When an individual wants to buy a car, do work in their home, or even buy a new washing machine, consumer credit is an immediate financing solution to cover these important expenses. But before carrying out these projects, it is still necessary to put all the chances on his side by effectively writing his request for credit.
Consumer loan request letter: Primordial information
The consumer loan is a credit contract signed between an individual and a lender. To assess the borrower’s financial needs, he must be precise when writing his letter of request for credit. It is necessary to indicate in the mail:
- bank details;
- the exact amount of the expenditure that the borrower wishes to finance with the credit;
- the nature of the expenditure that the individual wishes to finance with the requested amount;
- the amount of credit that the borrower wishes to obtain from the lending organization.
Why should you take care of your conso credit application?
Based on this request, the individual will receive a document called a credit agreement, which will specify the terms of the credit:
- the total amount he wishes to borrow;
- the duration of the credit and the installment of monthly payments;
- the total cost of the loan;
- the APR (overall effective annual rate);
- repayment terms.
It is from this document that the individual makes the decision to take out a loan, so it is important to be precise in his request in order to receive the loan proposal most suited to his needs. To facilitate these steps, it is possible to simulate requests for credits in order to assess the chances of success of your request.
For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750.
A credit score of 900 is either not possible or not very relevant. The number you should really focus on is 800. On the standard 300-850 range, a credit score of 800+ is considered “perfect.” That’s because higher scores won’t really save you any money.