Published on June 13th, 2013 | by MariaJohnUK0
How To Qualify For A Loan Without A Permanent Residence?
Despite the fact that today the official Institute of permanent residence for citizens has been canceled, the financial institutions to continue the provision of loans, credits and loans interested in the place of residence of their potential customers. In particular, these requirements apply to banking organizations to potential borrowers who have decided to make such loan programs as mortgages, car loans and cash loans for large sums of money. As explained by financial analysts, there is the fact that the banking organizations want to be sure that getting into debt funds, the borrower one for himself and not in a very good day for the banking organization will not disappear with the money in an unknown direction. However, in fairness it should be noted that a number of financial institutions because of the fierce competition and the struggle for each borrower is trying to ignore the existence of a potential client’s permanent record. Thus as a rule forgetting to add what it would cost to their customers the cost of such a substantial concessions
Why and for what purpose Financial institutions require Potential Borrowers to Check Availability?
As practice shows, even make this kind of loans as consumer credit or express a loan in a foreign city is not easy, this is due to the fact that some are not very conscientious and responsible borrowers periodically spoil the statistical calculations of the direction of credit. According to official statistics, financial institutions in the average, almost a fifth were not returned to the borrowers of funds in obtaining loans refers specifically to those cases in which the role of borrowers were persons without permanent registration or borrowers registered very far from the city, which has been issued a loan. It should be noted that this is particularly acute problem facing financial institutions operating in the metropolitan areas, especially such as Moscow and St. Petersburg, where to look for work or a good life attracts citizens from across our vast country. And it is not rare among such people come across and not very friendly on the arm elements. Therefore, all the security services of the Moscow financial institutions hold a very rigorous and thorough check of the potential borrower to ensure its authenticity. However, as we noted earlier in this article, today the financial institutions have become much more loyal to the potential borrowers who have a permanent place of residence has a temporary registration at the place of circulation in the borrower’s financial institution. However, as noted by financial analysts, thus providing loans to borrowers, loans or loans data banking institutions are trying to significantly inflate the interest rate of the loan granted. Moreover, experience shows that a rate hike may be conducted in an open and concealed under the guise of various fees. Apart from the fact that a person who has no permanent registration will significantly overpay for giving him credit, so also the maximum amount of funds available limit for such candidates will be much lower. This is due to the fact that the financial institution does not want to risk a large sum of cash. It should be noted that as a result of the foregoing loans to borrowers who do not have permanent registration, become very expensive and unprofitable, and in most cases, the borrower is not what to do but choose not to receive such loan or think, and if he needed a loan?
Where the Borrower has no Permanent Registration, can get a Loan?
As explained by the financial experts, the situation is the lack of a potential borrower’s permanent registration at the place of receipt of the loan does not completely negate the possibility of obtaining borrowed funds in the financial institutions. For example, living in a different city, a potential borrower has got a car, or some amount of gold, in which case it can safely go to a pawn shop and get their money to solve their own problems or implementation of ideas. It should be noted that pawnshops today indifferent record of potential borrowers, as long as the property acting as collateral, fully in line with the needs of the borrower’s cash requirements. Another option for getting a loan to potential borrowers who do not have permanent registration centers have been and remain microfinance, the degree of fault-finding to which potential borrowers are much lower than in financial institutions. However, it should be noted a general lack of all these organizations – to get the money they can in a very short period of time, and the interest rate of the financial institutions is much higher than that of banking organizations. The loan is the borrower wants to get on terms not worse than it was a co-worker has a permanent residence permit. What do you do to a potential borrower in this case? As experts advice in the event that the loan was planned in advance, the potential borrower must take care in advance, and make at least a temporary registration at the place of actual residence. Moreover, as practice shows, the higher the potential borrower in this period will be at the place of temporary residence registration, the higher the chance to claim for the design of the loan in the banking organization at a lower interest rate. In addition to this it is necessary to apply to a large banking organization, which has a large and extensive network of branches. This is due to the fact that in this case, the banking organization with a branch at the place of registration of the potential borrower will be calmer, because it will know where to find it in case of any problems. It is also a potential borrower who does not have permanent registration at the place of receipt of the loan, may apply to a friend or colleague who has this registration, and ask him to become a guarantor. It should be noted that the high level of official income and a guarantor financial institution is likely to agree to provide a loan on favorable terms for the client. A positive role in the same play and a good credit history; And if the potential borrower has repeatedly made out loans and always returned them without any delays, what financial institution refuses to provide such a loan to the borrower?
Johnny Russell is a retail marketing expert who specialises in offering advice to instant loan, Johnny is a passionate full time finance blogger and loves writing on popular sites like Compare Personal Loans Melbourne and various other finance blogs.