You need a loan to finance a project but not know how do it? Explain to you all that must know
Request a loan to some financial institution is a process that takes time and, moreover, compels the applicant to give him a pair of rounds at the top for being insurance of what need. It is a contract and as such can not take hastily. The borrower owes conscious being of that in a determined time will have to return the requested money more the interests, fees, and expenses. Nevertheless, a loan is not a thing of one only and the bank that grants it has to look after your interests and considering if the applicant has fee-paying skills to return what was provided. To achieve this, there are a series of conditions to ask for a loan that has to fulfill so that they grant you this financing.
Terms and Conditions that must gather the applicant of a loan
When granting a loan, be of the type that is, every financial institution can establish some different conditions. The risks policy of the bank will depend on, of the cash amount that provides, and of the aim. Despite this possible disparity, there are some usual requirements that all the banks demand the people that come to them in looks for of a loan. Among others, they are the following ones:
- Being a person who is legal of age: the banks need to make sure that the lent money will be returned to them and that only is possible if the applicant has a stable credit case history and regular income. Two difficult conditions to gather it is a minor child.
- Stablesolvency and income: or in other words, prove that you can return the lent money. To fulfill this, the person that asks for the loan must prove that has some stable income and, moreover, higher than the acquired obligations with the bank. For example, if he remembers that every month will have to return €300 of the loan, they will be necessary some income that allows you to do without that monthly amount.
Seeing these general requirements to ask for a loan, it is easy to guess that the people with regular income or with an indefinite contract, with seniority in self-company, or if they are civil servants or civil servants will have more facilities for accessing a loan.
What is the personal warranty?
When requesting a loan is necessary to be aware of a general principle of our collected Law in the item 1,911 of the Civil Code and that stipulates what is next: “Of the discharge of responsibilities answers the debtor with all your goods, current and futures.” This means that the debtor has the obligation of facing to the agreed amount with the bank making use of all your current and future assets. When in the operation intervene more than one person as joint holders of the loan, you can give two types of guarantees or personal liabilities:
- Joint liability: the bank addresses indistinctly against one of the debtors for 100% of the amount of the loan and then among account holders you can demand the agreed amounts for each.
- Joint liability: every debtor answers before the bank of an amount found of the agreed loan previously, summing in all 100% of the loan.
Necessary documentation and additional requirements to ask for a loan
Depending on the banking organization in which requests the loan will need to give more or less documentation. It more usual is that the applicant of the loan must facilitate your ID number or NIE to the bank, the number of checking account where entering the money, the photocopy of several salaries and of any other regular deposit that receives, your work history so that the bank does an idea of your relationship with the companies in which it has worked, the last annual tax return, the simple copies of the real estate and goods that possesses and the information relating to other loans if had the.
Besides all this documentation, if the applicant of the loan is a self-employed worker can that requests you to include a photocopy of the document of self-employed worker registration, the last yearly statement of the VAT and the last broken up payments of the PERSONAL INCOME TAX.
Last of all, when asking for a loan, if you pay by direct debit the salary during the loan life, you can profit from a bonus in the interests, and the interest rate will be lower. BBVA offers to who is looking for a loan a simulator with which see the prices and fees of your future loan. On the website of BBVA can find all these details and many more.