Many people find it difficult to get a bank loan. It is especially consumer loans where banks are cautious. The reason banks are cautious about providing consumer loans is because there is no guarantee that the loan will be repaid.
A consumer loan is always more risky for the bank than a home or car loan
This is because collateral is provided in the form of the home or car when a loan is provided for these items. If the loan agreements are not complied with, the home or car can be requested to be sold and thus the bank can get its money back. However, the same does not apply to a consumer loan. For example, if you buy furniture or electronics, these things are not considered a guarantee for the loan. In other words, the bank is unlikely to be able to redeem its money by requesting furniture or electronics sold.
To optimize the likelihood of getting their money back when they provide a consumer loan, banks make a check of your credit worthiness before making a loan. Here we look at paychecks, annual statements and your consumption so far to assess whether it is a good business for them to lend you money. Unfortunately, this also means that there are many who are excluded from getting a loan for a variety of reasons. Banks usually try to be on the safe side, if in doubt, they would rather say no than yes.
Get out of RKI
It can get really difficult to borrow if you are in RKI or similar. RKI is a database of bad payers. That is, you can get a registration in RKI if you have one or more unpaid bills. You can also get registered if you have debts that you do not repay.
For most lenders, registering with RKI is an automatic no matter how good your credit score is. Therefore, it can be difficult to raise loans at a reasonable interest rate. In other words, you need to get out of RKI if you want easy loans.
If you want out of RKI, just pay what you owe. Once you have paid the amount due, your registration will be removed and there will be no trace of it. In other words, you do not face a spotty criminal record because you once owed money. Should your registration not disappear, contact the company that originally made the registration. It is their responsibility to have it removed, but sometimes errors can be made, so they forget to remove the registration.
In relation to RKI, it is important to know that you can also be registered for smaller amounts. However, this also does not matter to the lenders, as a listing in RKI, as mentioned earlier, gives an automatic refusal to lend money. Therefore, if you have a registration due to a small amount, it is an incredibly good idea to pay the amount owed.
Consider quick loans
You can consider quick loans where your first priority is to find an easy loan. Mortgages are known to be incredibly easy and many places you can apply online. Unlike at the bank, you do not have to prove your credit rating when you take out a quick loan. There may be other requirements that you must meet – for example in relation to age, but in general it is incredibly easy to get permission to take out a quick loan.
When you submit your application for a quick loan, it will immediately begin to be processed. It is not uncommon to receive the money on the same day you have applied, which is also the reason why quick loans are known to be an incredibly easy loan. In return for the fast turnaround time, you have to pay an interest rate that is higher than the one at the bank. The specific size of interest rates can vary greatly from lender to lender, so this is something that you should look into first.
As an alternative to quick loans, you may also consider an SMS loan. With an SMS loan it is possible to take out a loan with a simple SMS. Often this requires that you have previously borrowed from the lender and thus registered in their system. If this is the case, you can often take out a loan in less than a minute.
If you take out quick or SMS loans, you should be aware that the repayment period is often short. In many places, you have to repay the loan within 14 or 30 days. Therefore, it is important that you make sure that your account is funded within these time intervals. This is also the reason why the interest rate on the loan is higher than in the bank. A bank loan typically has a longer maturity, which means the bank has a longer period where they can charge interest from you.
In relation to quick loans, it is important to remember that the loan is easy only if you can pay it back. If you end up in a situation where you cannot repay the loan, it can become a frustrating burden. Therefore, be sure to keep track of your repayment, as you will not find a loan that is easier than a quick loan.