If this is your case, follow these tips and inform yourself of the steps to follow and how banks act when they analyze the granting of a loan:
First, when a financial institution receives a loan request, it conducts a query of the arrears records RAI, Financial Credit Institutions to check its payment history in previous operations if it has left any outstanding debt in both Loans and Loans and in Credit Cards and deferred payments for purchases in shopping centers and consumer stores.
If your name is registered in a list of defaulters, in most cases it will be a very important reason for banks not to accept your credit.
Then, the bank or Fund will consult the Stalper, to know the debts that have contracted with other entities for loans, mortgages, financial, etc.
To be able to make such a consultation in Stalper, it is necessary that previously the Entity has collected its corresponding authorization duly signed as otherwise it would be a serious fault to be sanctioned by the AEPD (Data Protection Agency in Spain).
Once the previous steps have been verified, that is to say that we are clean of delinquency or non-payment of previous debts and that the level of risks that we have for other financing is acceptable, the bank or cashier will make the following calculation:
With a Loan simulator, calculate the monthly installment to be paid based on the amount requested, the repayment period and the agreed interest rate. At the same time, add all your income for payroll, rent, aid, rent, etc and subtract the payment of the monthly letter for other loans or mortgages if there were.
Once you know the availability that you have each month to live, the amount of the fee or monthly letter to be paid each month for the requested loan must not exceed 35% of the net monthly income.
Obviously, it will also take into consideration a minimum wage or amount available for living, since once the above calculations are made, a minimum free amount for that family must be estimated.
CALCULATE YOUR FEE
If the previous steps have been positive, the financial institution will need a series of documents to analyze the ability to return the money and economic solvency in case of default and among them we detail:
– 3 Latest payroll if you work as a salaried employee
– Labor contract where its age is exposed and if it is fixed or is temporary.
– Working life especially when you have worked in several companies to know their continuity with employment.
– Other proof of income, rent, rent, aid, etc.
– Statement of Income or IRPF for the last year presented.
– If you are not obliged to make the Declaration of Income, Income Certificate of the company or paying agency.
– It is convenient to provide movements of your bank account for at least 6 months that allows the bank to check its evolution
In the case of self-employed workers and SMEs, the requirements and documents requested by banks are different from those of individuals, since by not having a fixed income payroll every month, it is necessary to demonstrate to the lender what income and expenses we have each month:
– Model 130 of the Public Treasury for the quarterly Personal Income Tax payments. Payments on account.
– Official model 303 of VAT settlement.
– Book of collections and payments of the business or balance of accounts.
– Same as in the case of individuals, banking movements of 6 months.
– If you have an important contract with a usual provider where you generate a large part of your income, present a copy of the contract.
– Justifications to prove the goods and properties you have as notes of the property register etc. – Savings etc.
Once the related requirements have been met and the documents submitted to the bank’s approval, the time it will take the bank to give us a positive or negative response will depend on the amount and time to return the money as well as our income situation and economic solvency..
When requesting a credit and processing all the above data, banks have an automatic system called scoring that rates their operation and informs the bank manager if the operation is favorable, doubtful or needs the approval of a higher bank. Therefore, if the scoring is favorable, the bank manager of the office itself can consider the operation valid and the response will be quick. On the other hand, if the valuation system is doubtful, the operation must be submitted to the Bank’s Risk Department, which will undoubtedly delay the response.
As we said at the beginning, the first thing that credit institutions look at when studying a loan is if the applicant has RAI and Financial Credit Institutions and if they have Financial Credit Institutions it will be a sufficient reason for the bank to deny the loan, unless the reasons or that documents are presented that you have everything paid.
However, if the debt is already settled, it is best to demand that the company or individual that has recorded the non-payment in the register of defaulters request the withdrawal of the Financial Credit Institutions from our name. And the users will ask themselves: is there no solution or alternative to get money while in Financial Credit Institutions?.
One of the ways to achieve this will be to provide the bank with a real guarantee, which can be a home or place to mortgage, goods or jewelry to leave as a pledge or also providing a good guarantor who has sufficient income, with property and of course be clean of Financial Credit Institutions.
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