For a person applying for their first loan, taking a loan from a bank can be a challenge. That is why it is better to prepare in advance and gather all the necessary documents before visiting the bank branch. What does a bank loan look like step by step?
Sooner or later, most of us are forced to use a bank loan for current expenses, holidays, renovation, car or apartment. The main factor that determines the type of debt incurred is destiny or purpose. And so we distinguish several types of consumer loans. The most popular of them are cash loans, car loans, housing loans, and consolidation loans.
A cash loan can be used for any purpose
Car loan, as the name suggests, is intended for the purchase of a car, although the funds obtained in this way can also be spent on a moped, motorbike or even a quad. A housing loan is a loan for housing purposes – buying an apartment or a house. A consolidation loan is a product aimed at people who have many different types of bank debt and have problems with their repayment.
Let’s focus, however, on the most popular banking product for individual customers, which is a cash loan. To receive it, several conditions must be met. First, you must have documented income for at least 3 months.
This requires adequate creditworthiness, which the bank calculates based on our income and costs, which we regularly incur. The easiest way to get a loan is to single people who do not have any dependent children.
The first step you should take to get a loan
Is to register your interest in a bank loan. You can to do it in person at a branch, via the Internet or by phone – then we will also get an initial credit decision. If it is positive, the bank will ask you to document your income.
This can be done by presenting, for example, a certificate of earnings issued on our request by the employer or bank statement from the last 3 months. The statement can be in the form that the bank sends us by post or by mail from an account to which we have access online.
After positive verification of our data and confirmation of identity, we will sign a credit agreement with the bank in two identical copies, and then the bank will pay the money. We can choose cash withdrawals at the branch or a transfer to the indicated account Banking.
In the near future, we will also receive an installment repayment plan in the form of blanks, with which we can repay every month at the post office, online transfer or at the cashier’s office of any bank.