Here are some tips to put the odds on your side when applying for a loan.
Banks and financial institutions always conscientiously study every file they receive. From the way you manage your money to the one you are repaying your credits, everything has been scrutinized before granting you a loan. So what are the criteria taken into account? Here are 5 tips to perfect your file when applying for a credit.
Your bank accounts
Banks have a very negative view of inactive or empty accounts. Therefore, if you have bank accounts that you no longer use, close them! Indeed, this type of account represents a risk for the lender who sees an additional opportunity to contract financing from a store, for example.
If you have the possibility to be negative on your account, it is advisable to never go down to the maximum. Indeed, financial institutions look closely at the movements on your account. Therefore, maximize your chances of getting credit by limiting your negative and making sure you always repay it the following month.
Repayment of loans
Do you pay back your credits on a regular basis? How much are your monthly payments? These are all questions that the bank will ask you to apply for a loan. Indeed, it is considered that the total monthly payments of a household must not exceed 33% of its income. From then on, do your calculations!
Your credit requests
It is very bad to ask for several financing from different financial institutions. If you want to be sure to make the best choice, it is recommended to use a broker.
Having a personal contribution when applying for a loan is not mandatory at all. Many banks also grant credits to finance projects to 110%. However, your future creditor will be more positive if he finds that you have savings. Indeed, it will mean that you know how to manage your money and that you are a stable person in your expenses.
If you have more questions about the loan application, do not hesitate to contact us!