If you are included in a defaulters file like the debtors list list, what we are going to tell you in this article interests you. Most people who do not have a clean credit history believe that accessing financing will be impossible for them. Even more so if what they need is more or less high amounts of money. If you are in this situation, pay attention to what we are going to tell you about installment loans.
What are installment loans?
Installment loans are characterized by the fact that repayment can be made in several installments. This type of loan is associated with high amounts of money, which the user could not repay in a single payment, as would be the case with microcredits. Payment in different monthly installments makes the return of the requested money much more comfortable and flexible for the user.
Many people believe that because they are included in delinquent files, applying for loans in installments is not possible, since the financial institution will not trust its repayment capacity, much less if it is a high amount.
Requirements to apply for loans in installments
If you are included in any of the delinquent files of our country, it is more complicated for traditional banking entities to grant you loans. One of the main requirements to be able to access financing through traditional banking is to have a clean credit history and, above all, not to be recorded in debtors list. In this article we tell you how to know if you are in debtors list.
Another thing that they will take into account is our solvency. They usually demand that they be able to demonstrate a fixed and high income, either through an employment contract or a payroll. If the monthly fee to be paid is above 35% of our income, the bank will calculate that there is a risk of default and will not give us the loan. In this article you can see in more detail how to apply for a loan and the requirements that must be met.
Are installment loans more expensive?
Many banks increase the interest on debtors list installment loans. This is so because they consider that the user has a high risk of default and banks apply more restrictive clauses for this type of user profile. In this way they cover that risk by increasing the amount of the monthly installments.
As we were saying, being in debtors list is not a problem. We consider that the property you present is already a sufficient money-back guarantee. We will not take advantage of your previous credit history to charge you more commissions or interests and less to complicate your access to money.