It is common that every moneylender will consider a certain factors when they get a request for a loan. No any single criteria can help you get some quick money from any banks or private moneylenders. Checking the overall information of the customer is really important as the chance for fake customers are much more in these days when compared to earlier. It is the duty of the credit analyst in banks to perform this internal analysis to make sure that the customer is genuine and is capable enough to repay the loan.
Here are some most important considerations that most money lenders check for.
Every moneylender will check for the financial standing of the customer before lending them money. It is done to make sure that whether the customer has the capacity to repay the loan without making any dues. Usually most of the moneylenders will collect bank account statements from the customer to know the transaction details before lending money.
It is a common practice to collect collateral security from the customers. Moneylender does this ,to seize it and get the money if at any case the borrower failed to repay the loan. It is the only way for the lender to get back his or her money if the customer defaults the loan.
Personal guarantees are must for some moneylenders to lend money to the borrowers. Not every moneylender needs a personal guarantee, but some make this an important criterion. This is meant to make the money lender trust that the borrower will remain within the business until the loan is completed.
Considering all these simple things will make you remain in the field of moneylending for a lot many years. Moreover, it will also help you not to lose any of your money.