Consumer loans that can be used according to different needs, such as marriage, holidays, moving or education, are offered to customers under different names in many banks. Amounts, maturities and interest rates on consumer loans may vary depending on your goals for its use. However, no matter what your purpose of using a consumer loan is, each Bank may require different documents apart from the standard necessary conditions.
Documents Requested by Banks
Despite the fact that the list of required documents requested by banks to obtain consumer credit may be different, some documents are similar. For example, when applying for a consumer loan, you must have an identity card and a document that indicates your place of residence. If you already have an account in the Bank to which you applied for a loan, the package of necessary documents can be reduced. However, if there are any changes in your personal data (relocation, change of name, change of marital status, etc.), you must provide the Bank with documents confirming this. If you are not a permanent resident of USA, the banks satisfy the loan application only if you specify the guarantor, who is a citizen of the Republic of USA.
If you don’t have a social security number (SSN) or you don’t have a regular income that you can document, chances are that banks won’t be able to approve your loan application. For this reason, you need to prepare documents that will show your regular income. This document may be a certificate of employment indicating your position and salary, signed by an authorized officer of your company. If you are a government employee, only your last salary is requested. If you are retired, you must provide a document showing the size of your pension. If you are self-employed or if you are a partner of the company, among the documents requested by the Bank are the current tax return, balance / income statement and registration document for the Trade Register. If you are a farmer, you need to provide the Bank with your certification and documents of ownership of the land.
Terms of Banks
To apply for a consumer loan, the applicant must be over 18 years of age. Except for this requirement, as the most important condition for you to be able to apply to the Bank, is your high credit score. Banks don’t give credit if your credit score is low. The rating calculation is based on whether your past credit and credit card payments are regular and timely.
Although it depends on the banks, many banks require a monthly repayment of the loan in an amount not exceeding 50% of the income you stated in your loan application. This affects the amount of credit you can get. In addition, banks usually prefer to lend to people between the ages of 23 and 65 to reduce their own risks that may arise.