Have you failed to apply for a loan at your bank? There may be a number of reasons for this, as we have discussed in more detail in the article. Didn’t get the loan you applied for? Where did they go wrong ?. But what to do in such a situation? We will help you in today’s article.
Are you a trader and have a problem getting a loan?
Sometimes it is all the more complicated, for example, if you are applying for a loan at a bank and are self-employed while applying a high lump sum (up to 80% in the craft sector), you may also come across hard. This is because the bank may not be interested in your total turnover in documenting your financial income, but only in taxable profits – and this may be (in the example) only 20% of the money earned!
From the bank’s point of view, you are only a poorly qualified applicant, in spite of sufficient effective income. Therefore, even if you should get the loan without difficulty (because you can repay it without difficulty), you will not.
Non-bank loans are more risky but more affordable
The solution may be a non-bank loan, which is generally better available (the lender assesses mainly the current financial situation) and settled faster. On the other hand, it will also bear more interest than a bank loan.
How much? It depends on which provider you choose. The differences are great and it pays to use some of the independent loan comparators (one of them is our website, for example).
What is good to know in advance?
Who can borrow money? Every citizen who has reached min. For 18 years, he has a bank account, telephone and ability to pay. Are there any fees? No, it doesn’t. In addition, the application is non-binding until the contract is signed.
It is therefore up to you whether you decide to “take” the offered loan or not. Usually you will be contacted by the company within 15 minutes and they will reply and send you all the details via email. How much money and for how long can I borrow? It’s up to you. Aggregators operate both in the small loans segment (usually up to USD 4,500 for 30 days), but also in long-term loans (up to USD 250,000 with a maturity of 84 months).
Who will offer me a loan? This cannot be guaranteed in advance, the system groups more companies and everything depends on the information entered (age, residence, financial income, etc.). As the lender is not known in advance, it is difficult to prepare a spreadsheet or repayment calculator in advance (but illustrative examples below).