Many already know that banks and MFIs use the credit history of a potential borrower in order to decide whether to issue a personal payday loan or not. But in most cases, the lender needs some more data to make a decision. Especially if the borrower is not his client. Perhaps the most common type of loan today is a credit card. Its popularity is explained by the ease of use for the client and the fact that, as a rule, it is issued to a person already familiar to the bank. But if you decide to take a personal payday loan from a lender with whom you have not yet communicated closely, do not be surprised that a financial services company uses a slightly non-standard criterion to measure your creditworthiness.
What can a lender ask?
If you do not have an open debit account in the bank to which you decide to apply for a personal payday loan, he may want to know as much information about you as possible. Of course, we are not talking about how many calories you eat at dinner or whether you brush your teeth in the morning. Any lender, be it a bank, MFI or other financial company, is interested in how you feel about your money.
That is, when you apply you need to confirm your income. But the lender will be more interested in how you spend your money. On the one hand, the bank will like that you make a lot of purchases and rarely deny yourself to your loved one. But on the other hand, the creditor may decide that you are not serious about money and, therefore, you may soon find yourself in a situation where you will not be able to answer your obligations. In addition, the lender, when evaluating you as a borrower, can pay attention to a variety of issues, so you need to take a responsible approach to applying for a loan. For example:
From which phone number are you calling? Or rather, whether this is your personal number or, for example, you called from a VoIP phone (some companies get a city number with a subsequent call forwarding). By the personal number it is easier to find out the applicant and fewer questions arise to him. Consequently, the reliability of the potential client increases.
How do you fill out the form?
For example, the downside may be that you have indicated the full legal name of the employer. What is this bad? The fact is that even at the level of consideration of your application, you may be denied a loan without giving reasons. One of these reasons may be the above point. And all because the lender may decide that you just copied the information from the Internet, and this has a certain sign of a fraudster. Also, do not indicate an overestimated amount of your monthly income. If the underwriter decides that you have indicated an amount that exceeds the average income of the population, he can refuse without getting acquainted with supporting documents.
Personal payday loan credit requested
What stores do you shop at? This criterion depends on the amount of consumer credit requested. In some cases, the lender would like to make sure that you periodically go to discount stores. This will tell you that you are wise about money and will not ask for an amount you cannot handle.
In addition to the above criteria, there are still a great many others, and their use depends on the situation of the borrower, the loan amount and the lender itself. These are more likely unconventional methods of underwriting, but they are more and more often used in a variety of banks. Therefore, there is only one advice: pay attention to money and how you use it. If you are able to save without harming yourself and do not often make spontaneous purchases – such innovations in the assessment of borrowers you will only benefit.