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What are the main conditions for getting a loan?

Each of us may suddenly need additional financial resources. Not everyone has savings for this purpose, so look for other ways to get the money you need. One option is to ask a relative or friend for a loan, but many avoid it for personal reasons. Nowadays, most people choose to apply for a loan online. While this sounds like an easy and convenient way to raise additional money, make sure you qualify for a Bank credit before applying.

What Credits are available at the Bank?

What Credits are available at the Bank?

Bank offers two types of loans – Premium Consumer Loan and Credit Line.

  • Premium Consumer Loan – This loan differs from the classic bank consumer loans by offering to borrow larger amounts of money at better interest rates. An online loan application is processed free of charge within one minute and, if the answer is positive, you can sign the agreement online. Bank Premium Consumer Loan is available in an amount of 2,000 to 10,000 USD with a repayment term of 1 to 6 years. APR starting at 7%. The interest rate is set individually for each client based on their ability to pay and their credit history.

This Bank consumer loan is most often chosen by customers who need funds for planned expenses, such as home or vehicle repairs.

  • Credit line – An alternative and highly flexible type of loan that works similar to a credit card. When applying for a credit line, we assess your solvency and credit history and then determine the maximum credit limit available to you. You can spend it as you see fit, when needed. Within the credit limit you can withdraw the money in full or in installments. Interest will only be calculated on the amount used. The Bank credit line is available for between USD 50 and USD 2000 with a minimum monthly payment of USD 20. We process your application and respond within 15 minutes.

The credit line is more often chosen by customers who need additional funds but are uncertain about their size or the situation may change. Flexible line of credit allows you to freely control its repayment and, if necessary, quickly raise funds if the credit line allows.

What are the conditions for getting a loan?

What are the conditions for getting a loan?

To apply for a Bank Premium Consumer Credit or Credit Line, you must first make sure that you meet the following conditions:

  • You must be 21 to 70 years old to receive a Premium Consumer Credit and at least 19 years old to apply for a credit line;
  • Your income is formal and regular and is sufficient. After applying for a loan, Bank will review your application, assessing your solvency, to make sure you are receiving income that can be verified in databases. The monthly payment amount is also compared to the total income. Before borrowing, consider whether the monthly fee will not exceed one third of your monthly profit.
  • You have a positive credit history. Remember that credit history can be damaged not only by not paying your loans on time, but also by delaying your phone bill or utility bills.
  • You have opened an account with a credit institution.
  • You have an active phone number and it works in one of Latvia’s mobile operator networks.
  • You have an email address that Bank will use to contact you.
  • You have assessed your current and future solvency and are responsible for borrowing and are aware that you will be able to repay your consumer credit or credit line on time.