A risky transaction, a credit agreement requires the lender to make a reliable inquiry about the applicant. Starting with the borrower’s repayment capacity, even in situations of financial difficulty.
For its part, the person who needs the credit has time to think carefully about his request because it is easy to get into debt, but often complicated to be able to repay everything.
Professional and family situation
Even if they earn interest, lenders are wary of people who apply for credit. Before they can give you the amount of money for example for a work loan, they are obliged to check your ability to repay the credit and will ask you to answer certain crucial questions: what is the total amount of your income?
What are your expenses and how stable is your family situation? Of course, you will be required to provide supporting documents such as pay slips, your employment contracts and possibly your invoices. To gain the trust of the lender, it is advisable to always play the card of honesty.
To find out if you already have loans in progress, your lender will inquire with the Central Credit Bureau for individuals at National Bank. By consulting the data of the central bank, he will know everything about your worries about repayments, the nature of your previous loans and those that you are still paying back. From there, he will review your file and decide whether or not to grant you a loan.
If he thinks that you can repay everything, he will grant you the loan which will be registered with the Credit Central.
The guarantees required for a loan application
Whether you go to a bank or a lender, you may be required to provide collateral. These assets will be taken from you if you are no longer able to repay your debts.
And if ever the lender refuses to grant you the loan, you are able to ask the reasons for this decision and if the information is not correct, you have the right to request a correction.