A loan is the financial tool that allows us to achieve goals when we do not have immediate money. It is an instrument that serves to buy goods and also to start a business. Know the keys to obtain a credit. When you think of a loan, surely the first thing that comes to your head is your salary and if it is enough to opt for financing. Although it is important, it is not the determining factor for the bank to approve the loan. You should know that the most important thing when applying for a credit is the payment capacity you have, beyond the amount you earn each month.
The ability to pay is not an amount of the salary you earn month by month for your work. This is the ability you have to be able to meet quotas after borrowing. Beyond the amount of money, banks are interested in more relevant aspects before deciding whether to grant you credit. Let’s see below, the points that demonstrate to financial institutions if you have the ability to pay.
The most important thing at this point is to prove that you are not a person who jumps from one job to another in a short time. If so, the bank will consider you to be a high-risk client due to job instability.
If you are thinking about applying for a credit and you are a dependent worker, you must show that you are at least 1 year old. If you are an entrepreneur or self-employed, you must have at least 2 years of seniority. In other words, you must demonstrate that your activity has worked stably during that period. In order for the bank to verify your job stability, it will request the collections it deems necessary. Generally, you must present a copy of the fixed contract, receipts of the last three salaries and invoices, as the case may be.
It refers to all valuable assets that you own in your name. For example, cars, machinery, housing, and land. This will serve so that the bank can recover the credit in the event that you do not comply with its payment.
Is your income too low? Don’t mortify yourself thinking you don’t have a chance for this reason. You should know that it is possible to supplement your salary with that of your family group.
In other words, the sum of the total income of all the members of the family who are working. The more people work at home, the higher the money will be to cover monthly expenses. At this point it is important that you gather all the corresponding documents to demonstrate the income of each member. Between the collection of labor contracts, tickets, invoices and proof of payment for the work done.
This is the other person who will also be responsible for payments. In case of non-payment, the financial institution will collect the debt from both in equal parts. The bank does this in order to insure the capital in case of having problems to collect the borrowed money.
On the other hand, the guarantee is the person who must pay the installments or the total debt in case the holder of the credit does not fulfill his responsibility. This person who appears as a co-debtor or guarantee must choose it with great caution. Make sure that you are aware of the entire financial situation and that you have a good credit history.
The bank before granting you a loan of any kind will evaluate your credit behavior. That is to say, it will check if you have fulfilled the payment of your debts and how you manage your money.
If you have a negative record, you do not meet your payments, you request multiple credits and you do not pay and you are financially unstable, you will be a high risk client. If so, the bank will not grant you the loan so as not to jeopardize the capital.
As you can see, requesting a loan implies that you comply with certain aspects that are what the bank will evaluate. Although it is not a complicated thing, even so for many it is difficult to access financing with traditional banks In case you need a loan and for some reason you couldn’t get it with a traditional financial institution, you should know that there are other options. In Chile, banks are not the only entities that can offer you financing. In addition, you have alternatives such as commercial banks, clearinghouses and credit unions.
In Oriencoop, we are a savings and credit cooperative with more than 60 years of experience in granting financial opportunities for Chilean families. Among our products you can get consumer credits, commercial credits, factoring, savings and more services adapted to your needs. Consult any of our branches about our products and benefits. Apply for your credit regardless of whether you have a low income and dare to make your projects come true.