Lending – one of the types of financial life of the bank. It creates the basis for the development of the lender itself, customers, bank shareholders, and an increase in the welfare of Americans within the country. When lending money, any bank risks, and this risk can be displayed not only on credit products, but also on other services of the bank. If the client did not repay the loan on time, the lender may have difficulty in meeting the obligations they have given to other clients, such as investors. Therefore, the risk of borrowing is directly related to the liquidity risk of the lender.
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Now banks work “for the client” and the provision of loans is a very popular service, even if the bank risks, it basically borrows money in order to realize its commercial interest and earn income in the form of credit interest. Competition among banking services is increasingly forcing lenders to borrow money quickly, making decisions based solely on information obtained from credit history and scoring. Therefore, the quality of the “credit biography” is very important for the borrower.
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Credit history can be compared with the reporting documentation submitted to the lender by the entrepreneur. It displays all the financial habits of the client. Based on this information, the bank can determine the possible risk in each particular case of borrowing. In addition, a quality story can be useful not only to the bank, but also to the client. If the lender trusts the borrower, he will lower the cost of the loan or go towards the client in other areas of his business. Also, banks, at the sight of an ideal debt history, can reduce the requirements for providing additional guarantees of loan repayment, reduce the list of necessary documentation, review the application more quickly and make a decision sooner.
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Basically, lenders want to see as their customers Americans with an ideal credit biography. What is the perfect story? This is the reporting of the loan activity, which stores information that the borrower had no debts at all, made payments strictly at the required time, and even paid out loans ahead of schedule (although the latter parameter does not suit some banks).
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Good credit history. With such a history, not everything is simple, the Central Bank refers to such a history of a loan biography in which there is a delay, but it does not exceed a month. Others refer to such stories differently. For some important parameter is the absence of more than 3 delayed payments from the client during the year, and the delay period should not exceed 5 days. Another lender will “reject” such a story in the bud. Bad credit history – this biography shows long-term delay in repayment of repaid loans. The disgusting story carries information about the late payment of outstanding loans.
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Specific criteria for determining a good biography does not exist. All banks consider the history of the fulfillment of obligations by borrowers “from their bell tower.” Therefore, if there were small troubles in history, this does not mean that absolutely all creditors will refuse to credit. Now in the territory of USA there is a huge amount of banks, with small credit “sins” you can find a lender who will lend you money.
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It should be noted that citizens who have delayed, in vain fear that they have nothing to hope in the bank. Now there are plenty of lenders willing to deal with even such seemingly unreliable contingent of applicants. However, to a large extent, the willingness to cooperate will be determined by the amount requested by the borrower, as well as the degree of seriousness of his offense to the previous bank. If the applicant wants to take a small consumer loan, and at the same time is ready to provide an income statement, and a guarantor (if the bank asks), then they can say “yes”.
Again, the lender will get acquainted with what were the problems with the previous loan. If friction with the bank was serious enough and the borrower maliciously evaded its obligations, then in a new financial institution they are unlikely to want to do business with it. However, if the delay was simply a misunderstanding, which, moreover, was never repeated, the lender could meet in the matter of approval of the application.
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If the banks categorically do not want to cooperate, or put forward unambiguously unacceptable conditions, do not despair, because there are always alternative credit organizations. For example, one of them is a pawnshop who never looks at a person with a bad credit history or a good one. He is important that the applicant brought with him a pledge.
However, turning a blind eye to possible “dark spots” on the credit reputation of a borrower, pawnshops, nevertheless, are reinsured by evaluating the property provided to them at a deliberately low value. So, for the car pledged as a pledge, its owner will be able to receive from the pawnshop no more than 50% of its market price, and this is provided that the transport is in almost perfect condition. For cars traveling from 2 years and more, it will be possible to gain even less.
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In addition to pawnshops, applicants with a bad credit reputation are also loyal to payday loans. However, these lenders still partly cooperate, and therefore, malicious defaulters can refuse here. The rest can count on a loan. But only its amount will be very “modest” for the first time, and the interest on the loan, on the contrary, will surprise you with its huge size. However, as an option to intercept money before wages, loans in payday loans may well fit.
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In addition to organizations that can be easily found on the map, loans are also issued by persons who can only be found in the global network. As a rule, there loans are issued by private lenders who use special sites for these purposes, serving as an intermediary meeting place for those who want to borrow money and those who need it.
However, obtaining a loan from such lenders also cannot be counted among simple procedures. Private investors also need guarantees of repayment of funds, and therefore they carry out inspections of applicants, sometimes taking a lot of time. The resulting amount will be very small. However, it will be much easier to apply for the second loan to the applicant, and the credit limit will probably become larger, since the person will earn his own separate credit history in the virtual network, which will also have to be kept clean.