Optimize your borrower profile
Whether or not your credit application is granted: everything will depend on your borrower profile. It's kind of the pros and cons that make you a good customer, reliable and creditworthy, or not. Thus, if you absolutely want to have a loan for the realization of a project, it is essential to take care of your file.
What is a good borrower?
A good borrower is someone whom banks deem to have the capacity to repay the loan they request. To estimate this point, providers check several points in each client's file.
One can quote, for example, the age which constitutes an excellent guarantee of an attractive profile. Indeed, banks favor people of a certain age who already benefit from a great professional stability and therefore from a fixed income.
We can also say that the presence of a financial guarantee or a surety is material to quickly convince the agencies for the agreement of a loan . Indeed, the goal in the study of files is to have the maximum chance of recovery. And as long as the loan is covered, the banks have no reason to deny you it.
But the most important point in a borrower profile is the presence of a personal contribution.
Personal contribution: the best guarantee of having a loan
It is true that personal contribution is not a requirement to be granted a loan from banking institutions, but it is highly recommended. Indeed, banks become much more flexible when they are informed of the possibility of personal contribution. The personal contribution varies between a rate of 10 to 20% of the sum necessary for the complete realization of the project at the origin of the loan. It can be a savings, or an amount that you have requested from a loved one that shows your confidence in your project.