What are the requirements to apply for a consumer credit?
The requirements to apply for a consumer credit are similar among banks. First, the financial institution makes a credit history analyzing your ability to pay, considering your experience with other purchases, wealth and monthly income. The idea is to see if you are eligible and the amount they can lend you. Although each bank has different requirements, they all ask for work continuity and a minimum income that varies by credit and the amount of money requested.
A consumer credit is perhaps one of the most easily accessible financing
Because the amounts are small and are used for short-term projects, the requirements necessary to obtain them are not as demanding as for other types of credits.
At the time of granting a personal loan, what is sought is to ensure that the client, in the future, has the money necessary to return the loan, so the most important thing is that you can demonstrate the ability to pay both in the past and in the near future.
Requirements to request a consumer credit
In general, all financial entities, whether banks or not, have a minimum requirement. However, if you are a regular customer in a bank, for example, they may request fewer things, since they have a very close knowledge of your payment actions.
Below we detail what they can usually ask you for:
.- Have an income or minimum wage according to the amount of the requested loan.
.- Be at least 18 years old and a maximum that varies according to the amount requested.
.- Have a clean economic and commercial history, without debt.
.- Be of Chilean nationality or have permanent residence in the country.
.- Have a minimum working seniority that demonstrates job stability.
Why is it important to meet the requirements for a personal loan?
Personal loans are obtained through a financial institution that basically lends an amount of money with the obligation that you return the amount received along with the agreed interests. As there is a higher risk in the payment of these loans than in other types of credits, because they have less guarantees, the interest rate is usually high. For this reason, it is that personal loans without requirements have a higher rate, because they do not have coverage and the financial institution only has “the promise” that you will make the payments month by month.
Banks, on the other hand, although they do the credit analysis, cannot grant personal loans without requirements, since the highest percentage is granted to their own clients, who generally collect their salary there and those who already know how they behave with payments.
The rest are delivered to those who meet the requirements to request a consumer credit that they define
Now that you know the requirements to apply for a consumer credit, we invite you to continue learning about the best options in terms of personal finances. You can do it by reading other detailed tips below or accessing articles from our blog.
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