The financial institution will consider a potential borrower in terms of solvency and reliability. The age of the client must be at least 18 and not more than 70 years old. Employment and proof of income are required. Bad credit personal loans guaranteed approval you can get a loan without income certificates, but for this, you will have to apply to a microfinance company, where the interest rate is much higher. If you need a small amount for a short period, for example, before your salary, you can get a loan with a bad credit history from a good company instantly. The application is considered no more than 10 minutes.
For borrowers who want to receive a large amount for a long time, it is better to contact the bank and find guarantors or provide collateral. Each organization evaluates the reputation of the client in its way. If the borrower meets all the requirements but has a poor IQ, the bank considers the following factors:
- the presence of delays in the past;
- a large number of currently open loans;
- frequent appeal to banks and over the past few years;
Most organizations give out loans to people with a clean CI without any problems but increase the interest rate. If the client repays the loan without delinquency, credit conditions for him improve. At the first appeal, the financial institution will provide a small amount.
Institutions evaluate not only the fact of delays but also the nuances. If the borrower was late for a couple of days with the payment, but then made it, this is considered non-critical. But in the case of weekly or monthly delays, the probability of refusal increases.
