Getting financing when you are in the database is possible if you know which entities to go to. Being on a delinquent list is no longer an impediment to getting financing to cover those extra expenses you need to cover.
Where traditional banking closes our doors, financial institutions such as those indicated here offer you loans even if you are in the database.
What you can do with a loan
The most common purposes when applying for loans while in the database are the following:
- Consolidate outstanding debts
- Pay for a vacation
- Buy a vehicle
- Domestic repairs
- Medical expenses
- Other expenses and contingencies
Is a loan guarantee necessary for defaulters?
In general, it is necessary to provide a guarantee or guarantee. Being on a delinquent list means that you have previously defaulted, either the loan fee or simply a telephone bill. But in these cases, the financial institution that is going to lend you the money needs a guarantee of payment, so they demand a guarantee.
Depending on the amount you are going to request, you must go to one entity or another, and they will request an endorsement or another.
In the case of loans with a car guarantee, you can get up to USD 10,000 by putting your vehicle as collateral.
For loans with more money, up to USD 500,000, you must use home equity loans and put a property as collateral. It is important that this be free of charges to get as much as possible.
If what you need is a smaller amount, between 2,000 and 5,000, you will simply need a loan with guarantor (person endorsement), someone who signs that they will respond before payments if you do not.
The requirements for a secured loan
The main thing is to provide a payroll to prove income and that you will be able to face the payments of the loan installments. And the second to have the guarantee that the entity is going to request (real estate, vehicle, guarantor).
Keep in mind that many entities limit the debts that you may have pending at 1,000 dollars, so if your debt is very high you may find more difficulties.
For the rest, other more common requirements are to have an ID or passport, reside in the country and be at least 25 years old.