For one reason or another, you have decided to take out a loan. You then ask the question: who to turn to, but especially which credit institution lends more easily than another? However, rather than looking for a lending agency that is easy to lend, it would be better to know how to make it easy for a lender to lend. “. Indeed, once you know how lenders work, it will be easier for you to get financing regardless of the creditor of your choice. Here are some ideas and tips to help you.
What criteria does a credit institution decide on granting a credit?
In general, financial institutions rely on acceptance rule and scores.
The rule of acceptance: this is a principle according to which your debt ratio should not exceed one third of your income, at the risk of exposing you to a certain precariousness. Despite your loan, the rest of your income must allow you to live decently.
Scores: these are points awarded according to the profile of the borrower (age, marital status, number of children, profession, presence or absence of savings, guarantee or surety, d a contribution, other credits in progress, a history of banking incidents discovered, payments rejected, etc.). Scores allow creditors to assess the risk of default. For example, the profile will be considered more stable if the person contracting the credit is on a permanent contract rather than a fixed-term contract or unemployed. The expenses of a family with two school-aged children will not be the same as those of a retired couple. Credit agencies will consider that lending to someone with a history of overdrafts will be more perilous ….
In short, unless there is a banking ban, a person’s application for credit will be successful if the person is not in debt or the arrears leave him or her with room for maneuver. The concept of “easy loan” will be played rather at the level of scores.
Each project has its easy credit
To make it easier for a lending institution to give you financing, you need to choose the right formula for your needs. As a caricatural illustration, you are not going to take a mortgage to buy a washing machine, is it?
The easy personal loan (installment loan or consumer credit): this type of loan is suitable for various projects of daily life. It can serve for example to acquire or replace any appliance – household appliances, high-tech … -, to prepare a family event such as a birthday, a birth, or to face a death, a divorce, a move, etc. . A personal loan can be also intended to pay tuition fees, but also to prepare holidays, the list is not exhaustive.
You can take out a consumer credit with or without a special reason (defining an affected loan or not), but the interest rate can be high. At the same time, the sums involved are less important than in a real estate loan or for a professional project and the repayment terms are shorter.
Note that depending on the type of purchase you want to make, a sales company can become a credit agency that easily lends thanks to the system of “installment sale” or “purchase on credit”. You will acquire a property for monthly payments that you will pay directly to the merchant.
Another notion is revolving credit and prepaid credit card . These “systems” make it possible to borrow a small amount, easily and quickly. Some remarks however: management is easier with a prepaid credit card, because your expenses can be controlled. With revolving credit (permanent credit or “revolving credit” or “revolving credit”), the ease with which one renews one’s borrowing can incite to create needs and thus overconsumption, with the risk of over-indebtedness.
Auto loan is akin to a personal loan, this type of easy credit can be subscribed with conventional financial institutions, but the offer can come directly from the dealers (which will talk to you about a leasing or car leasing). You will quickly enjoy the car of your dreams by paying monthly installments.
Real estate loan: this type of loan is for you if you decide to buy a residence (principal or secondary), a house or land for rent, or if you want to undertake construction work, renovation, maintenance … etc. The larger sums involved and the longer repayment periods make this type of credit less easy to obtain than a personal loan.
According to your needs, you will be able to choose:
- The mortgage: your home will serve as collateral and you will repay your loan in the form of monthly payments.
- Mortgage life loan: you will receive an annuity or a capital while living in your home, because the lender will have this one at your death. This loan can be obtained easily for a person without heirs and wishing to take advantage of certain services, such as medical care, home help, etc.
How to get credit easily?
As you can see, the answers to the question “How to find an easy-to-lend credit institution” follow from some previous updates.
Be reasonable: no financial institution will lend you more than you can repay. To get your hands on a lending agency that loans easily, make sure that the amount requested is proportional to your budget terms.
Make your loan application file easy: it’s not just about producing a particular administrative document (proof of identity, residence, income, bank identification). Your creditor will analyze your professional stability, but also a large part of your bank history. If it shows that you are a spender, unable to manage your personal budget, you will not be the ideal candidate for an easy loan. So, avoid payment incidents and discoveries tarnishing your image, unless they are justified by imperatives (such as a failure of the only family car or hotplates … and not holidays …!).
Make sure your case is solid:
- A credit institution will agree to finance you more easily if you have been able to build savings, especially if you have done so on a monthly basis. Such savings mean that you are able to regularly compromise on your personal budget and thus, honor your repayment commitments.
- Your loan will be facilitated if you provide guarantees, such as insurance, a home savings plan, a securities account, a wealth, an object of value, … even a person (provided that it has a reliable profile, inspiring confidence , able to pay off your debts in case of difficulty on your side).
- In case of a large loan (real estate or professional), you can benefit from easy credit if you have a contribution: it is a sum of money you have, but you must supplement with the loan. Note that your creditor will be more sensitive to a small amount raised over the years than to a large amount inherited recently.
- If you want to get a loan easily, but you have other credits in progress, the best is to pay them to regularize your situation. If that’s not possible, consider a buyout or a credit consolidation. Talk to the financial institution of your choice: the latter will direct you to a specialist and then you can continue your borrowing process.
Use a loan comparator : thanks to this type of service, you will have a large list of credit agencies and information about their offers. You will have more elements to choose creditors who seem ready to grant you credit more easily. Do not forget to ask for a personalized quote, which will be closer to the actual conditions of your loan. This will help you choose the best offer for your situation.
Alternatively, you can get easy credit if you can find the financier who will not refuse you: if you can offer the services of a bank broker, informed about the actions of credit institutions to achieve their objectives, do not hesitate.
A credit organization that easily lends the word of the end
Even if the solutions to find a loan agency that is easy to lend are many, do not forget the basic principle of the loan: Check your repayment capabilities. Weigh the pros and cons, see if the ease is not likely to drag you into a vicious circle. Indulge yourself, but fear over-consumption and over-indebtedness.