One of the most disappointing experiences is when you decide to apply for a loan and the bank or the cooperative denies it. However, this is the situation that many Colombians are facing because financial institutions decided to tighten the requirements to access financing.
Although this is done with the objective of reducing the delinquency rate, it ends up harming some ordinary citizens, who cannot get the long-awaited loan.
But what does it mean that the loan requirements are tougher?
Basically, it tells us that the evaluation carried out by the entities is no longer so easy to pass. Two of the main factors that you should take care of to increase your chances of being granted credit have to do with your ability to pay and your economic activity.
Basically, it answers the question “can I acquire that debt? Am I able to return it? It is not about whether you have other credits or not, but how much money you have left once you have paid all your expenses. If your ability to pay is minimal, you will most likely be denied credit.
It has to do with sustaining your income and that these are enough to meet the credit you are requesting. If you cannot verify that you work and have income, the bank will consider you a subject of risk, so you will most likely be denied credit.
Remember that these requirements are valid for all credits, especially those for consumption, such as free investment credits and although the latter do not require many papers, these two questions are key to access them.
If you are looking for financing, also remember that some entities are more ‘flexible’ than others, so an interesting strategy is to compare them all before choosing who to apply for the loan.