Do you want to take out a loan, but still have no idea how to ask for it? Are you afraid that they won’t give it to you? Before you approach a bank to request this service, I recommend that you try to comply with the requirements that this entity will ask for.
Discover the requirements to request a loan
The first thing you have to keep in mind to be able to apply for a loan is to be old enough to deal with one. Banks are not going to give you a loan if you are a minor.
Even when you are of legal age, you will have to meet a number of other requirements to access one.
Have a good credit history
Credit history is key for the bank to lend you money or not. It is difficult for a financial institution to give you a loan if:
1. do you have an adverse credit history or
2. You have no credit history.
If this is the second case, they are likely to give it to you, but for small numbers, at least initially.
Your clear sources of income
If you don’t receive any money a month, banks wo n’t lend you. And they have to know where you’re going to get the money to return the loan. Usually they will lend you if you have proven income from 700 soles.
When you go to a bank for your loans you must carry your ID, so make sure that it is up to date. Some entities may also ask you for other papers, such as a service receipt (electricity or water will be fine).
If you have already requested loans before, or have a good credit history, you can save time and paperwork by also applying for a loan online through different platforms. Find out if you qualify for an online loan through Good Finance!