Today, hardly anything is as easy as taking out a loan. Lending has been made very simple in many banks, especially in the online area with online loans, in recent years. No wonder – after all, the lending business, especially in times of penalty interest from the Lite Lender, is the number one business area for many banks for money parked there.
Nevertheless, there are certain things that every bank and lender wants to and must clarify before deciding on a loan! Above all, these are:
- Your identity
- Your employer
- Your income and expenses (household bill)
In addition, there are other documents and information that may be necessary for different types of credit. More on that later.
You need that for a normal personal loan
It is of course important to clarify your identity. With a branch loan, it’s relatively easy – you audition in the branch, show your ID and the bank clerk knows who you are. The process for online loans is now very similar to that of a branch loan. Of course, there is still the good old Postident procedure. You have to go to the post office with an appropriate form, which will be sent to you by the lender, and have your identity confirmed by a postal employee. To do this, you must either show your staff or passport. The form is then sent back to the potential lender.
But there is now also an easier and faster way of identification that many online banks offer their customers. In the so-called video identification procedure, you make a phone call to a bank employee or a service provider employee. Here you show your ID clearly visible to the camera and let the employee legitimize you by comparing your face with the picture in the ID. As such, exactly what is happening in the branch happens here, with the difference that you are at home.
Your employer – here the “right” employer can bring you advantages
If you want to take out a loan, your employer will usually be asked. There are two reasons for this: On the one hand, there are banks that use test calls to check whether you really work for the specified employer (this can happen with higher sums). On the other hand, an employer provides information about how secure a job really is, at least at first glance. Because even if the general job security is already very high for permanent positions, banks still have a certain classification, which employers are considered very safe and which employers could be more at risk of becoming unemployed.
If you are employed by an employer from the safe classifications, this can lead to better conditions in terms of interest rates at some banks. A permanent position in the public service, for example, is always welcome when lending (is often also referred to as a civil servant loan). On the other hand, a permanent position in a small craft business is a safe source of income for the moment; however, the security over the loan term could be classified as rather weak, which can slightly increase the interest rate.
Be sure to note! It is important that you do not make any false statements. This can result in your lender terminating the installment loan once granted and possibly making claims for damages against you. In addition, you must submit evidence of your details. At this point at the latest, a possible dizziness would be noticed.
Income and expenditure – a lot is often decided here
When asking the employer, it’s about getting a rough idea of job security. Ultimately, income and expenses are about how much credit you can or should afford.
First of all, self-disclosure is necessary. That means you have to state what your monthly costs are. These include e.g. B. Rent, charges for a house loan and costs of managing your apartment or house (operating costs, heating, electricity, etc.). The following items are important here:
- cost of accommodation
- Additional insurance
- Maintenance costs for children or partners
- More credit installments
A fixed amount for current living expenses is added to these current obligations. The total amount will be compared to the income you specified. As a rule, you have to prove your income in the last three pay slips. The self-employed usually have to prove their income on a profit and loss account.
The specific documents you need for a normal consumer credit are merely:
- Your current identity card or passport
- Pay slips for the past three months
- For pensioners, the pension notification
- Proof of additional income (if provided)
At this point, most banks already make an initial credit decision as to whether the desired loan is granted to you or whether your loan request should be rejected.
Loans that may require additional evidence
You can also compare other types of credit for which you may need further evidence or documents. If not already when the loan is taken out, then at least afterwards. Additional documentation may be required for these dedicated loans:
- car loan
- debt restructuring
With many car loans, the lending bank requests the vehicle registration document as security. However, in our loan comparison you will also find a whole range of providers who do not provide the vehicle registration document and who only have security anchored in the loan agreement. However, proof of the appropriate use of the loan must nevertheless be provided here.
If, on the other hand, you want to reschedule, you should specify all loans that you want to reschedule and, of course, those that you have beyond that when rescheduling. Do not skip any loans, because the new bank will query your credit rating to verify your details. For some banks, the credit rating query is sufficient to prove the current loans. Other banks, in turn, request the loan agreements, e.g. B. to determine the exact remaining debt.
How are credit requests actually checked at most banks?
When reviewing credit requests, the following things are considered:
- Are you already 18 years old, fully legally competent and legally competent and under the maximum age?
- What is your current monthly income (work income, pension, etc.)
- How much are the monthly expenses?
- What do credit bureaus like credit rating show about your payment habits and your reliability?
- Does the bank itself have scoring information about you, such as previous business relationships? Otherwise general scoring values are used