How to increase your chances of getting your loan application approved?
Posted: Wed Feb 19, 2025 5:46 am
Become a more attractive client for the bank. That is, more solvent, reliable and responsible. It is important to provide only reliable data and carefully check the application form before sending it - typos can be taken for deliberate deception, and then you will definitely be denied a loan.
Remember that the security service filters out all unreliable clients, and providing knowingly false information to the bank is subject to criminal liability. Do not make such mistakes - use legal ways to increase the chances of your application being approved. We will tell you how to do this.
1. Get insurance
You can insure your life, health, and even the risk of loss of iceland mobile database income. This will influence the decision. The fewer risks for the bank, the higher the chance of approval. Insurance increases the "body" of the loan, but at the same time plays into the hands of both the lender and the borrower. The latter may not be afraid that in the event of a tragedy, he will leave debts to his heirs or will not be able to make payments due to deteriorating health, dismissal, or suspension of the enterprise.
2. Attract a guarantor or provide collateral
If you have relatives, friends and acquaintances who are ready to become guarantors, inform the bank about this. In this case, the probability of approval of the application will increase significantly, because the bank will receive more guarantees of debt repayment: if you are unable to service the loan, the guarantor will do so. The risk of non-payment is also reduced by collateral: it can be seized if for some reason you stop making payments on the loan.
3. Use bank products more often
Many lenders are more willing to approve applications from clients who use other bank products. Therefore, it is worth getting a debit card, opening a deposit or savings account in advance. It also makes sense to make the bank a salary bank. To do this, get a debit card and ask your employer to transfer your salary to it - write a corresponding application and submit it to the accounting department. According to the law, they cannot refuse you.
4. Correct your credit history
Request a full report on all the credit bureaus where your credit history is stored. You can clarify their list through State Services - to do this, make a corresponding request to the Central Catalog of Credit Histories. The service is provided by the Bank of Russia. Based on the results of its provision, you will receive a full list of credit bureaus that store information about your loans.
Remember that the security service filters out all unreliable clients, and providing knowingly false information to the bank is subject to criminal liability. Do not make such mistakes - use legal ways to increase the chances of your application being approved. We will tell you how to do this.
1. Get insurance
You can insure your life, health, and even the risk of loss of iceland mobile database income. This will influence the decision. The fewer risks for the bank, the higher the chance of approval. Insurance increases the "body" of the loan, but at the same time plays into the hands of both the lender and the borrower. The latter may not be afraid that in the event of a tragedy, he will leave debts to his heirs or will not be able to make payments due to deteriorating health, dismissal, or suspension of the enterprise.
2. Attract a guarantor or provide collateral
If you have relatives, friends and acquaintances who are ready to become guarantors, inform the bank about this. In this case, the probability of approval of the application will increase significantly, because the bank will receive more guarantees of debt repayment: if you are unable to service the loan, the guarantor will do so. The risk of non-payment is also reduced by collateral: it can be seized if for some reason you stop making payments on the loan.
3. Use bank products more often
Many lenders are more willing to approve applications from clients who use other bank products. Therefore, it is worth getting a debit card, opening a deposit or savings account in advance. It also makes sense to make the bank a salary bank. To do this, get a debit card and ask your employer to transfer your salary to it - write a corresponding application and submit it to the accounting department. According to the law, they cannot refuse you.
4. Correct your credit history
Request a full report on all the credit bureaus where your credit history is stored. You can clarify their list through State Services - to do this, make a corresponding request to the Central Catalog of Credit Histories. The service is provided by the Bank of Russia. Based on the results of its provision, you will receive a full list of credit bureaus that store information about your loans.