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How to get a loan if all banks have refused you

MOSCOW, Dec 20 – PRIME, Valeria Knyaginina. Advertising for profitable loans is everywhere today. Banks and microfinance organizations are trying to attract customers by any means possible – advantageous offers, personal conditions, convenient design. However, in reality, getting a loan is not so easy. The experts told the Prime agency for what reasons you may not approve the loan and what you need to do to get the cherished “approved” the next time you contact the bank. The expert told why it is not worth taking out a loan on New Year’s Eve. MAIN REASONS FOR REFUSAL The reasons for refusing to issue a loan are the same for almost every bank. Before making a decision, the bank very carefully evaluates the borrower according to a number of parameters. And the larger the loan amount, the more requirements and the more voluminous assessment is made. For example, a bank may refuse to receive a loan if the borrower does not meet the set of requirements specified in a particular proposal. The most popular reasons for refusing to issue a loan are insufficient confirmed income level, high debt burden, as well as bad credit history – if the borrower previously admitted delays on loans, explains Pavel Sigal, First Vice President of Opora Rossii. In addition to the level of salary and credit load, the bank evaluates the profession and place of work. For example, it is more difficult to get a loan for people of working specialties, less difficult – for managers and office workers. “If the bank requests a copy of the work book, then the organization’s specialists will definitely evaluate the work experience and how often and for what reasons the borrower changes jobs. If the client changes jobs often, there are records of dismissal due to absenteeism and other reasons, then the loan may to refuse – the bank is thus insured in case the borrower is left without a permanent income, “explains Sigal. If there is no “white” income, the bank will also refuse to issue money in most cases (with the exception of pensioners), adds Artem Tuzov, director of the capital market department at Univer Capital. Another reason for refusal is debt, when a client already has one or several loans in other banks, and they occupy more than 40% of his income, Tuzov notes. Every seventh Russian makes repairs on credit. The reason for refusal may also be the borrower’s unwillingness to go for additional services , which the bank offers to reduce the loan rate – for example, life and health insurance. “It is also the bank’s insurance in case the borrower is unable to repay the loan, and the refusal becomes an excuse not to issue the borrowed funds,” adds Sigal. HOW TO CORRECT THE CREDIT HISTORY It happens that bad credit history was formed due to a bank error. Therefore, first of all, you need to independently check your credit history. Financial advisor and personal investment expert Ivan Kapustyansky advises to look into the Central Catalog of Credit Histories, which contains information about which bureaus your history is located in. After answering, you can send inquiries to all credit bureaus and get complete information. “If the bank’s mistake is confirmed, it is necessary to send an application by registered mail to the BCH. They are obliged to double-check the data on the basis of the application and correct the error,” he says. In case of a loan refusal due to a really bad credit history, in no case should you apply those who promise to clean it up completely are scammers. “The only way to improve the credit history is to make sure that new records of new loans are entered into it, and then they are successfully repaid. Accordingly, the borrower becomes a good payer,” Kapustyansky said. Since a large bank is unlikely to immediately approve even a small loan to an unreliable borrower, you need to start with organizations that issue small and expensive loans and send loan data to the BCH. “Usually, those who were denied a loan go to the MFO, where you can get money, but you need to carefully read the agreement, as there are very high interest rates,” warns Tuzov. After getting a small loan, you need to try to approve a credit card in a large bank, then a consumer loan, and so on. The most important thing in restoring credit history is not to violate the terms of the loan agreement in any way, Kapustyansky notes. Even a person who has gone through the bankruptcy procedure of an individual can begin to restore a credit history. “To do this, you must first start receiving a stable income, which will be seen by the bank. For example, on a card. After a year, you can try to take small electronics in installments or a credit card. Then, incrementally,” the expert explains. RULES OF A RELIABLE BORROWER However, even this thorny path does not guarantee a complete correction of the credit history. Therefore, citizens who now have no problems with financial discipline should still take care of their credit history. To do this, you must follow a few simple rules: 1. Payments on all your loans should not exceed 30% of the budget. 2. Form a reserve of money in the account so that this amount could cover all your expenses for a period of three months or more. This is necessary in case of temporary loss of work or unforeseen situations. 3. Try to optimize your expenses, including for servicing loans, for example, refinancing them in the event of a rate cut, concluded Kapustyansky.

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