That you approve a payday loan, even if it seems simple, it is not. It is a process that involves several departments within the bank that include: customer service, risk, credits; etc. However, an important part of this process is that you prepare. This is why in Rexi Finance I show you what you can do to “soften” the bank in the approval of the credit.
What does the bank take into account for approval?
Financial institutions vary in terms of approving payday loans. Some give a greater weight, say one thing and others to another. However, there are three things that usually coincide:
- The credit bureau
- The ability to pay.
- History with the institution.
It is on the basis of these three elements that the approval of a payday loan generally weighs. Obviously there are other things like the type of payday loan, age, marital status, etc. But if we were to group them then, these three categories define banking thinking.
Strategy for a payday loan to be approved
Starting from what in what the banks analyze (credit bureau, history with the institution and payment capacity) then the strategy has to go according to these aspects. Since the rest of the variables that are taken into account are beyond your control.
For this, here are some of the things you can do so that the approval of the credit you are requesting has a high probability of success.
Open a savings account or a certificate with the bank
The ideal gateway for any financial institution is the same money. When you inject capital they can reuse.
Therefore, the first sign that you want to do business with them is putting your own money. And do not see it only as “you put money” but as a benefit to you, in two ways:
- You save and
- You open doors with the institution.
Get started with a credit card
If you don’t have a card yet, and you understand that you can handle it properly. You can request one. Always on the basis that you do not have and that you really need it. Do not do it for sport, because then you can make irresponsible use of it.
The issue with the card is that through it you can show the bank that you have the ability to handle debts, therefore, you gain the trust of the financial institution.
Be true to your business commitments
Finally, be true to your business commitments. Remember that the credit bureau not only records debts, but all financial transactions in which you are involved. That is, if you have services such as cell phone, telephone, internet, etc. That also comes out, and you must take care of it.
So, as long as you are up to date, then your rating is strengthened; giving you a more confident profile for the payday loan you want to take.