How to increase your chances of getting a loan or credit

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I am not a supporter of taking on financial obligations for purposes other than investment. However, various unforeseen situations may occur in life. Failures of household appliances, cars, sudden illness. That is why I decided to present several proven methods that increase the chances of obtaining a cash loan or a loan. Failure to follow these rules may result in the automatic rejection of the application. Especially in the case of automatic verification of the borrower by the system, and not by an employee, which is currently happening more and more often.

Loan vs. Credit
money coins personal bank accountIt is worth distinguishing these two concepts at the outset. A cash loan, e.g. a consumer loan, is most often granted by banks. When we talk about a loan, we are most often denmark whatsapp database about financing provided by non-bank companies. In both cases, you can submit the application electronically. Using an online comparison tool, which allows you to compare many offers at the same time. Sending the application to two, maximum three banks, can increase the chances of receiving a loan or credit.

Correct personal data
One of the most common reasons for rejecting an application are errors in the form. Not only typos will be detected, but also incorrectly entered personal data. During the verification process, any irregularities will be detected and may be the reason for rejecting the application. Make sure that you have entered your name, surname and PESEL number correctly. Also, the bank account number and personal data of its holder must match those provided in the cash loan application.

Build a positive credit history
You can't count on getting financing if your credit history is negative. Banks and loan companies will screen you in the most popular databases. Both their own and those generally available to them, such as BIK, KRD, BIG, ERIF. If you haven't bought anything on credit in the last 5 years, it's time to make up for it. You can even take out 0% installments on any RTV or household appliances. It is enough to pay off your liabilities on time to build a positive credit history. You will become more credible for financial institutions and gain better conditions when applying for a loan or credit. In the opposite situation, when you end up on one of the lists as an unreliable debtor, you can cross out your chances of getting money.

Get rid of your credit card
debit card payment contactless payment
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Many of us have credit cards in addition to debit cards or instead of them. They are most often used to finance current expenses, i.e. taking on short-term debts. If you are applying for a loan from a non-bank company, it is worth closing the card beforehand. Otherwise, it will be treated as another loan that you have to repay. This will lower your creditworthiness. Therefore, consider which financing method is more beneficial for you. If you give up your credit card, you will automatically increase your chances of getting a bank loan and a loan from a non-bank company.