Everyone is surely aware of the fact that before making a credit decision, the bank analyzes the customer’s situation in terms of risk related to giving him a positive answer. Keep in mind that borrowing money is an investment, just like buying and renting real estate, or buying stocks on the stock market, and all investments come with a certain risk of no profit or even loss. Each investor may have a different level of risk that he is willing to accept. Granting loans to people who, most likely, would not be able to pay them back on time, poses a significant threat to the bank’s financial liquidity, and therefore so-called high-risk customers may have a serious problem with obtaining a positive credit decision. But who are they actually, and on what basis do the banks evaluate them?
Who is a high-risk customer?
It is difficult to clearly define who a high-risk client is, because his figure is constantly changing based on the available statistical data. For example, in the past, high-risk customers were primarily people of peak productive age (30-40 years), today relatively young people, up to 25 years of age, reign in this category. Regardless of how old the client is and where the average high-risk client lives at the moment, this group is always characterized by two features. First of all, its representatives have a negative credit history, so they have repeatedly happened to be late with the payment of loan installments (although it must be noted that not all lenders provide the data on loans).
Someone who has been entered on the list of debtors due to unpaid telephone or Internet subscription or electricity bills may also expect that the bank will not look favorably at him. Another hallmark of a high-risk client is that his debts are constantly increasing, whether due to penalty interest charged for failure to pay on time or due to taking more loans and not paying back previous ones. As you can see, there are many factors affecting the credit risk assessment, therefore it is very difficult to determine whether we have a chance for a positive credit decision in a bank.
What do I need to get a loan with bad credit?
Our company provides excellent conditions for obtaining high risk personal loans guaranteed approval direct lenders. To apply, you will need the following documents:
- a document proving that you are a US citizen and 18+ years
- valid email address and phone number
- current employment contract
- proof of income for the last 3 months
When filling the form, you will also need to specify:
- any other contact information
- accurate banking information
- source of income
After filling out the entire form, you should definitely check the accuracy of all the information several times. Then you submit it so that we can use all the information about you to find the most suitable lender. If after contacting the lender he gives us a positive answer, we inform you about it and send you a contract with all the terms of the loan. Be sure to read it thoroughly to know all the important terms such as APR (annual percentage rate), interest rate, loan repayment period, etc. To calculate the most favorable conditions, you can always use our online loan calculator. Then we directly transfer the loan itself to you, which usually arrives in one business day (unless there are unforeseen circumstances). You can use the loan however you wish. The only important condition of the transaction is the timely return.
It is for such special cases you can contact Maggie Loans to get a personal loan for your needs without any problems and without checking your credit history.
Feel confident and secure with our help. For any additional information please contact Maggie Loans specialists.