There may be many reasons why you could apply for a loan.
Maybe you’re thinking about taking a wonderful vacation with your family or starting a new business.
Whatever the reason, a personal loan can be an excellent way to help you achieve your dreams.
When you decide to apply online for a personal loan at CreditoAgil.es it can be quick and easy.
You just have to make sure you meet the requirements to get a loan and have some things on hand before you start.
What are the requirements that I must meet when hiring a loan?
To apply for a personal loan successfully, the borrower must provide certain documents.
These documents help the lender (whether a bank or a private) to know and understand the financial stability of the borrower and analyze the credit risk.
In addition to that, it helps the lender to know and verify all the details about the applicant, such as age, income, address, and employment.
It is on the basis of this that a lender decides whether or not to loan the applicant.
As personal loans are unsecured loans.
The lender takes nothing as collateral for the loan amount, therefore, there is always a potential risk of default of the borrower or leak in the loan.
Therefore, it is necessary for a lender to request a set of documents so that it can analyze the applicant and then decide.
List of requirements to contract a loan
Next, I will show you a list with all the documents required for a personal loan:
- Be of legal age: Be 18 years old, although some lenders require that the minimum age be 21 or 25 years
- Reside in Spain: To benefit from these loans you must live in Spain, therefore, you must provide your ID or NIE to certify it.
- Have a sufficient source of income: You must demonstrate to the lender, that you have a stable, recurring and sufficient source of income to repay the loan, usually through a bank statement.
- Have a mobile line: and also the email so they can contact you.
- Have a bank account: This will serve to enter the credit money and to automatically deduct the loan installments.
- Have economic solvency: You must show the lender that you can repay the loan without any problem.
Some lenders will require you not to be registered in any delinquency record as the ASNEF.
Do you want to know the requirements to contract a loan on the Internet? Learn how to borrow money online safely and comfortably.
Why is the bank statement necessary to obtain a personal loan?
Applying for a personal loan is not a difficult task since most of the time the personal loan is not guaranteed.
The applicant does not need to provide any assets as collateral to obtain the personal loan.
The bank statement is very important for personal loans since it is a vital proof of your income.
For the salaried person, the bank statement is evidence to demonstrate the eligibility of the personal loan and the repayment of the loan.
It is one of the important tests that the person must provide since it specifies the ability to pay the loan.
What is a bank statement?
A bank statement or statement of account is a summary of financial transactions that have occurred during a given period in a bank account maintained by a person with a financial institution or a bank.
Generally, for the request of a personal loan, it is required to present the bank account statement of the last six months.
Since the bank statement is something a bank registers, it is not under your control, which reduces the chances of error or fraud.
The bank statement is made monthly to specify the income generated and the expenses paid.
All income and expense transactions are recorded in the return.
The opening balance of the previous month added to the total of all transactions during the period results in the closing balance for the current state.
The bank statement includes paid checks, total withdrawals, total deposits, interest earned and service charges or penalties incurred in an account.
In addition, it provides:
- The initial balance
- Final balance
- Extract date
- Beneficiary, name, and address of the client
- Period of account statement
- Account holder account number
- And bank customer service number
So it provides a lot of vital information for the lender since it confirms your identity, your income, your reliability and that you can really pay the personal loan.
Is there any additional advice to keep in mind?
Now that you know the answer to ” What requirements do I need to contract a loan ?” There are some warning signs that you should keep in mind.
Avoid personal loans that charge fees in advance.
While it’s good to have enough time to pay the money you borrowed, you may want to pay off your debt faster to avoid paying more interest.
You will lose the savings benefit if the lenders of your credit charge you to pay earlier than expected.
If a loan provider requires you to buy another type of product with the personal loan, such as insurance, look for loans through another lender.
This is not necessary and will only cost you more money.
Personal loans are useful tools, but they are used with caution
Personal loans can provide you with a cheaper financing option than credit cards.
This can also be a good way to consolidate your debts if you can ensure a good interest rate.
Best of all, personal loans do not require collateral, so you have a lot of freedom and flexibility in how to use the money.
However, remember that, if you take out a loan, you will be indebted until you pay the balance.
That could jeopardize your financial security if an economic emergency arises while you are still paying the loan.
Before borrowing money this way, make sure you really need to get a loan.
If so, be responsible. Borrow only what you need and you must know in advance how you are going to repay that money.
And to finish…
Now that you have seen the requirements to hire a loan, do you meet them? Do you want to apply for a personal loan?
Personal credits are meant to help you get the things you want or dream of.
Through our credit comparison, you can see the multiple products and lenders that we have at your disposal.
So you can compare and select the best one for you.
We also recommend that you be careful asking only what you need and responsible for returning the money you have requested.
Since the consequences for non-payment are serious and you can be trapped by a spiral of debt.
Remember that the responsibility is yours …