How does bank loan application actually work?

[Lestat]

Hi guys,

I was wondering about this issue for quite some time.

Does anybody here knows how banks approve loan applications, and basing on what do they actually grant them?

There are instances where one has got a good credit history, however when they try to apply for loans they get rejected. Not because they failed to meet the minimum requirement, but because of something else.

There are also others who seemed to have not so good credit history, however their loan applications are being approved.

Anyone here working in banks, and is able to shed some light?

Thank you.

 

[Lestat]

Don't you just hate it when you apply for one, with clean record, just to find out that your application has not been approved?

What exactly is the benchmark used here?

 

[High till Dry]

many reasons. 1st of all wat loan r u applying for? credit card, housing loan etc...

 

[Lestat]

I am thinking of applying for a personal loan, but would like to know how it works before I go down to the banks.

 

[kuntakinte]

First, you have to start borrowing in small amount and pay back more than the minimum sum. Must pay back in full, no delay in payment and no default in payment !! Once or twice is ok but must call the bank, dun let the bank call you. I was very late once in my payment, when they requested me to pay $680, I pay $900. Why ? To show them that besides being late for 2 months, I am also paying for the 3rd month - lon tink I got no money OK !!

Next, borrow the full amount approved by the bank. Same thing, pay more than the minimum sum.....

Now, I have all the banks sucking up to me, bothering me to take up those credit transfer !! Of course, at this point, lim pei bo gian !!

Hi guys,

I was wondering about this issue for quite some time.

Does anybody here knows how banks approve loan applications, and basing on what do they actually grant them?

There are instances where one has got a good credit history, however when they try to apply for loans they get rejected. Not because they failed to meet the minimum requirement, but because of something else.

There are also others who seemed to have not so good credit history, however their loan applications are being approved.

Anyone here working in banks, and is able to shed some light?

Thank you.

 

[High till Dry]

I am thinking of applying for a personal loan, but would like to know how it works before I go down to the banks.

i presumed it's unsecured term loan where u paid ur principle and interest on a monthly basis then.

do u have alot of unsecured lines like credit cards and credit lines? i need to know more so that i can assist. ya i am a loan officer

 

[JWNY]

I need to know more also...i am a financial underwriter

JWNY

 

[High till Dry]

I need to know more also...i am a financial underwriter

JWNY

point #1: Over exposure. Don't over apply too many cards / lines. Apply only when u require to use

 

[JWNY]

Well...i would obtain my Credit Bureau report first....

http://www.creditbureau.com.sg/

JWNY

 

[kakowi]

I think that is an excellent suggestion. Look up your own credit bureau records first.

Some banks have as much as 16 criteria.

Generally they relate to:

(1) your ability to repay - there is no point in giving you money when they are running a business

(2) your exposure to current & other banks and your repayment records

(3) the stability of your income

(4) your employment history

(5) the number of your dependents

The type of loans you are applying for is also important.

In my opinion, I would suggest that if you do not need the loan for medical or humanitarian (eg helping a family member) reasons, do not take it.

 

[JWNY]

In my opinion, I would suggest that if you do not need the loan for medical or humanitarian (eg helping a family member) reasons, do not take it.

Agree...i know someone who took 2 separate car loansfor his friend, now he is struggling. I hope he gets out of that mess

JWNY

 

[High till Dry]

Agree...i know someone who took 2 separate car loansfor his friend, now he is struggling. I hope he gets out of that mess

JWNY

don't any how act as guarantor for others. u don't have ownership to the asset but have all the liabilities as the borrower

 

[yellow_people]

I am thinking of applying for a personal loan, but would like to know how it works before I go down to the banks.

There isn't a free lunch. Loans require collateral or a guarantor. Banks do not hand out unsecured credit. Not for anything.

I would suggest that you work your personal finances out, tighten your belt and tell yourself that loan is not for you. it seems to me you are looking for an easy way out.

Let me guess you're Chinese. Yes?

 

[Lentor]

There isn't a free lunch. Loans require collateral or a guarantor. Banks do not hand out unsecured credit. Not for anything.

I would suggest that you work your personal finances out, tighten your belt and tell yourself that loan is not for you. it seems to me you are looking for an easy way out.

Let me guess you're Chinese. Yes?

i think you should suggest that to your own kind instead,no money buy condoms don't fu*k too much,later no money go for abortion also.
fu*k here and there come out 7-8 good for nuts off springs to create more trouble is it?
likes to create social problems,likes robbing of elderly inside the lifts.
making a nuisance in public areas.
seeing a OPC car(not mpv) with 7-8 of your kind squeezing inside is such a common sight.
my advice is, can't afford a car then don't get one.

luckily my estate here doesn't have any of your kind,if there's 1 lurking around in the vicinity,i will definitely call the police to arrest him as he's most likely a break-in burglar.

lastly, i don't have to guess which fu*k sh*t race are you as your comments already revealed it.

 

[yellow_people]

i think you should suggest that to your own kind instead,no money buy condoms don't fu*k too much,later no money go for abortion also.

Why I was at Agnes B at raffles shopping mall paying for a ladies wallet, its the new in thing now... and they were handing out free condoms out of a big bowl.

fu*k here and there come out 7-8 good for nuts off springs to create more trouble is it?

Well the Chinks are having trouble managing to get just one in the oven these days. So I can understand why you are so petrified.

luckily my estate here doesn't have any of your kind,if there's 1 lurking around in the vicinity,i will definitely call the police to arrest him as he's most likely a break-in burglar.

Spoken like a true sinkee chinkee coward. See one lurking around the estate, never mind if he is just passing thru and push a panick button... police police where are you. rat motherfucking coward.

Let me suggest this.. throw all these indians incl the bangals out. I would love to see who builds your houses, cleans your estate, takes your garbage out, clean your streets and wipe your sorry arse.

 

[Lentor]

Let me suggest this.. throw all these indians incl the bangals out. I would love to see who builds your houses, cleans your estate, takes your garbage out, clean your streets and wipe your sorry arse.

i think it would be only you left to do all the sh*t jobs.
nevermind, you will definitely be rewarded handsomely.

 

[yellow_people]

i think it would be only you left to do all the sh*t jobs.
nevermind, you will definitely be rewarded handsomely.

Says a lot about the useless Chinks. Bred for number. Certainly not for brains or for usefulness for that matter.

 

[Lestat]

First, you have to start borrowing in small amount and pay back more than the minimum sum. Must pay back in full, no delay in payment and no default in payment !! Once or twice is ok but must call the bank, dun let the bank call you. I was very late once in my payment, when they requested me to pay $680, I pay $900. Why ? To show them that besides being late for 2 months, I am also paying for the 3rd month - lon tink I got no money OK !!

Next, borrow the full amount approved by the bank. Same thing, pay more than the minimum sum.....

Now, I have all the banks sucking up to me, bothering me to take up those credit transfer !! Of course, at this point, lim pei bo gian !!

Thank you for your comments, but how does one exactly go and borrow small sums from the banks first?

 

[Lestat]

i presumed it's unsecured term loan where u paid ur principle and interest on a monthly basis then.

do u have alot of unsecured lines like credit cards and credit lines? i need to know more so that i can assist. ya i am a loan officer

I have no unsecured lines like credit cards and credit lines. I do not currently own any credit cards at all, as I feel that they are not that useful for me currently.

And yes, it's unsecured term loan. That's what is being advertised in certain banks.

 

[Lestat]

Well...i would obtain my Credit Bureau report first....

http://www.creditbureau.com.sg/

JWNY

Well, I have obtained a copy of my credit bureau. There's nothing inside at all, no defaults, no writ of summons, nothing.