What factors would prevent me from getting a bank loan?
Question by W C: What factors would prevent me from getting a bank loan?
Would like to know what can prevent me from getting a bank loan. Please advise what I would need or not have. Thank you.
Best answer:
Answer by fitzpimlings
Bad credit, history of late payments, no collateral, lack of a co-signer. These are the major factors.
What do you think? Answer below!
NINJA
no income, no job or assets
Right now if you are in this category forget about it
This is major reason for sub-prime mortgage crisis
also
4C’s of lending
Character -have you been convicted of fraud for instance
Collateral Do you have some security such as equity in a house, investments or cash in the bank
Capacity. What is your debt load in relation to income?
Cash flow. Are you paid regularly
If you can honestly address these issues and are not at death’s door you should be OK
also lack of adequate income and other debt.