Whenever we decide to take a bank loan, we must take into account that it will verify us both in terms of our solvency and reliability. And of course he has all the basics, tools and ways to check us. This is not surprising either. It should be remembered that the bank does not own the money borrowed, which is why all loans must be granted as securely and carefully as possible.
Creditworthiness of the potential borrower
In the simplest terms, creditworthiness should be understood as the ability to repay the obligations that we decide on. Therefore, the bank will check whether we are good partners and whether we can afford a loan. To do so, he verifies our credit history and financial condition.
The bank checks our credit history each time we decide to apply for a loan. Not only has the right to do so, but even an obligation under the law. The Credit Information Bureau (BIK) has both non-bank loans and credits, as well as the recently popular payday loans. We will find out not only whether we have repaid all our obligations or whether we have any currently repaid. We will also be able to check whether we did or continue to do it on time. Therefore, not only the fact of debt repayment is important but also the regularity and timeliness of repayment. It is worth taking care of our credit history. While the negative impact alone will be of no importance to us when it is made, it can effectively lose our chances of a bank loan with the next application.
The financial situation is both our income, expenses and obligations. As it turns out in practice, for many people it is a surprise, because they explained the financial situation only in terms of earnings. However, in reality it is a much more complex concept. The loan repayment capacity, understood only in terms of earnings, would not be able to answer the question whether we can afford to pay the loan installment. Only the confrontation of the amount of income with the amount of all expenses and obligations will be able to show us whether there are still free funds in our home budget that can be used, for example, to repay the loan installment. Debt consolidation loan with debt collector
Our credit history that checks our credibility and financial condition that verifies our solvency gives us a picture about our creditworthiness. On the basis of these factors, the bank verifies each time whether we will repay our liability or whether a negative decision should be issued.