The borrower who reports the need for lending needs must provide real household income. Otherwise there is no chance for additional capital from a legal source. Unfortunately, income confirmation is definitely the biggest problem in the country. So what does income confirmation look like in loan agreements?
What income makes it easy to get a cash loan?
First of all, a distinction should be made between basic groups of borrowers, namely business owners as well as full-time employees and all kinds of contractors and artists. Business owners present actual revenue achieved from the provision of services, product sales, and not revenues. This is a common mistake. Even with a very large monthly income, you can not get any income at all, and even leave the business at a loss. Income is income minus costs, in short. A full-time employee who performs duties in accordance with an employment contract for an indefinite period of time has by far the shortest way to get a cash loan, often automated. A fixed-term employment contract is a limited loan, possibly extended after making a promise of employment from the employer in writing. Income is confirmed in two ways, namely with a full personal account statement, which also allows you to know the structure of household costs or the PIT form for the previous year. Income confirmation by the borrower is not enough.
It is worth increasing revenues and increasing their stability
A credit analyst at a retail bank takes responsibility for confirming all data at source. Such a need arises especially when servicing new borrowers, with uncertain economic situation, with minor threats in the Credit Information Bureau. You need to focus on confirming your income for several key reasons. First of all, thanks to completing the formalities you get faster loans with the chance of later automation. The higher the income, the better the negotiable, of course, and the short waiting time for approval of subsequent applications. A trial contract is the most difficult on the credit market and rarely allows you to benefit from cash loans. A fixed-term contract allows you to take out a rather limited cash loan. Stable employment is therefore necessary to properly navigate the short or long-term credit industry. What do you think about the issue of income confirmation in loan agreements?