Buying a house, opening a business, paying for studies, is much easier by applying for a bank loan, which can be paid off in the long term. All needs could be covered with the money from that loan. However, there are some conditions to be a creditor.

Before ordering, it is important to ask yourself: why do i need it loan and if it will satisfy your need. Do not forget that you must meet a number of conditions in order to be approved for a loan.

Can a bank loan improve personal finances?

Requirements:

1. Have a bank account and identification documents such as: identity card, ballot.

2. Justification of the income and stability of the job or business for dependent and independent clients: In these cases, a payment slip or some proof confirming their income is presented.

3. Fill out the form specifying the requested amount, term and destination of the loan.

4. Likewise, another request is made which authorizes the bank to initiate the appropriate process.

Before applying for a loan, it is important to consider everything it entails. Paying attention to interest rates is one of them, since they vary depending on the purpose of the loan (real estate, consumer, commercial microcredit). Also determine the type of loan you want to request.

In the case of a loan in Biess, the age limit is 77 years, while in a financial institution such as Banco Pichincha it is 82 years.

What do bank entities look at when approving a loan?

Some of the factors are: the profile of the client, the ability to pay to cover the liability being acquired and the expectation of generating income based on the client’s activities to maintain the debt during the term Credit.

Elderly people encounter some obstacles when applying for loans in Ecuador, since their health condition and life prospects greatly influence when they are candidates for a loan. For this reason, some financial institutions accept that children, relatives or acquaintances of an elderly person can be guarantors for the loan.