Loan: What Do Banks Analyze?
Thinking of taking a loan? When we submit a request for approval by banks or financial institutions, they check a variety of information before granting credit and following up with their request. Interested in knowing what they analyze? Fundico has selected some key points and shares now:
One of the first things analyzed by lending companies is the client’s social security number. If you are negative, be aware that few lenders offer a credit proposal for settlement of the CPF. Even if they do, the interest goes beyond the most expensive in the market (credit card – more than 445% per year)! Learn more here about loan for negatives.
With the CPF regularized, the second thing analyzed is the payment history. Without the habit of repaying loan on time or default with the basic bills? These are already reasons why credit is not granted.
Monthly income compatible with loan
When you apply for a loan, lenders compare the amount you borrowed with your monthly earnings. So it is essential that your monthly income is compatible with the personal credit requested. How? For example, if your monthly income is $ 2,500, asking for four times the amount, $ 10,000, will not be as easy as $ 5,000. At this time it is important not to take a step higher than the leg and get more debt than financial aid.
Lack of warranties
Depending on the line of loan, the customer must present a type of collateral such as a property or vehicle paid off. Monthly income in such cases does not always guarantee the granting of credit; The finance company may request an extra guarantee. But stay tuned! Know the Total Effective Cost (CET) before closing the deal so you won’t have any surprises later.
In addition to monthly income, your profession, employment and marital status also influence the loan application. For example, public sector workers have more job security and may be clients with better profiles than those who do not have a set monthly income and earn earnings on commissions.