approving you.
2. Proof of income.
This is a requirement that gives them greater confidence that you are a person with a stable job and salary. In addition, it allows the bank to know how much you earn per month and to assess how much they can lend without posing a risk to your finances and, most importantly, that you can pay it back. The most accepted documents are pay slips, although some institutions accept bank statements (when you are self-employed) that verify a steady income.
3. Letter from employer.
Not all banks require you to meet this requirement, but it is important that you are aware of its existence in case you need to approve credit. Basically, it is a document that contains information about your relationship with the company you work for, it must be prepared by the company and contains:
- Your personal data, such as full name;
- Position in the company;
- Monthly or biweekly salary;
- The time you have worked at the company is usually included as your start date.;
- If there is any discount that is made via payroll, such as payment by FNHIS, payment of alimony, loan from the company itself or from another bank.
The employer's letter must be written on letterhead, contain the company's details and bear the corresponding signature (Human Resources or person in charge).
4. Good credit history.
It is usually a determining factor for the approval of a loan. Even if you have a stable job and earn a good income, if your credit report shows that you are late on payments or that you have several debts at the same time, three things can happen: they will deny you credit, they will condition interest on you or they will lend you less. Otherwise, if the SPC report is favorable to you, it will almost certainly be that they will grant you the loan on good terms.
5. If you have property, it is better that it does not have a mortgage.
In some cases, especially when the loan is large, there are institutions that ask you to put up a property as collateral in case you do not pay on time. Therefore, it cannot be collateral for a previous loan.
6. Have personal references.
When applying for a loan, it is common to provide details of family members or friends who provide information about you. It can be simplified by saying that the bank will call them or seek them out to tell them whether they know you, whether they have a relationship with you and whether they consider you a person who pays their debts, that is, whether you are trustworthy. Remember that a personal reference and an endorsement are different things.
7. Endorsement or guarantor.
The guarantor has an important role in your application: he or she is the guarantee that if you do not pay, someone else will. For this reason, there are not many people who agree to be the guarantor for others.
What documentation will be requested when applying for a personal loan:
- Official identification (identity card, passport, work card);
- Proof of residence with a maximum age of 2 months;
- Proof of income;
- Fill out form or credit form;
- Personal references (in some cases, in writing).