When you decide to apply for a loan, be it in the bank or in a different financial company, you often find yourself having to calculate the amount you can ask for.
In fact, if you ask too little you run the risk of being in a situation of insolvency again and not being able to pay your installments. For this reason, it is always good to carefully calculate the amount you need to avoid unpleasant later problems. Furthermore, if the worst case scenario were to occur, it would be difficult to obtain new financing. This is because any credit institution checks the debts of the applicant in advance before granting a loan.
If, therefore, one were to be burdened by a previous loan it would be more difficult to obtain new ones. On the other hand, a different problem is created, that is to say, how much can I ask for a loan ? To answer this question it is good to make some clarifications that help to clarify this phenomenon. Obviously the loan amount can not be decided independently. Funding is a negotiating act in which we find ourselves negotiating with the other party who usually has interests to oppose their own. Basically, whoever lends the money wants and must be sure to get back everything he has lent, obviously increased interest.
How much can I apply for a loan?
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As already mentioned, the bank at which you want to light a loan, will, before accepting the request, to make checks on the financial and economic situation of the person concerned. First of all, it will require the risk center to report the applicant’s debts and appropriately assess the risk of the subject.
The plant is a special institution that keeps all the data concerning the loans of the entire credit system. Each bank or similar person, when granting a loan must report to it all information about the applicant and details of the sum agreed. In this way, the credit institution will always be able to request the card of the subject requesting a new loan and verifying that he does not already have too many debts on his account. Furthermore, all complaints and delays can be requested at the plant. Basically, it is always possible to check if the applicant has not already had problems in the payments of other loans and if it is always punctual and precise in the return.
Obviously, if there are serious defaults on the part of the debtor, it will be very difficult for him to be granted new loans. Once passed unscathed at this stage, it is time to assess what is the maximum amount that the intermediary agrees to lend, that is, how much I can apply for a loan . For this purpose it is necessary to prove your income to the bank. In this case you must show documents that are also valid for tax purposes. In fact, it would not be sufficient, for example, to bring an account statement that shows the monthly crediting of your salary. The best method is to bring your own paychecks, whether you are a salaried employee, or the sole declaration if you are a freelancer.
In this way, the company that must provide the loan will be able to evaluate carefully how much the individual is able to repay and in what period of time. As far as the ceiling is concerned, a maximum ceiling is always considered for the single installment which is usually around 25% of one’s monthly income. This value is calculated based on the historical precedents of access loans in recent decades. It has been observed, in fact, that when the amount of the installment exceeds this value, it is much more difficult for the debtor to repay his loan constantly and punctually.
How much can I borrow: a double advantage
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Keeping a limit of this type you can get a double advantage. On the one hand, the financial company is sure to receive a timely repayment and does not have to constantly worry about soliciting payments; on the other hand, the applicant will never, or almost never, find himself in a financial situation that is too burdensome to manage. Once it is established what the maximum value of the monthly repayment can be, we proceed to set the time for which the loan can be disbursed. At this point, other factors come into play. Obviously the most important is the age of the applicant. It is quite simple to understand that a thirty-year loan can easily be granted a loan of 30 years, while this would be almost impossible for a person who has already passed 50 years.
However, this is not the usual limit that must be respected. In fact, even the type of work that takes place is very important for the calculation of the ceiling. If the subject performs a very wearisome job, one must also count the fact that he will probably withdraw from work before a person doing office work. In this second case it will also be possible to consider the fact that the applicant will be able to work a few more years and postpone his retirement at the end of the loan expiry.
Another factor that greatly affects the success of the loan application is the type of employment contract available. In fact, a permanent contract is always preferred, at least for those loans that provide for a long repayment period. This does not mean that you can not access any loan if you are only in possession of a fixed-term contract, but the amounts will certainly be lower. This derives from the impossibility of extending the repayment period beyond that of the normal expiry of the contract. If this were done, the creditor would bear too high a risk that would not be adequately remunerated by the interest rate applied.
In fact, the probability of meeting with a debtor without income who is no longer able to pay his installments would be too high. In some cases it is also possible to overcome the normal limits that the bank places, this happens, for example, when additional guarantees are provided to the applicant’s simple income. This can be done by explicit request of the lender, but also by decision of the debtor. In essence, a third party intervenes and offers himself as guarantor of the payments held by the applicant. This person represents a reason of greater tranquility for the creditor who will then be willing to grant a larger loan by virtue of the awareness of having two debtors and not just one.