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Month: May 2020

Loans with Financial Credit Institution and with payroll

When accessing financing or requesting loans with Financial Credit Institution and payroll through a bank, it will ask us for certain documentation in order to verify our ability to pay. Some of this documentation will be the following:

  • Proof of income, such as our payroll, or an extract from our bank account in the event that we collect income (pensions, rents, etc.)
  • The tax return of the previous year
  • A working life report
  • Information about our personal situation, for example if we are single, if we have children, etc.
  • If we are already repaying other loans, in order to know our level of indebtedness

If any of the requirements that the bank sets are not met, we will not be able to access financing. In the case of appearing delinquent in Financial Credit Institution automatically see we have rejected our loan application, without taking into account the other factors.

Loans with Financial Credit Institution and with payroll

Loans with Financial Credit Institution and with payroll

In Private Loan MB we have more than 7 years of experience in opening lines of financing through loans with Financial Credit Institution and with payroll.

In this way, we serve a sector of the credit market that cannot go to banks to obtain financing. All of our Financial Credit Institution and payroll loans are opened through private lenders.

The market for loans between individuals has become a real alternative and a way out of the problem of not being able to access financing because it appears in a delinquent registry.

Requirements to access our loans and with payroll

Requirements to access our loans and with payroll

Loan Privado MB wants to completely separate itself from those fast credit companies that deliver the money without asking questions but in return ask for astronomical interests and fairly draconian repayment terms.

In all our operations we want to make sure that the client will be able to repay the loan normally while offering a competitive interest rate within the private loan market. To achieve both objectives, we set two mandatory requirements for any applicant:

  1. Have a real estate property in the name of the applicant, which will be used as a guarantee in the event of default. To verify that the property is actually in the name of the person making the loan request, we need a simple note from the Land Registry. It can be any type of real estate property. We will appraise this property independently to determine the maximum amount that we can grant to the applicant: approximately 30% of the appraised value.
  2. Request at least $ 20,000. This amount is the one that allows us to defray the fixed costs associated with the opening of financing lines through loans with Financial Credit Institution and with payroll, at the same time that we offer a type of competitive compared to market standards. This interest rate will always be between 9% and 12%.

Conditions of our loans with Financial Credit Institution and payroll

Conditions of our loans with Financial Credit Institution and payroll

Private Loan MB has a much smaller infrastructure than a bank. This gives you a lot of flexibility in adapting to the personal needs of each applicant. For this reason, our applicants can choose practically each and every one of the characteristics they want to be able to repay the loan in the way they want:

  • You can choose the duration, between 1 and 10 years.
  • You can choose the type of amortization ; The French one is the most common with linear installments, although we also leave the American amortization option with interest-only installments throughout the life of the loan plus a final principal payment.
  • Fees can be chosen: monthly, quarterly, semi-annually…
  • We work with individuals and companies
  • All our loans are signed before a notary, in any notary office in Spain that the client chooses, for the safety of both the applicant and the lender that leaves the money
  • We are legally registered as a company specializing in loans between individuals and we act under the regulations that regulate the Ministry of Health and Consumption of the Government of Spain

Take out credit for travel experience.

Taking out credit for the trip – saving up first is not cheaper

Taking out credit for the trip - saving up first is not cheaper

There are no wonderful holiday experiences for free. Nevertheless, the Germans are a people who enjoy traveling. At every beautiful travel destination in the world vacationers will inevitably meet other Germans far from home. When the travel information is exchanged – sooner or later – the topic always comes at the expense of travel. Holidaymakers who made themselves comfortable when booking their trip and simply booked an offer that matched their savings paid for it.

No one wants to take out a loan for the trip, browsing through the holiday catalogs and on the Internet. Beautiful long-distance destinations, such as a trip to the cultures of Asia, are not cheap to reach. The flight alone to the dream destinations in Asia costs a good 1,000 USD per person. Unaffordable for families with children. The fact that the actual stay is very cheap does not save the holiday budget. Unless the outbound and return flight would cost just 350 USD instead of 1,000 USD a day. There is not any? Please check the China Airlines website regularly.

Book individual trips inexpensively – taking out credit for the trip pays off

Book individual trips inexpensively - taking out credit for the trip pays off

Even within the high season, but booking well in advance, the Asian airline attracts with a few tickets at a dumping price. Instead of 4,000 USD for a family with 2 children, the flight only costs 1,400 USD – double luggage included. (Example: Frankfurt via Shang Hai to Manila). Of course, only the 1,400 USD would have to be available to match the offer. At the beginning of the year, (the above-mentioned offer had to be booked in January 2016), the cash registers in all families are empty.

In such cases, not wanting to take out a loan for the trip is a commercial waste of money. Without borrowing, exactly 15 USD in financing costs would be saved. Proof: 1,400 USD of credit with a 12-month term cost exactly 15 USD of effective interest in the current loan comparison.

