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When accessing financing or requesting loans with Financial Credit Institution and payroll through a bank, it will ask us for certain documentation in order to verify our ability to pay. Some of this documentation will be the following:

• Proof of income, such as our payroll, or an extract from our bank account in the event that we collect income (pensions, rents, etc.)
• The tax return of the previous year
• A working life report
• Information about our personal situation, for example if we are single, if we have children, etc.
• If we are already repaying other loans, in order to know our level of indebtedness

If any of the requirements that the bank sets are not met, we will not be able to access financing. In the case of appearing delinquent in Financial Credit Institution automatically see we have rejected our loan application, without taking into account the other factors.

Loans with Financial Credit Institution and with payroll

In Private Loan MB we have more than 7 years of experience in opening lines of financing through loans with Financial Credit Institution and with payroll.

In this way, we serve a sector of the credit market that cannot go to banks to obtain financing. All of our Financial Credit Institution and payroll loans are opened through private lenders.

The market for loans between individuals has become a real alternative and a way out of the problem of not being able to access financing because it appears in a delinquent registry.

Requirements to access our loans and with payroll

Loan Privado MB wants to completely separate itself from those fast credit companies that deliver the money without asking questions but in return ask for astronomical interests and fairly draconian repayment terms.

In all our operations we want to make sure that the client will be able to repay the loan normally while offering a competitive interest rate within the private loan market. To achieve both objectives, we set two mandatory requirements for any applicant:

1. Have a real estate property in the name of the applicant, which will be used as a guarantee in the event of default. To verify that the property is actually in the name of the person making the loan request, we need a simple note from the Land Registry. It can be any type of real estate property. We will appraise this property independently to determine the maximum amount that we can grant to the applicant: approximately 30% of the appraised value.
2. Request at least $ 20,000. This amount is the one that allows us to defray the fixed costs associated with the opening of financing lines through loans with Financial Credit Institution and with payroll, at the same time that we offer a type of competitive compared to market standards. This interest rate will always be between 9% and 12%.

Conditions of our loans with Financial Credit Institution and payroll

Private Loan MB has a much smaller infrastructure than a bank. This gives you a lot of flexibility in adapting to the personal needs of each applicant. For this reason, our applicants can choose practically each and every one of the characteristics they want to be able to repay the loan in the way they want:

• You can choose the duration, between 1 and 10 years.
• You can choose the type of amortization ; The French one is the most common with linear installments, although we also leave the American amortization option with interest-only installments throughout the life of the loan plus a final principal payment.
• Fees can be chosen: monthly, quarterly, semi-annually…
• We work with individuals and companies
• All our loans are signed before a notary, in any notary office in Spain that the client chooses, for the safety of both the applicant and the lender that leaves the money
• We are legally registered as a company specializing in loans between individuals and we act under the regulations that regulate the Ministry of Health and Consumption of the Government of Spain

Taking out credit for the trip – saving up first is not cheaper

There are no wonderful holiday experiences for free. Nevertheless, the Germans are a people who enjoy traveling. At every beautiful travel destination in the world vacationers will inevitably meet other Germans far from home. When the travel information is exchanged – sooner or later – the topic always comes at the expense of travel. Holidaymakers who made themselves comfortable when booking their trip and simply booked an offer that matched their savings paid for it.

No one wants to take out a loan for the trip, browsing through the holiday catalogs and on the Internet. Beautiful long-distance destinations, such as a trip to the cultures of Asia, are not cheap to reach. The flight alone to the dream destinations in Asia costs a good 1,000 USD per person. Unaffordable for families with children. The fact that the actual stay is very cheap does not save the holiday budget. Unless the outbound and return flight would cost just 350 USD instead of 1,000 USD a day. There is not any? Please check the China Airlines website regularly.

Book individual trips inexpensively – taking out credit for the trip pays off

Even within the high season, but booking well in advance, the Asian airline attracts with a few tickets at a dumping price. Instead of 4,000 USD for a family with 2 children, the flight only costs 1,400 USD – double luggage included. (Example: Frankfurt via Shang Hai to Manila). Of course, only the 1,400 USD would have to be available to match the offer. At the beginning of the year, (the above-mentioned offer had to be booked in January 2016), the cash registers in all families are empty.

In such cases, not wanting to take out a loan for the trip is a commercial waste of money. Without borrowing, exactly 15 USD in financing costs would be saved. Proof: 1,400 USD of credit with a 12-month term cost exactly 15 USD of effective interest in the current loan comparison.

