A personal loan is a type of loan offered with certain interest rate and maturity options depending on the customer's credit rating, without requiring any collateral. Especially vital in urgent cash needs, personal loan is offered within certain limits. Personal loans can be divided into several types within a bank's special offers. The customer must determine the most appropriate type of loan according to their demand and budget. Bank loans are presented with varying interest rates and repayment plans, so personal loan calculation tools are of great importance for budget planning.
The customer's credit rating is the most important one of the conditions for banks to offer personal loans. The credit rating varies according to the customer's financial transaction history. Factors such as previous loan and credit card uses or investment history are important in determining your credit rating. The credit rating varies from 1 to 1900. 1 represents the lowest credit rating, while 1900 is the highest.
There are conditions aside from credit rating to apply for a personal loan. The most important one of these conditions is to be over the age of 18. Some loan types may also have an upper age limit. As for your credit rating, banks may ask you to document your monthly income. Having a regular and documented income will greatly increase the likelihood that your personal loan application will be approved.
In order to get a personal loan, it is necessary to meet the following conditions:
- Being over the age of 18
- Having the credit rating determined by the bank
- Having a regular income that can be documented
- Having a problem-free track record in terms of banking transactions