A spoiled credit history often serves as a credit product failure. Since the bank is important to know that you are a conscientious customer who will timely fulfill obligations under the loan agreement, when deciding on your application, it will definitely pay attention to the purity of credit history.
If you make monthly payments on the loan agreement in time, do not shy away from the bank’s payments, then your credit history is considered clean, which will have a positive effect on the design of another credit product. But if you systematically admitted delay in payment schedule or refused to pay the loan at all, you have a litigation, then your story is considered spoiled. This situation leads to the fact that the next time the lender is unlikely to approve you a new loan, believing that you will again be unscrupuling to execute or ignore credit commitments to the bank.
The probability of credit approval with bad credit history is very low, but you can try several options for solving this problem.
First, you can attract the guarantor to your loan. The guarantor, in this case, will act as a guarantor of the fulfillment of the loan obligations, in case you have problems with its payment. Banks go towards such borrowers, and it enhances your chances of receiving cash.
A good way to get a loan is the attraction of coaches.
Sometimes banks themselves ask for one or more coaches who carry solid liability on the loan along with the main borrower, that is with you. This is not necessary to be relatives. It is enough to ensure that the amount of their wages or, in other words, the income was sufficient to fulfill obligations under the loan agreement.
The role of pledge can act as real estate and car. If you have securities, they can also act as collateral. You can tell the bank yourself about your intention to receive cash on bail.
This type of loans is an excellent way to get money simply and quickly. But a large minus in such a loan will be high percentages that microfinance organizations cover their risks.
And the risks here are really huge, as a rule, clients of such organizations become unfair in the past borrowers.
A spoiled credit history can be improved. There are not so many improvement methods, but they still have. For example, you can buy goods in installments. By the timely repayment of payments for these goods, you will slowly improve your credit history.
And also, as we said, you can contact the microfinance organization. Making the small amounts of the loan in the MFI, and paying them according to the schedule without postpony, you will make your credit history better.
Just if you have debt on housing and communal services, or an alimony obligations, we advise you to close these gaps, which will also have a positive effect on the approval of the loan with a bad credit history.
So, as you see, a bad credit history is not a sentence in obtaining a loan. You have the opportunity to improve credit history, and then the chances of getting a loan will increase. Or, you can use one of the loan design options proposed by us without attempting to improve credit history, and perhaps the approval of the loan product will not make you wait.
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