If savings were made first, the special offer would of course be out of stock long ago. If the same trip is to be booked at the normal flight price, it now costs 2,600 USD more. (Without additional luggage). The high season does not go far for the 1,400 USD available after the savings phase. At most for a week to the North Sea. – On your own arrival, because going on holiday with the Bundesbahn is also not an economy model for families.

Package tours – special offers stimulate business

Package tours all inclusive have been the hit on the tourism market for years. But the dream beach is usually only at the dumping price out of season. Again, it is worthwhile for families with school-age children to keep their eyes open. – If necessary, take out a loan for the trip. In the same way as for scheduled flights, the organizers of package tours also pay close attention to how the bookings go. The organizers will wait for stable orders at normal prices and special promotions with a slight price advantage.

If the bookings get stuck, you can occupy empty spaces with real special offers. What used to be the last minute flight is now an automatic booking software. Of course, there are only a few places that are sold with a 50 percent discount and more. But, for the organizer, the booking quota comes back to the target. People who have to pay attention to their money are again faced with the question of taking out credit for the trip or first saving.

Practically always, when real special offers come into play, the travel credit is the savings model for the vacation. Those who still believe in great-grandmother’s idea of ​​saving and then going on vacation are welcome to pay more. Alternatively, he can use a calculator to get a real overview of costs using a credit comparison. Then he will decide on the special offer on credit.

Nogoes if you take out a loan for the trip

The impression should not be given here that it always makes sense to take out a loan for personal travel requests. Vacation is a luxury good. Relaxation is also possible on balconies or in connection with day trips. It would be crazy to exhaust the overdraft facility until it stops, just to visit a dream destination far from home.

Everyone must be able to earn and afford vacation. To demonize credit for the trip or not to recognize the savings opportunities would also be wrong. It is important that the monthly installments must be affordable, although the financing period does not exceed 12 months (until the next vacation). In addition, the overdraft facility that enables the booking on the day of the special offer is compensated for as soon as possible with an installment loan. Have a beautiful holiday.

To obtain consumer credit from a bank, several steps are necessary. From your request to the assessment by a bank advisor of your ability to repay a loan, without forgetting all the supporting documents to be provided. Here is a point on the procedures and all the documents you will need to provide to take out a consumer loan.

To obtain consumer credit and finance a purchase, you must have a real capacity to borrow and repay a credit. 

The steps to build a consumer credit file

Less complex to obtain than a mortgage, because relating to smaller sums, applying for a consumer loan however requires compliance with certain steps. Indeed, if you want to buy a new car, finance a trip or even a wedding or have fun with various expenses, you will necessarily have to have your financial situation examined by an adviser.

1. Making contact
You have the possibility of applying for a consumer credit from your current bank, or of applying for a competing establishment. In branch or online, contact the bank of your choice to let them know about your project.

2. Analysis of your financial situation
To obtain consumer credit and finance a purchase, you will have to demonstrate your creditworthiness. This means that you must have real capacity to borrow and repay a loan. To determine your debt capacity, the bank will study your personal but also professional situation. Whether you are an employee on a permanent or fixed-term contract, self-employed or unemployed, and whatever your level of income, this verification is an essential prerequisite.

3. The supply of supporting documents
Based on the information provided and the first simulations selected, the bank will require supporting documents to prepare the final file and obtain final validation. You will then get an offer of credit, to sign to start the process.

4. The provision of funds
Once the consumer credit offer has been signed, the bank will be able to provide you with the funds necessary for your purchase.

Supporting documents to provide for a consumer credit

What information and supporting documents should be provided in the context of a consumer credit application ? What documents do I need to bring to build a credit report? You will have to justify your personal but also professional and financial situation. Here is a non-exhaustive list of documents that will generally be requested:

• Proof of identity (identity card / passport) as well as a family booklet, a marriage booklet or a PACS certificate depending on your marital status;
• Proof of address less than three months old;
• Your pay slips for the last three months, or your Pôle Emploi certificate if you are unemployed. For the self-employed, the tax declaration will serve as proof;
• All documents related to credits that you currently have and that are in the process of being repaid Remember to provide contracts but also amortization schedules;
• A RIB, to be able to transfer funds.

The waiting period to obtain a final answer depends on the bank that you request. Some banks offer an immediate response in principle or within a few hours. They will then require supporting documents before giving a final answer. It is impossible to get an immediate definitive answer for a consumer loan. The law requires the bank to check your creditworthiness before accepting any file.

Getting a loan when you are a craftsman is not always easy, fortunately, it is possible to request an online comparator in order to quickly obtain financing at the best rate.

