The bank loan allows the borrower to have a sum of money lent by an organization. Through this mechanism, it has funds that it will have to repay according to a schedule. This device obviously has a cost that will translate to the rate of interest.
Bank credit can concern two major sectors: real estate and consumption. Real estate loans are generally managed by traditional players: banks. Indeed, the study of mortgage applications requires certain skills and a thorough study that will be conducted by specialists with physical maintenance with the applicant.
Consumer credit online
Regarding consumer credit, the distribution network has largely developed during the last two decades with the emergence of lending organizations on the Internet. Today, many websites offer banking products specialized in consumer credit: personal loan, loan, revolving credit, etc. This development has facilitated the process and access to consumer credit.
Compare or simulate
Before any request from the borrower, it is preferable to perform a loan simulation through a specialized site (simulator / comparator) or directly on the site of the institution. This will allow him to compare the different offers on the market and choose the one that suits him the most. In order to access the offers, the borrower must fill in several criteria including the amount of funds desired, the repayment period or the amount of these repayments. He will also be asked the nature of his need: car purchase, purchase of electrical goods, work, travel, etc. According to all these elements, the simulator will be led to offer him an offer that meets his needs. These simulations are not binding on the borrower. He is free to make as many simulations as he wants to find the right offer.
The request of the borrower
Once the various offers are available to the consumer, he will have to make a choice and make his request. He can also make several requests without being committed to the credit agency. To do this, he will have to fill out different questionnaires concerning his personal, family and financial situation. All of these elements are necessary for the study of his request. If the borrower has a good knowledge of his situation, the request requires about fifteen minutes.
Following this step, a policy response will be issued by the bank. This answer will be based on the loan request (sum, repayment period) and the consumer’s declarations. Then, it will be necessary to send (by electronic file or paper) all the supporting documents to verify the borrower’s situation (identity card, employment contract, statement of account, etc.). It is therefore important that the applicant is accurate in entering information and that it is accurate.
Indeed, upon receipt of the file, the credit agencies will proceed to a careful verification of the statements made by the individual and verify the veracity of the elements transmitted. If these documents correspond to what was specified by the consumer in his application, and if his situation allows access to his request, a final offer will be sent.