At some point in our lives we may have the situation of having to ask for a loan. When that happens, many people face the problem of not knowing how to apply for a loan: they wonder what requirements they must meet to get it or even where to apply for it. The objective of this article is to solve all these doubts and help you in the process of applying for the loan you need.
Why is it important to know how to apply for a loan?
Knowing how to ask for a loan is very important, since it is something that is the order of the day. Many people have had to go to their bank at some point to face an unexpected expense or invest in a new project. Any loan that we request from a third party, for example the bank, and that does not involve extra guarantees is called a personal loan.
We want to analyze in detail how to request a loan and what are the concepts that we must have clear before applying for it. We must know exactly what is the amount we need and what is our ability to pay before we start the process. In this way we will also be able to know what type of loan interests us the most (personal loans, mini credits, mortgage loans, etc.), according to our needs.
Where and how to get a loan?
The first question that we have to solve before knowing how to ask for a loan is who can we apply to and what is the procedure to follow. According to our user profile and depending on the requirements that we can meet, we must go to some entities or others.
First, there are the banks of a lifetime . These will request information and documentation of all kinds from the client (income, savings and deposits, justification of the purchase if it is for a consumer good, etc.). They require more difficult requirements to meet and are characterized by their low flexibility in granting loans or credits.
On the other hand, online mini loans can also be an option to solve specific liquidity problems. Its main drawback is that the amounts granted are very low, less than a thousand euros, and that the fees and interest applied are very high, since the risk of default is higher.
One of the options that has long been emerging as an alternative to traditional banking are private equity financial institutions. These types of entities grant loans with much more flexible requirements. They try to adapt to the specific needs of each user in order to help as many people as possible. If what you need is to request a fast and uncomplicated loan, surely an entity is your best option.
Requirements to request a loan
When a bank lends money in what it is trusting it is in our solvency to return it. If you are wondering how to ask for a loan, you should take into account these basic requirements:
- The main requirement is to be able to demonstrate a fixed and high income, in accordance with the amount requested. If the fee to be paid at the end of the month is above 35% of our income, the bank will consider that there is a risk of default.
- The applicant’s credit history. If it is shown that we have promptly and adequately returned other requested loans and that we do not appear in delinquent files such as the Asnef list , the bank will consider us a suitable candidate. If you are included in such lists, getting a loan with a traditional bank becomes an almost impossible task.
- They also often value positively that the loan holders are more than one person. This is so because two payrolls, that is, two demonstrable sources of income, are always a better guarantee of payment than one.
If you are concerned about how to get a loan without meeting all these requirements, we have good news for you! With private equity entities, that is no longer a problem.
We offer home equity loans , which implies that the essential requirement is to have a property free of charges or with little outstanding mortgage. It does not matter if you have a lot of debt or if you are in an embargo situation. We believe in second chances and that is why we want to make it easier for you to get the financing you need.