The most common obstacle for loans is one or more payment remarks, which means that the customer is deemed to have a low credit rating and thus a reduced repayment capacity. A payment note is a warning flag that signals that a person has previously mismanaged their finances. Usually, the payment complaint is about a non-payment or overdue debt which, despite reminders and debt collection claims, remains unpaid. The problem with payment remarks is that they remain and are visible in credit information for three years, which means that carelessness and old sins can punish themselves long after a “dotted” order of their finances. Although many banks completely lend out to customers with bad credit ratings charged by payment remarks, many loan intermediaries work with lenders also offering loans to customers with a complaint provided the rest of the economy is in good order. On the other hand, no active debt balance may be found at the Crown Officer. When it comes to fuzzy marketing, many complaints are that it is difficult for the customer to know exactly what offers, for example, which banks the application will be sent to and what interest rate one can expect to receive.
It is important to know that the requirements for loans with a payment note are usually higher, which means that a higher annual income may be required to get an agreement and that the interest rates are higher, while the loan amounts are usually lower.
Many creditors who can think of approving loans despite payment remarks require that they are at least 6-9 months old. The fact that a certain amount of time has elapsed between the remark being added and the application for the loan is a way of helping the customer avoid a risky financial behavior being permanent.
Although loan intermediaries cannot perform any miracles that give you with the weak creditworthiness the same opportunities to borrow as the one with high creditworthiness, the chances of obtaining a loan despite the payment note are greater if you choose to apply through a loan brokerage since your application will be sent to a larger number actors. At the same time, it is also more gentle for your future creditworthiness to go through a loan broker compared to establishing several individual applications, since only one credit report from the credit intermediary is required to obtain loan responses from several banks and lenders.
One of the best tricks to quickly hijacking your loan costs is to collect many small expensive loans and other credit debts in a larger loan. Collecting loans not only makes it possible to lower the loan costs, it also makes it easier to keep track of the everyday economy, which in turn reduces the risk of late or missed payments that otherwise risk leading to new payment remarks.