The professional loan is financing which will allow being amortized over several years within the framework of professional activity, its use can be diverse and varied. A craftsman who needs to buy a new utility vehicle or simply a machine tool allowing him to carry out his activity will find in professional credit the possibility of obtaining funds quickly. Some will also turn to the pro loan for an urgent need for cash. This is not the only opportunity that can arise for the craftsman in the construction industry, the latter can also use professional credit to buy premises or invest in stone.

 

Obtain a professional credit

The use of credit will require clarification on his project but also on the situation of the craft activity. Professional credit can be requested by an artisan wishing to create an activity as well as in the context of a business takeover. It is also possible to turn to this financing when the craft activity simply wishes to invest to perpetuate the activity. Each company has a specific situation and therefore requires a personalized financing solution.

 

Guarantees in professional financing

Obtaining a professional loan for a construction worker will involve providing some details on his situation. For a company already in place with a few years of experience, it will simply be necessary to provide the last 2 balance sheets of the company. The bank will essentially use the gross operating surplus (EBITDA) to analyze the situation of the company and its capacity to be able to absorb a financial debt. For creation or a resumption of craft activity in the BTP, it will be necessary to bring other elements such as for example a business plan. Each credit institution imposes its own criteria for professional financing.

Beyond the formalities to be completed in the context of a professional loan, the craftsman will have to provide guarantees on the repayment of the debt. As part of a creation or resumption of activity, this can result in the addition of a personal contribution. When the activity is already in place, the craftsman can play on the personal or professional deposit. In the personal deposit, the craftsman will simply pledge some of his personal property. In the professional surety, it is a surety company which acts as guarantor in the name of the company, in the event of default of payment it immediately reimburses the bank then turns to the craftsman to recover the funds.

 

Construction craftsman: get a quote for a professional loan

It is difficult to plan for obtaining a professional loan as part of a craftsman activity in the construction industry, however, it is possible to obtain a free estimate of the current loan conditions. The professional credit comparator allows you to apply to one or more banks in order to obtain its financing. With an online estimate and comparison, the craftsman is able to obtain several financing offers and choose the best proposal.

If you have a positive Credit Bureau, a loan for teachers is very easy to obtain, because here a monthly income is also guaranteed. It looks different if the borrowing teacher has already entered one or more existing loans in Credit Bureau. In such a case, the bank may refuse another loan for the teacher despite the good monthly income.

A loan for a teacher with a positive Credit Bureau

Even with good monthly income, as the teachers usually have, you can get into a bottleneck and take out a loan. This can be used, for example, for the purchase of a new vehicle, new furniture or for the next relaxing holiday. If you then have no other loans as a borrower and have entered them in the Credit Bureau, the bank quickly approves a loan here, even to a higher degree.

When borrowing, however, as a borrower you should pay attention to good conditions and not take out the loan from the first bank, such as the house bank. The Internet can be helpful here in the search for good conditions in the area of ​​interest and costs. With good credit offers, it makes sense to have them confirmed in writing and to make an appointment with the house bank with this written offer. Most of these banks then get better terms.

A loan for teachers with negative Credit Bureau at a Cream Bank

Of course, it can always be the case that there are already a few entries in the Credit Bureau, for example because you had to take out credits to teach in order to finance it. Then it may well be that the banks refuse a loan. If you only need a small loan, you can apply to one of the Cream Banks that are not affiliated to the purely German institution Credit Bureau. With regular monthly income, you can get a loan of up to USD 3,500.00.

Get a loan from one or more individuals

If you need a higher loan amount, you can also get this from private investors via one of the credit platforms from private to private. Here the borrower registers with his desired loan amount. He also indicates how high the interest rate is that he will then pay.

Based on this information, private lenders can decide whether they would like to make a deposit of between USD 50.00 and USD 1,000.00 into this loan. So the borrower gets his amount from many different people. The installments are repaid for a fee by the platform operators, who also calculate the pro rata interest for the respective investors.

Another option: credit for teachers with a second applicant or guarantor

If you, as a teacher, still have some debts from your time at university, you can also include a co-applicant for the new loan, for example for a new car, such as your spouse or spouse, if the applicant has a positive credit and has its own income. A guarantee for the desired loan is also possible. This guarantor must also have a regular monthly income and positive Credit Bureau information.

The issue of equity inevitably affects you as a borrower sooner or later. It is fundamental for the amount of a loan and thus the total cost of the loan. Before discussing the required amount of equity, the term should be explained as such.

1st component: debt

Your real estate financing always consists of two components. The larger part is debt. This is a loan that is usually issued by a bank and attracts interest accordingly.

