What to do if repair is necessary, but there is no money for it? It's good when you have someone to borrow, but more often, there is no such possibility, and you need to look for other ways, turning to banks. But, as it turns out, not everything is so simple, and the question of where to get a loan for repairs does not seem so simple anymore, especially if you do not have a very good credit history, but you need a lot of money.
Many leading credit experts state that many factors can influence the choice of a suitable credit program:
- The required amount.
- Dates of receipt.
- Credit history.
- Availability of bail.
How much money is required
There are credit programs that provide cash withdrawal without an income statement, but, as a rule, the amount provided may not be sufficient to complete the repair. In this case, you can use another program, which provides that the borrower will leave a pledge, which, in this case, can be repaired housing. In this case, the interest rate will be less, but for paperwork you will need to pay a large part of the loan funds.
Do I need an income statement
If you have a decent income, then you will be a welcome guest, for whom more opportunities will be provided, but very often it should be such that with such income a loan is simply not needed.
Although banks claim in advertising that they provide a certain amount without an income statement, it is nevertheless required, and if the income is low, the proposed amount may be several times less than the promised amount. Therefore, it is impossible to do without personal contact with bank employees; otherwise, when you come for the promised loan, you can hear the unpleasant news.
You may be required to have a guarantor. As a rule, not everyone wants to be in this role, because in case of your insolvency, all obligations are transferred to the guarantor.
Dates of receipt
In the event that the deadlines do not tolerate delay, and the question arises that you do not know where to get a loan for repairs, which you need to start tomorrow, you will have to use express lending. In this case, the loan will be processed as fast as possible, but the amount of overpayments will be more sensitive than the loan with the "classic" design. However, getting cash on hand, you can save if you hire a brigade working informally.
What is called a credit history
This kind of dossier, which reflects the information received from banks and other organizations serving on credit. There it is noted when, how many times, and for how long the loans were taken, whether they were repaid, late payments or not, whether you currently have debts. Do not think that if you came to the bank for the first time, then they do not know anything about you. Credit history is your characteristic, after reading which, the responsible persons will make a decision. In some cases, the amount may be very small, or you may be denied a loan at all.
In the event that you have never taken anything on credit, then we can say that your credit history begins with a clean slate.
On the security of property
If you are faced with this question, then know that, having received a pledge, the bank can lend a larger amount at a lower interest rate.
In this case, the bank will be the owner of your property at the time of crediting, and for this you will have to draw up expensive documents on the right of ownership, but if this is the last option for obtaining a loan, then use it or refuse repair.