Common requirements of the loans that we must meet
As a general rule, lenders and banks publish the requirements that we must meet to access their financing. However, some of these demands can be difficult to apply, because, for example, how do we know if our income is sufficient or not? The two main conditions are easily understandable:
- Be of legal age Sometimes, over 21 or 25, to ensure greater stability in the economic profile of the applicant.
- Be a permanent resident in Spain . This is based on the fact that personal loans are regulated by Spanish legislation and compete in the market of our country.
- Do not appear in delinquency file . When we are registered with ASNEF for a bank debt, entities understand that we are not ‘good payers’.
The next requirement, to present a justifiable, regular and sufficient income is one of the most rejected applications usually causes. A regular income is one that is received month by month, the clearest example is a payroll. Although it would be worth a pension or self-employed income as well, as evidenced by loans without payroll . By justifiable it is understood that the money that we enter has a legal source that can be demonstrated with a document. Finally, sufficient income is what allows us to pay the loan and other obligations such as rent and electricity bills, for example.
The two most common reasons why you reject your application
Although we have developed the main requirements, each entity has a way of proceeding and an acceptable level of risk . So depending on which entity or company we address we will have more or less possibilities. The same applies to the type of financing, because, as a general rule, the more money borrowed, the more requirements . The rejection of personal loan applications usually has two common reasons:
- We are in Asnef and we do not know . When a company enrolls us in ASNEF you have to inform us by certified mail within the first 30 days since you included us. However, we receive cases of people who have not received this notification. In any case, if we believe that we are registered with ASNEF, we can contact them and ask them. If the answer is positive, we can access financing with loans with ASNEF .
- Our income does not meet the requirements. The main problem is that our income is not enough, that is to say, to be able to face the payment of a debt we must not allocate more than 30% of our income . Doing that calculation can clarify whether we are within that margin or not. In addition, a regular income assumes a broad periodicity beforehand . That is, if we charge a payroll but only for two months, we do not provide much security of payment even having a fixed contract.
The best way to ensure the possibilities of accessing financing is to expand the number of our applications . So we can send several online and wait for the positive response of some personal loans, such as those in the table.
|Cetelem Personal Loan||€ 50,000||From 5.95% TIN (6.12% APR)||
|Cofidis Project Credit||€ 15,000||From 4.95% TIN (5.0% APR)||
|EVO Finance personal loan||€ 30,000||From 7.00% TIN (7.23% APR)||
In this case, Cetelem asks us, in addition to the requirements described above, an indefinite contract for a minimum of two years and income of more than 1,200 euros per month. This shows that each lender has their own requirements and knowing them saves us from applying for loans that do not fit our profile.