2nd component: equity

In addition, as the client, you also contribute your own financial resources to the financing. These are then currently available assets, ie savings, and reserves of recent years.

This does not necessarily have to be in the form of cash or credit on the savings account. Fixed-interest securities or gold coins are also included in equity. Shares, bonds, and fund units should also be taken into account, but it should be noted that these may fluctuate in value between the time of planning and that of borrowing.

The amount of the loan

Logically, the required amount of the loan is the smaller the larger the equity capital. Interest rates also decrease with your available capital. It is therefore generally necessary to raise as much equity as possible for mortgage lending. In general, this part remains relatively small, but most builders are just at the beginning of their professional future.

Do not worry, that’s not a big deal, but equity should reach a certain minimum level. In the case of mortgage lending, the share should be between 7.5% and 30% so that you can assume sustainable financial viability.

It sounds relatively much at first glance, but where the future property serves as security. So how does this scale come about? Banks simply do not want to grant loans for the full amount of property. If the insolvency of the borrower ceases, the bank will auction the deposited security. It rarely comes out a market-driven price, deviations down are the rule.

Do I get a real estate loan even without equity?

Now, if the loan was granted without equity and thus goes over the full amount of the actual market value, the bank has a fairly large so-called “blank share”, that is not sustainably secured part. It follows either that is not funded or the interest rate increases.

It is important to note that the amount of security is not based on the actual purchase or construction price. The bank compiles its own report and thus determines the market value of the property.

Then she measures the interest rate. As a rule, however, the two variables hardly differ from each other. However, it is increasingly common for regions that have risen sharply in price that the banks are making clearer markdowns.

Exemplary equity account

An example should clarify how the required amount of equity is calculated explicitly:

The price of your property is 500,000 USD. Consequently, you need to finance your property financial resources in the amount of just this 500,000 USD. Since you are absolutely creditworthy, visit your bank and discuss the formalities.

The bank will now determine the actual market value of the property. And then the so-called mortgage lending value. This is the sustainable value for the bank including a haircut.

This is, for example, in an appraisal at 480,000 USD, which is why the bank is willing to give a loan in the amount of 480,000 USD * 80 percent = 384,000 USD in good interest. At 60% this would be much lower.

The difference between credit and construction price is $ 116,000, which you now have to cover with your equity or finance more expensive, or some banks charge a more expensive Mischzinz on the total sum.

In some federal states, there are also regional funding institutes that offer these “subordinated” loans at fairly good interest rates. As an independent financial service provider, we are happy to advise you on such questions!

Do you still have questions about equity? Or would you like more information on insurance, mortgage lending, financing, grants or similar?

Job loss is not always easy to anticipate, but on the repayment of a home loan that can extend up to 30 or even 35 years, it is advisable to include this guarantee in your borrower insurance.

 

Loan and home loan insurance: losing your job

Most borrower insurance includes basic guarantees such as illness, incapacity or even death, guarantees linked to the borrower’s state of health but the loss of employment or more precisely unemployment is not always of the guarantees offered. It must be noted, however, that we are operating in an economy that is still not very stable, professions are no longer guaranteed for life, especially in certain fields which are more sensitive to price changes: industry, services, agriculture.

Including unemployment insurance is, therefore, a choice of anticipation and above all a reasoned choice because it is difficult, even in the safest professions, to be assured of having a profession for life. The addition of this insurance will only result in a few euros more each month on the monthly payment, insurance which can be concluded at the time of the subscription of the mortgage or even after the signature of the contract, at the time of the renegotiation of the contract. insurance (termination for one year or annually).

 

How to take out unemployment insurance with the mortgage

There are several ways to take out unemployment insurance, it can be done with the bank that offers the mortgage, this allows everything to be included in the same contract and avoids soliciting other organizations to obtain offers, however, better borrower insurance can hide from the competition, which is worth raising and studying.

If the mortgage has already been signed, it is possible to change insurance during the first year of subscription, at any time, or to make this change on each anniversary date. To do so, simply contact an insurance company and file a borrower insurance application, taking care to specify the addition of the job loss guarantee.

 

Simulate job loss insurance

It is possible to simulate job loss insurance, by taking over the guarantees identical to those present on the contract offer received or to the mortgage loan contract already signed. It suffices to specify the nature of the guarantees and the amount of the loan to be insured, as well as the details relating to the financial situation of the borrower. After validation of the request, you will receive several insurance proposals from institutions specializing in borrower insurance, so it is easy to compare contributions and choose the best offer.