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I Have Two Loans Can I Withdraw The Third Loan From The Bank

There is no obstacle for consumers whose loan installment payments are continuing to submit different loan applications and to allocate second or third loans. In this context, although there is no legal regulation, there are various conditions that banks expect to be met. These conditions are generally related to a good financial situation.

Can I Withdraw The Third Credits?

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Loan applications made to the bank first pass the credit rating evaluation. The credits of the consumers who receive a positive response from the credit rating evaluation are examined separately by the general directorate and it is decided whether the loan will be allocated or not. The credits of consumers who submit applications for the third loan will be more strictly controlled and decided accordingly.

Credit Me?

Whether or not a loan may vary depending on various factors, but having a regular income, having a high credit rating and being insured are the most important conditions for the third loan to be allocated.

The reason for seeking the condition of working with Good Finance is the risk of being unemployed while continuing to pay loan installments. As is known, citizens who are unemployed while working with insurance are provided with unemployment benefits based on the premiums paid. In case of such a situation, it may be possible to continue the loan installment payments by benefiting from the unemployment benefit.

One of the most important evaluations, in order to allocate the third loan, is the ratio of loan installment payments to income. Namely, under normal conditions, credit allocation can take place by paying 50% of monthly income in installments. But second, third, etc. The ratio of loan payments to income is expected to be much lower when allocating loans.

It would be very wrong to establish a general sentence

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Therefore, it is necessary to act on an example. For example, let’s assume that a consumer with a monthly income of 7500 USD pays 500 USD for consumer loans and 1000 USD for vehicle loans each month. In this case, it will be concluded that the consumer pays 1500 USD in installments each month and this rate will be seen to correspond to 20% of the income.

If a new consumer loan application is made and the monthly installment amount arising from this loan is 500 USD, the total installment payments will increase to 2000 USD, which will constitute approximately 27% of the income. Therefore, there will be no income-based problems before the allocation of the third loan and the possibility of a positive response to the loan application will be quite high.

However, if the ratio of loan installment payments to income is more than 35%, the loan to be allocated will contain serious risk. It will likely not be confirmed.

I have two loans. Can I withdraw the third loan from the bank?

I have two loans. Can I withdraw the third loan from the bank?

Consumers who want to increase the probability of allocating loans can show a guarantee or mortgage or apply through a guarantor. Giving mortgages of movable or immovable property for credit will increase the probability of a positive response to the loan application.

Persons who will use credit through the guarantor should ensure that the guarantor does not owe to a different bank, has a regular income, and work with the insured. You can check the Increasing the Withdrawable Credit Limit section on our site here.

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