We explain to you how to get the financing you need without resorting to third parties that endorse you. The financing you need, quickly and easily, with Champion lender.
A guarantee is an additional guarantee for the bank that the stipulated return fees are to be met and that in the event that the client can not meet the payments, the money will be returned to the financial institution in another way. Now, if you do not have any physical person that endorses you or a specific asset, for example, a home, how can you access loans without a bank guarantee?
Elements of a bank loan
Bank procedures usually include nomenclatures that are not used on a day-to-day basis and that need to be explained to avoid misunderstandings. It is important to remember that operations with financial entities always include movements of money, additional reason to control all the necessary terms to avoid unpleasant surprises at the end of the month. At the time of requesting a loan it is essential that you know, what amount of money I can request, the interest that they will apply me for lending me the money, what commissions and other expenses I have to pay, the term or period of time agreed to return the loan and the number of regular installments.
The fact of having a guarantee can help the bank grant you the loan. This is not a universal norm and will depend on the financial institution, the amount of money requested, the creditworthiness of the borrower, etc.
Loans that can be requested without endorsement
When classifying loans, they can be organized into two large groups: mortgage loans and personal loans. In personal loans, financing is usually easier to obtain than in a mortgage loan and normally the bank will not require a specific guarantee (such as housing in a mortgage) but will have to respond to the payment of the credit with the present assets and futures.
Personal loans are those that the financial institution offers its clients to solve specific needs that arise at a particular time. The best known are consumer loans, which are intended to finance consumer durables such as a car, a motorcycle, a piece of furniture, etc. Also, personal loans are those dedicated to cover, for example, the expenses derived from studies.
The loan simulator allows you to calculate what the monthly payment would be and the interest that you would have to pay on your loan.
Requirements to access loans without a bank guarantee
It is important to understand that all the prerequisites to granting a loan are designed so that the bank checks the solvency of its client and makes sure that the requested money is returned with interest. With this objective, the financial entity will request the following from a loan applicant, among others:
- Be of age.
- Be solvent: that is, have a higher income than the obligation acquired with the bank to repay the loan.
- The bank can request additional documentation for the study of the operation.