As much as we do not want, sometimes we all need financial help. Typically, for smaller amounts, people are increasingly appealing to non-bank financial institutions, where the procedure is much easier.
Most often, banks carry out in-depth assessment and analysis of candidates, analyzing in detail their creditworthiness. This is one reason why many people are turning to specialized companies in the industry.
Credit history is not that important to them. One of the leaders in the industry, such as Cashcredit, is the disposable income and the existence of a permanent employment contract.
When you ask for credit from them, the answer depends on whether you have a job and what is your level of indebtedness at the moment, that is, will you be able to pay off your debts with the available income.
They will deny you almost certainly if there have been any past problems with overdue, and in such a situation you can expect a negative response.
When they give you credit
Normally, when applying for funding, banks conduct a very thorough analysis of the candidate who is standing against them. That’s not the case, however, when you negotiate for cash with a specialist company.
When applying for a loan from one, usually the answer is positive, even more so that in the current competition, if you give up a company, you can very easily find what you are looking for in another.
Still, sometimes the answer is not, but when this happens, one must first consider whether the denial is not due to any of the following points of reference, and if so how can he fix this before re-applying.
1. Bad credit history
The bad history in the CCR’s archives is usually a sufficient reason to get a refusal if a bank institution is against you. However, if you want a loan from a company, then that is not particularly important.
In fact, in this case, the only thing that matters is whether you are solvent at the moment and whether you will be able to meet your obligations.
Most companies will either not be interested in your story, or if they do, it’s up to you to decide on what conditions to fund you.
Typically, bad history affects the interest rate you will receive, and the amount you will eventually be awarded.
2. Lack of guarantor
As much as you are not trusted, the importance of the guarantor decreases very seriously. Things have come to the point that most companies in the non-banking sector do not require one at all in their terms.
In most cases, the only guarantor of your solvency is yourself with the contract you have with your employer. This is now practiced almost entirely, and only with banks, and only in some cases.
3. Insufficient or no regulated profitability
A problem when applying for a quick loan may be the lack of work and a permanent employment contract. This will almost certainly result in a refusal by the firm.
This is considered to be the most important condition for obtaining approval, and the truth is that it is very difficult to find a serious company to fund you if you do not meet this condition.
Unlike the lack of permanent employment relationships, low incomes may be the basis of the denial in a relatively small proportion of cases.
In a similar situation, they can only refuse you if the amount you are applying for is inconsistent with your earnings.