How simple the process of getting the credit will be for you, depends on your age and employment, as well as a number of other factors. Some of them the bankers kept secret, but in this article you will find out how banks see their potential borrowers.
Fact #1: to get a loan you need to grow, but not over-ripen
The very first constraint that the bankers name in the description of the desired borrower and it is age. The ideal applicant for a loan should not be too young, at least 21-25 years old, but should not be older too. In ideal situation you need to repay the loan before retirement age. Some banks are willing to lend to borrowers under the age of 70 years, but the age limit is always present.
Fact #2: pensioners have more chances than freelancers
The next criterion is employment of the applicant. Most often the potential borrower must have a stable permanent job or a similar source of income.
In this case the stability and permanence of the workplace for banks is measured by period of service. As a rule the period of service on the last place of work should be not less than six months.
The stable place of work should bring a steady income to the candidate. The required amount of income varies depending on the desired loan amount.
Confirming the incomes with the certificate is not always necessary, but it is always appropriate.
Fact #3: all professions are important, but not all the same manner
With regard to the profession and employment of potential borrower, there are banks preferences, but they vary. Some institutions argue that the profession of the borrower does not affect the decision to grant a loan.
Other banks say that professional preferences exist, but in the process of decision making they can be only positive, not a negative factor.
Finally a part of the banks recognizes that the profession and employment of the borrower is an important factor when considering the application. And representatives of some professions are less likely to get a positive solution. But if three years ago banks openly warned, that people occupied in specialized area of work will be checked more comprehensively (like construction, consulting, metallurgy, mining), then today they are keeping this information in strict confidence.
So in what category you will get, you will find out or be able to guess just after you will submit your loan application to the bank and a full set of personal data.
Fact #4: the old borrower is better than two new ones
No less important is the history of banking services of the applicant for the loan. And it’s not just about the credit history. It is clear that the willful defaulter of loans in the past, will be unlikely desirable borrower in the future.
Many banks provide favors for those candidates who previously were served by them. It may be more favorable treatment when considering the application. Or more loyal terms of the loan.
Drew Bowers, banking manager describes the characteristics of potential borrowers, that banks pay attention to, like MortgageCWF Company providing bad credit mortgages in Toronto.