Requirements I must meet to apply for a loan with Financial Credit Institutions

While the best place to apply for a personal loan may seem to be your bank or credit union.

It is also true that they will not give you the money you need if you are included in the Financial Credit Institutions or any delinquency list. So you can consider a loan online. Online lenders that accept Financial Credit Institutions will allow you to access the money you need, regardless of whether you are in a delinquency file. However, it is necessary that you know the requirements that you must meet in order to access this financing product.

In today’s article you will be able to know them, this will help you to know if you are a good candidate to obtain a personal loan.

Why is it difficult to find loans with Financial Credit Institutions?

Loans for bad credit are hard to find because the default rate is very high. The profits of personal loan lenders depend on managing the expected default rates associated with different groups of loan applicants. That’s why, for people with poor credit scores, finding a personal loan is difficult.

Since many lenders can not or do not want to take so much risk with your investment. Fortunately, not everyone thinks the same and it is these that can meet the economic needs of a person who is registered with the Financial Credit Institutions and needs money. But before applying for funding you should ask yourself some relevant questions.

Who should consider personal loans with Financial Credit Institutions?

Not all people are good candidates for a personal loan. Since there are certain requirements that must be met according to the lender company with which the loan is requested. However, they can be an excellent option for certain consumers, such as:

People who are in the Financial Credit Institutions or some record of delinquency

Maybe you owe a considerable part and you want to settle all the debt in order to leave the Financial Credit Institutions. A loan with Financial Credit Institutions is your most affordable option, to be able to fulfill your purposes and be totally out of the delinquency record. When you are off the list of defaulters, you can open doors, especially financially speaking. That is, to have access to any type of financing.

What can be a mortgage for a new house, reforms of the home, a business as self-employed, etc.

People who need fast money

Even if you have accumulated capital in the home, you may not be able to touch it fast enough to do what you want. Since it can take weeks to evaluate your property, process, approve and finance your home equity loan or line of credit. If you need to make a fantastic investment immediately, a personal loan could be your best option. And you can always use the real estate capital to pay for it when there are no time limitations.

People whose savings are immobilized in retirement accounts

If you are not old enough to access your savings without a fine, a personal loan could be a much cheaper source of funds. When you withdraw money from your savings account in advance, you may have to pay a penalty for it. So it can be more profitable to ask for a personal loan.

People who want a loan with a fixed interest rate

Sure, some credit cards come with fixed interest rates, but for a limited time. Therefore, if you want a real fixed rate loan, you probably want a personal loan. Because in this way you will know how much you are going to pay exactly every month for the duration of the loan.

What are the requirements to apply?

¿Cuáles son los requisitos para solicitar dinero con ASNEF?

At this point you should bear in mind that each of the lenders has its own requirements. It is not the same to ask for a mini-credit in which the amount is lower than that of a loan. Likewise, it is not the same to be in the Financial Credit Institutions for a non-payment of a mobile invoice, than for a non-payment of a loan in another bank.

Next, I will give you the general requirements and these are:

  • Be of legal age, (although depending on the entity, the minimum age may increase) and under 70 years of age
  • Be a resident in Spain and have a document that certifies it 
  • Have a bank account in your name, co-owner, representative or authorized thereof.
  • Have a mobile phone to your name and email
  • Have a regular income (a payroll is not necessary) and enough to repay the loan (for loans with collateral this requirement is not necessary)
  • Do not have debts in Financial Credit Institutions higher than € 1,500 and that this is not due to non-payment of a bank product (for loans with guarantee this requirement is not necessary)