A cash loan from a bank or credit unions is intended for customers who have a sufficiently high creditworthiness and are creditworthy, which can be confirmed in the credit databases.
The most important creditworthiness
A client applying for a cash loan at a bank or credit unions will be able to receive such financing only if he has sufficient creditworthiness. It identifies with the ability to repay the commitment made – the capital and accrued interest, according to the deadline specified in the contract.
The consumer is affected by how much he earns and how much he spends. Therefore, when applying for a cash loan, the amount of income and indicate from which sources they are obtained. Stable income, significantly exceeding the monthly expenses related to the maintenance of oneself and the family, apartment or car as well as the repayment earlier Loans and borrowings have been increased, increasing the chance of obtaining the cash loan in the desired amount.
No loan, including cash, may be granted to a customer who has had significant delays in repaying previous commitments and not to pay them and turned out to be an unreliable debtor. The bank can easily check this in the databases of the Credit Information Bureau. Credit checker submits a report along with point analysis, so-called scoring about a person. If the entries in the BIK about the potential borrower are positive, it will speed up the granting of a cash loan. Similarly, negative entries will mean that the customer will not receive a bank loan.
Application for the basis for the credit procedure
The bank will not start analyzing the customer’s creditworthiness or creditworthiness at all unless it starts a formal procedure to apply for the desired cash loan. This usually involves submitting an application for a loan together with a set of documents:
- a document confirming identity – an ID card, passport,
- certificate of the amount of income received.
Some banks require you to submit, for example, the last PIT settlement of the client or an account statement from the last three or several months. On the basis of the loan application and customer documents, the bank performs the credit procedure and finally issues the decision to grant a cash loan or reject the application.