A 6000 USD loan is still a small loan. In this dimension, loans are often taken out when new furniture is to be bought or a small used item is to be financed. However, there are also banks where small loans are only offered up to an amount of 5000 USD. However, with a credit of 6000 USD, the consumer has to assume that he must be appropriately creditworthy to get a loan.
The creditworthiness is checked at all banks according to the same principles, regardless of how high the loan amount should ultimately be. Only the likelihood that you get a credit of 6,000 USD if you earn 2,000 USD is greater than, for example, that you get a credit of 30,000 USD, so credit is not the same as credit.
Requirements for the granting of loans
All credit inquiries are checked with the bank according to the same criteria. The applicants’ Credit Bureau information is obtained, a household bill is drawn up and the monthly income is compared with the expenditure. In addition, the banks use an internal scoring procedure in which the credit default risk of the respective applicant is checked. All of the criteria mentioned play a role in the credit decision.
If the credit rating is found to be good, there is also an online credit decision for online credit inquiries, which the system makes automatically. All loan seekers have the same chance of getting a loan if they have the relevant requirements. The Credit Bureau information should be flawless, the freely disposable income must be high enough to be able to repay the rate and the expected credit default risk must be minimal.
If banks’ loan applications are rejected, it is mostly because the loan applicants either have bad Credit Bureau information or that their income is not attachable because it is a substitute for wages, such as unemployment benefits, sickness benefits or child-raising benefits. In some cases there is still a chance of a loan if a solvent guarantor is included in the contract.
Banks that offer low-interest loans
If you do not want to contact a bank yourself, you can also use a credit broker to search for a loan, who makes a cheap loan offer free of charge. Then you save yourself the hassle of comparing credit and can take advantage of the cheapest offer from the experts.