Preparation for taking a loan – what should you remember?
If we have analyzed all pros and cons and decided to take out a loan, remember to compare the offers before signing the contract. The costs of loans at different banks differ significantly. Follow the APRC (Actual Annual Interest Rate). The APRC reduces all bank fees to a common denominator. The network includes both credit calculators and comparison tools to help you analyze your offers. They are very comfortable, but they also have a disadvantage. Having additional questions, we will still have to go to the bank to discuss all the details. The advisor will compare all parameters of offers from several banks in one place.
Creditworthiness – what influences it and how to check it?
Another issue we need to address is creditworthiness. It is the bank’s amount of credit that can be obtained for the repayment period we choose. It is calculated on the basis of our income, expenses, installments already paid for loans or the number of dependents. The bank must check whether, after making all payments and taking into account the cost of living, we have enough money to pay back the loan installment we apply for In most banks, we must provide relevant documents confirming our income . In turn, the bank can verify expenses based on our bank statement. In addition, creditworthiness is also affected by many factors not related to finances, such as age, industry in which we work, education, marital status, etc. Such available loan amount may, however, vary considerably from bank to bank. It may turn out that one institution will refuse a loan at all, and another will calculate creditworthiness, e.g. for over PLN 100,000. Therefore, if we compare offers ourselves, we should make sure that the bank we choose will lend us the amount we need.
Does every bank require the same documents to be presented?
Unfortunately not … Credit offers available nowadays are very wide. We have mortgage, consumer, consolidation and loans. Depending on the product we apply for and the institution we choose, we can expect to present slightly different documents. The procedure for granting them is also different. For example: the process of obtaining a mortgage can take about a month, and we can get a regular cash loan even in one day. On the other hand, a mortgage is much cheaper.
When choosing financing, you should get the advice of an expert, i.e. the credit agent. The agent asks about what the client needs money for and knows about our financial situation. As a result, he will check in which institution we can count on financing.
Well, it’s time for a loan
After analyzing all of the above- mentioned aspects, you can easily go to the Bank or a loan broker, where you will get detailed information about a specific loan offer . With the knowledge obtained we will answer every consultant’s question, thanks to which we will receive the most tailored offer to our situation and needs.