How to increase the chances of getting a cash loan – this is a question that appears on the lips of many borrowers. Below we have prepared a set of the most important tips that help you get a loan much faster.
A cash loan is an excellent financial product for anyone who needs money. At present, obtaining a cash loan is much simpler than it was a few years ago – banks are more favorable and require fewer formalities. In this article, we explain what exactly a cash loan is and how to increase your chances of getting it. We invite you to read carefully!
Cash loan – what is it and who can get it?
There is always a moment in everyone’s life when there is a big need for urgent money and there is not much money in the account. Random situations, such as a failure of home appliances, the car can affect anyone. What can you do in this situation? Of course, take out a cash loan.
Cash loans can be granted to all persons over 18 years of age, have the full legal capacity and adequate creditworthiness. All banks accurately count the so-called scoring. The higher the score of the scoring, the greater the chance that the client will obtain the requested loan. The creditworthiness analysis is divided into two parts – qualitative and quantitative.
The qualitative analysis consists of examining aspects such as the age of the consumer, marital status, education, internship at work, occupation, job number of people forming a household with him, housing status and credit history of a given borrower. To examine the credit history, the bank downloads a report from Credit Checker – thanks to it it will receive full information about its obligations.
In turn, as part of the quantitative analysis, the applicant’s current financial situation is checked very closely. The Good Finance institution checks:
the amount of income obtained by the consumer,
the monthly cost of living for the consumer,
current consumer debt (all loans, credit cards, guaranteed loans for friends).
You can calculate your creditworthiness quickly and safely using the creditworthiness calculator available on our website.
What documents do you need to provide to get a cash loan?
To be able to apply for a cash loan, you must collect all the necessary documents. Don’t worry – the entire cash loan application procedure is unnecessary. What documents do you need to provide when applying for a cash loan?
a document that confirms his identity (e.g. ID card) – based on this document, the bank will confirm the provided data, age, and nationality. The credit form must contain correct data that matches those on the document;
income statement – the bank needs this certificate because it is necessary for a proper assessment of the customer’s creditworthiness. A certificate of the amount of income obtained can be obtained immediately from your employer. Old-age and disability pensioners can present to the bank the latest episode of their disability or old-age pension. Some banks are also asking their clients to provide additional receipts of income received – for example, Good Finance account statement for the last 90 days. In this way, the consumer can prove that he shows great credibility. In some Good Finance institutions, you can also get a cash loan for a statement – then we make a statement ourselves, in which we announce how much we earn.
How much do I have to earn to get a loan?
Many people who want to take out a cash loan ask themselves this question. It is worth knowing that everyone, regardless of their earnings, can apply for such a loan. Each Good Finance institution sets its own terms of lending. The assessment of creditworthiness is taken on an individual basis.
Potential borrowers who have low earnings but have so far repaid all their loans on time and have no active obligations will certainly have a very good chance of applying for a cash loan.
How to increase the chances of a cash loan? First of all: credit history
How to increase the chances of getting a cash loan – this is a question that appears on the lips of many borrowers. Below we have prepared a set of the most important tips and tricks, thanks to which it is much faster to get a loan for your dream goal. Obviously, the basic issue cares for positive credit history. All people who have ever bought something in installments are more likely to start when applying for a cash loan. Financial institutions attach great importance to a positive credit history – it is for the confirmation that the borrower is a reliable customer.
If we want to quickly increase our credibility among banks for the future, it is worth buying something in installments. It is best to choose 0% installments that can be found in an increasing number of stores. If we pay them back on time, we’ll get additional points in the Credit Checker. Later, the bank will take these points into account when issuing a decision to grant us a cash loan. Of course, when buying in installments you need to be moderate – we advise you not to buy unnecessary things just to “get” points.
An additional thing to keep in mind is a positive credit history as part of the commitments made as an overdraft. We also recommend that you pay all your credit card arrears on an ongoing basis. The subsequent creditworthiness assessment is also influenced by the loans and advances we have guaranteed.