The 7 Essential Steps to Obtaining a Credit or Loan

2022-05-16 06:16:05
It is up to every man to have a house or an apartment in which to spend the rest of his life calmly.  However, this choice influenced by its financial capacity.  To have a real estate is very difficult for people with low incomes.  To meet this challenge, many are forced to go and make loans to banks or other financial companies to finance their real estate project.  Before embarking on a home loan, he nevertheless has knowledge of a few steps to overcome to get in good standing and have a loan under the best conditions.

1# Choose a financial institution

This is the essential step, and even the very first before any actual loan transaction.  This step is not to be taken lightly.  There are several institutions available, but not all of them grant the same type of credits.  The mode of operation differs from one establishment to another.  This is why before choosing, you must compare the offers: the interest rate, the overall cost of credit, the penalties for a situation of non-repayment... Several indices will be available to help you better appreciate an establishment.  financial.

2# Check your capacity and supporting documents.

After having made the choice of the establishment, you must now check your repayment capacity.  To do this, indicate the amount you would like to lend, the repayment period to assess the possible possibilities of the loan.  To facilitate this work, the establishments put online direct simulations on their platform.  A tool that allows you to test credit offers.
 Then, this capacity must be approved by supporting documents.  These are the documents that provide information on your financial status.  The documents to be sent must be of a quality that will oblige the bank or establishment to establish certain confidences in you.  In general, establishments will ask you to provide: your last two tax notices, your last three payslips, your last three bank account statements, your proof of identity, your current proof of address and, if you  you already own, your sales agreement.

3# File review

You must then submit your file for study.  This submission can be done physically or can be done online.  On the other hand, other establishments offer most of their services online.  It allows them to be more efficient and faster.  After submitting your file, the bank or establishment checks whether your documents are, conform and also correspond to your request.  It tries to link your supporting documents to your financial statements.

4# Validation of your request

At this stage, the bank informs you if your file is validated or rejected.  If this is the case of a validation, you will be invited to complete the terms of the loan.  A loan contract you will be sent.  This contract must include all the legal information and information related to the loan.  You have a period of a few days (10 maximum) to retract.  Always think before you commit.  As a reminder, you should know that.  If you accept the contract, you can sign it and return it to your borrowing institution.

6# Payment of the requested amount

Upon notification of the signed contract, the bank may in turn proceed to payment of the agreed sum.  The lender can count meadows already counted a few days to be in possession of his loan.  This waiting time differs from one establishment to another.  Funds can be automatically transferred to your account (especially the case with online lending establishments) and similarly may take a few days depending on other type of establishment.

7# Refund

Finally, once your acquisition is signed in front of the notary, all you have to do is repay your credit.  The monthly payments will begin one month after the signing of the authentic deed of sale, according to the schedule established at the start by your bank.
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