If savings were made first, the special offer would of course be out of stock long ago. If the same trip is to be booked at the normal flight price, it now costs 2,600 USD more. (Without additional luggage). The high season does not go far for the 1,400 USD available after the savings phase. At most for a week to the North Sea. – On your own arrival, because going on holiday with the Bundesbahn is also not an economy model for families.

Package tours – special offers stimulate business

Package tours - special offers stimulate business

Package tours all inclusive have been the hit on the tourism market for years. But the dream beach is usually only at the dumping price out of season. Again, it is worthwhile for families with school-age children to keep their eyes open. – If necessary, take out a loan for the trip. In the same way as for scheduled flights, the organizers of package tours also pay close attention to how the bookings go. The organizers will wait for stable orders at normal prices and special promotions with a slight price advantage.

If the bookings get stuck, you can occupy empty spaces with real special offers. What used to be the last minute flight is now an automatic booking software. Of course, there are only a few places that are sold with a 50 percent discount and more. But, for the organizer, the booking quota comes back to the target. People who have to pay attention to their money are again faced with the question of taking out credit for the trip or first saving.

Practically always, when real special offers come into play, the travel credit is the savings model for the vacation. Those who still believe in great-grandmother’s idea of ​​saving and then going on vacation are welcome to pay more. Alternatively, he can use a calculator to get a real overview of costs using a credit comparison. Then he will decide on the special offer on credit.

Nogoes if you take out a loan for the trip

Nogoes if you take out a loan for the trip

The impression should not be given here that it always makes sense to take out a loan for personal travel requests. Vacation is a luxury good. Relaxation is also possible on balconies or in connection with day trips. It would be crazy to exhaust the overdraft facility until it stops, just to visit a dream destination far from home.

Everyone must be able to earn and afford vacation. To demonize credit for the trip or not to recognize the savings opportunities would also be wrong. It is important that the monthly installments must be affordable, although the financing period does not exceed 12 months (until the next vacation). In addition, the overdraft facility that enables the booking on the day of the special offer is compensated for as soon as possible with an installment loan. Have a beautiful holiday.

How to apply for consumer credit?

To obtain consumer credit from a bank, several steps are necessary. From your request to the assessment by a bank advisor of your ability to repay a loan, without forgetting all the supporting documents to be provided. Here is a point on the procedures and all the documents you will need to provide to take out a consumer loan.

To obtain consumer credit and finance a purchase, you must have a real capacity to borrow and repay a credit. 

The steps to build a consumer credit file

The steps to build a consumer credit file

Less complex to obtain than a mortgage, because relating to smaller sums, applying for a consumer loan however requires compliance with certain steps. Indeed, if you want to buy a new car, finance a trip or even a wedding or have fun with various expenses, you will necessarily have to have your financial situation examined by an adviser.

1. Making contact
You have the possibility of applying for a consumer credit from your current bank, or of applying for a competing establishment. In branch or online, contact the bank of your choice to let them know about your project.

2. Analysis of your financial situation
To obtain consumer credit and finance a purchase, you will have to demonstrate your creditworthiness. This means that you must have real capacity to borrow and repay a loan. To determine your debt capacity, the bank will study your personal but also professional situation. Whether you are an employee on a permanent or fixed-term contract, self-employed or unemployed, and whatever your level of income, this verification is an essential prerequisite.

3. The supply of supporting documents
Based on the information provided and the first simulations selected, the bank will require supporting documents to prepare the final file and obtain final validation. You will then get an offer of credit, to sign to start the process.

4. The provision of funds
Once the consumer credit offer has been signed, the bank will be able to provide you with the funds necessary for your purchase.

Supporting documents to provide for a consumer credit

Supporting documents to provide for a consumer credit

What information and supporting documents should be provided in the context of a consumer credit application ? What documents do I need to bring to build a credit report? You will have to justify your personal but also professional and financial situation. Here is a non-exhaustive list of documents that will generally be requested:

  • Proof of identity (identity card / passport) as well as a family booklet, a marriage booklet or a PACS certificate depending on your marital status;
  • Proof of address less than three months old;
  • Your pay slips for the last three months, or your Pôle Emploi certificate if you are unemployed. For the self-employed, the tax declaration will serve as proof;
  • All documents related to credits that you currently have and that are in the process of being repaid Remember to provide contracts but also amortization schedules;
  • A RIB, to be able to transfer funds.

The waiting period to obtain a final answer depends on the bank that you request. Some banks offer an immediate response in principle or within a few hours. They will then require supporting documents before giving a final answer. It is impossible to get an immediate definitive answer for a consumer loan. The law requires the bank to check your creditworthiness before accepting any file.