When a bank or cooperative such as Coopealianza decide to lend money to a person, they do so because they trust that person will be able to meet their payment commitments on the agreed dates and conditions.
However, for Coopealianza to consider that the person can assume the credit, it is necessary that they meet some relevant conditions regarding their economic solvency when defining the terms on which to offer them a loan or not.
In reality, possibly you as a consumer have never investigated for sure how it is calculated if your profile is suitable or not to receive a loan, but there are some factors that influence considerably.
Today we are going to share in this blog some of the characteristics that you should pay attention to because they will affect your possibility of receiving financing, regardless of what you need it for. Either today or in the future.
Elements that influence the possibility of obtaining a loan with Coopealianza
- Credit history and credit score. We as a financial institution take into consideration some elements when evaluating whether or not we can lend money to a person. But we are not the only ones. Generally speaking, all banks review a person's history.
The financiers review if you have previously received loans, if you paid them, if you faced problems to finish paying the debt; how many credits you have applied for and have been granted or denied, and how many outstanding debts you have. All of our relationship with regulated financial entities as users or consumers is kept in a registry that determines how "good a customer" we are and whether we have previously fulfilled our debt commitments or procedures.
- Income and monthly expenses. Before acquiring new financing, it is important to make a very honest and transparent analysis and recognize how much we earn and spend each month and what our spending habits are, because sometimes we earn a lot but spend more due to bad practices that have drowned our budget. If you currently spend more than you earn, it is best not to go into further debt.
- Ability to pay and financial stability. Hand in hand with the above, it is important to understand what your ability to pay is. What is the maximum fee that I could assume? Do you have a stable income that would allow you to acquire a loan with terms of 7 years or more? Do you have a formal job, a thriving business or are you a public official in good standing? All these details are important to contemplate.
BONUSES. Now, even if you have a good credit history, have the ability to pay and earn more money than you spend, it is important to assess the type of loan that is being requested and the policies and requirements of the financial institution from which you are requesting the loan. .
Can you get the same money in better conditions in another institution? Can you improve the interest rate? Should the debt be in dollars or colones? How long? Do not make hasty decisions and advise yourself well.
At Coopealianza we love it when people arrive already convinced that they will get the best market conditions with us, because that way they will feel satisfied with the treatment received and we know that we are helping our clients and associates to meet their goals and improve their lives and the of his family. Contact Us If you require more information about our financing options.