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The requirements for a loan


Find out what are the requirements for a loan before applying and be surprised with documents that only hinder the process.

Since for personal loans, the guarantee is practically the commitment that you will repay it and generally, no guarantees are required, it is important that you know what requirements you may be asked for and for what purpose.

1. Official identification

loan

With this document, the entity may have the first information about you. Who are you and where do you live? Therefore, it is important that you have your updated credential to generate more confidence with the credit grantors.

2. Proof of address

2. Proof of address

For the institution it is very important to know details about you, so knowing where you live will be an indispensable element, especially if your address does not match your official credential because you just moved home, for example.

3. Proof of income

money

In order to have a broader evaluation of you and to know if you are a candidate for a loan, it is important that you include your proof of income, which will also allow you to know how much you can borrow according to your ability to pay.

Currently, several institutions in the market not only accept income receipts but your account statements where you can demonstrate your flow and income not only for a job but for any type of income you have, for example, if you are a merchant, freelance or do you do some other activity.

4. Credit history

credit score

The basic point you should not miss is this. Having a good credit history will allow you to access the credit that according to your income, you can have. What does a credit history say about you? Simple! If you are a good payer or not, and obviously that is something that all entities need to know.

5. Credit references

Additionally and only in some cases they will ask for references about any current credit you have, this in order to verify that in effect, you pay in a timely manner.

6. Personal references

They could also ask you for the information of friends and/or relatives who can testify about your moral quality.

7. Bank Account

As you can imagine, when they grant you a cash loan they will not actually give you the amount you requested in bills and coins, so you need to have a bank account with your respective in order to receive the requested resources.

8. Take note

Despite these requirements, it is very important that you consider that no institution should ask you for money in advance to request a loan, or the payment of the bond, or commissions. All expenses arising from the management of your loan must be incurred after the money is authorized. Stay tuned and avoid being surprised by fraudulent entities.

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