Recently, it has become increasingly difficult to obtain a loan, and even if the application is approved, the bank is not always ready to give the amount the customer expects. This is what Andrey Ponomarev, CEO of the online financial platform Webbankir, told socialbites.ca. He listed three ways to increase the chances of receiving a large sum from a bank and microfinance organization (MFO).
“The availability of loans is affected by the increase in the key interest rate at which banks withdraw financing from the Central Bank: since August, this rate has increased by 4.5 points to 13% annually. And this is most likely not the limit. In addition, from October 1, the regulator has once again tightened unsecured lending and borrowing requirements, the so-called macroprudential limits,” Ponomarev explained.
People who spend more than 80 percent of their income on debt service are increasingly being rejected, he said. The expert added that even those whose debt burden is between 50-80 percent are at risk.
Ponomarev believes that in order to obtain the maximum amount of consumer loans, it makes sense to contact financial institutions with which there is already a history of relations.
“For example, the amount of approvals at MFOs for repeat customers is on average two or even three times higher than for first-time applicants. The most loyal conditions among banks will most likely be offered by the bank where your salary project is located. Because this bank knows you well as a customer and can better predict the size of your future income,” the expert concluded.
According to him, if money is needed to purchase a specific product or service, it makes sense to request a targeted loan. This type of lending is considered less risky, and this is especially reflected in its cost. Ponomarev noted that according to statistics from the Bank of Russia, the use of POS loans from a store to purchase a particular product costs the borrower on average 2.5-4 percentage points cheaper than untargeted loans.
Finally, it is important to keep track of your credit score.
“A bank is unlikely to approve a significant sum if it sees that a person has a lot of debt, especially if they are overdue on their debts. But it is also bad if the credit history is absolutely clean, that is, the person has never taken out a loan before,” Ponomarev warned.
According to him, in the first case, overdue debts must be paid as quickly as possible. Moreover, it is best to start with those with higher rates. Ponomarev explained that, for example, it is wiser to repay a loan taken to a microfinance institution at a rate of 290% per annum before a mortgage loan at a rate of 12%.
In the latter case, you can try taking out a small loan and repaying it on time to kick-start your credit history. The expert concluded that the probability of getting a large loan next time will be much higher.
Before that socialbites.ca reportedFrom which the Russians received loans.
Previously happened It is known that the Central Bank will reconsider its lending approach.