If you are thinking of accessing credit to finance projects or any other type of expense , you may be wondering what requirements you must meet to have this kind of financial aid. Moreover, if your income is low, doubts about whether or not you can access credit increase. Is it possible to access credit by earning little money?
Next, we will clarify the main points about access to this financing tool .
How does a bank evaluate me?
Although it depends on the commercial policy of each bank, there are certain general parameters that are used to analyze customers.
One of the most important points is the ability to pay . Whether to request a mortgage or a consumer loan, specialists recommend that a person’s indebtedness should not exceed 40% of their monthly income. For the security of the bank and your financial health it is vital that you demonstrate that you can pay the debt comfortably and comfortably.
Another relevant point is the job stability that you demonstrate when accessing credit. A good period of work in a certain place will show that you have positive qualities such as commitment or that you are worthy of trust. In addition, you should consider that not having a permanent job or registering large gaps in your work history are negative factors that affect the approval of a loan.
However, belonging to a delinquency list such as DICOM or presenting a negative history regarding your relationship with financial institutions is a rejection factor when you want to access credit with little money. Be careful to clear your debts and get out of these types of lists before thinking about asking for any financial help.
Can I access credit if I earn little money?
It all depends on the level of debt that you are willing and able to acquire. Even if your income is low, you can show that your ability to pay is optimal by crediting other types of instruments that increase your chances of accessing credit with little money.
The assets that you have at the time of requesting a loan can substantially improve the chances of accessing credit by earning little money. By heritage we understand the set of assets that a person possesses, assets that must be worthy of economic estimation. The bank considers the equity with which you have at the time of requesting a loan, so its approval will depend on the debts that you want to contract do not exceed their total value.
Solid savings can also help when accessing a loan. The bank can review a savings account, long-term deposits or investments in mutual funds. If your income is low make sure you have a solid savings to show financial institutions that you have a guarantee to cover your debts.
In the case of mortgage loans , there are banks that give the option to supplement the rent with the couple in the case you want to access credit by earning little money. If your salary is insufficient to contract debts, a good alternative to increase your credit possibilities is to join forces with your duly legalized partner.
Requirements to access credit
Although the requirements to access credit depend on the commercial policy of each bank, there are some general rules that can be mentioned, such as:
- Have a minimum liquid income or according to the loan amount requested.
- Be of adequate age for the signing of contracts.
- Not be in DICOM and have a positive business background.
- Have job stability either by contract or fees.
- Have a joint Co-debtor or Guarantee.