When we talk about a difficult loan, we mean one that is difficult to obtain. What is the reason? Before the loan is granted to us, the bank is required to verify us in the Credit Information Bureau and check our financial standing. These two things most determine our creditworthiness. By creditworthiness, the bank means the ability to repay the loan. In other words, the bank verifies that we can afford the loan. Most often we talk about difficult credit in a situation where we already have previous liabilities, we do not have fixed income, we do not pay earlier obligations on time, etc. One of the popular difficult loans is a consolidation loan.
A consolidation loan
The consolidation loan is, as the name suggests, to consolidate our previous commitments. The main assumption of the consolidation loan is to reduce the monthly installment amount by extending the loan period. In this way, instead of many different loans and several installments to be repaid at the same time, we can have one loan and one installment. A consolidation loan is also a chance to harmonize the terms of the loan. Thanks to this, we will have a chance to negotiate the terms again, because we are actually taking out a new loan, which aims to pay off earlier obligations. In their place there will be one liability in the form of a consolidation loan. It’s a chance to get out of debt. In addition, we will not generate additional costs in the form of interest on late repayment of installments that are not small. This way, we will not spoil your credit history at BIK, which may mean that we will not receive a loan in the future.
How to apply for a difficult loan
As we said above, a difficult loan is one that is difficult to obtain. It is said by itself that it is not worth doing it alone. Especially when we don’t really know much about finances and banking products. Before we decide on the final decision and send the application to the bank, it is worth going or calling the company dealing with assistance to indebted persons. Remember that already three applications for a loan rejected by the bank may mean that we will not get a loan anywhere. So let’s consciously send every request. A company dealing with help for indebted people is an ideal solution for many reasons. One of them is the fact that a professional loan broker can negotiate the loan terms with the decision maker in the bank. In this way, we have a chance for a banking product not available in a bank branch. This significantly increases our chances of a difficult loan. Time is also important. When you have a problem, do not wait and contact a loan broker. The sooner the greater the chance of success.