Essentially a low interest credit application is the same as a regular credit card application, because the pebble you're picking on is the same - it is the decision by the bank either to give you consumer credit or not. This depends on Your specific credit risk coefficient drawn from the information bank has and is ready to consider liable.
The issuer will ask you to give, either online or in a local branch:
1. Documents that verify your national status in a specific country (age, nationality, migration status). In most countries a driver’s license won’t do to do this – you will need a passport, because they need to record your unique passport number and make a copy of the document.
2. They will most likely check that themselves, but might ask you to state that and/or give a documents that verifies – your credit history (have you been bankrupt in the last 7 years, or have current incurred debt and are you currently under been blacklisted as a untrustworthy borrower). This is the most important indicator banks look at to determine your CCR (Consumer Credit Risk) coefficient. And very simply if you don’t pass the rate bank has set you are not allowed a credit.
3. The issuer will ask you to state your income. If your main income is flowing through the same bank this will be an easy process, of the bank checking your (mostly) last 3 month income, and if it is eligible for the credit possibilities you want to subscribe to – your In. That amount differs from bank to bank, as every bank has their department of economic analysts who, depending on the bank’s condition, advise the manager the border over which the bank is taking too much risk (In most cases it is not a question of risk bank chooses to take, but the average percent of return bank wants to get for its lending. If the bank has determined that by crediting they want to get a 200% return in 5 years, 190% will not be acceptable, in case your interested).
The application itself will consist of the following questions:
1. Personal and contact information – This means your name, address, phone number, passport number, personal code, date of issue, name of issuing instance, USA – Social Security Number. Or if you are applying as a public entity, depending on your structure – your Business name, registration number, sole proprietor’s name or if a LLP (limited liability partnership, for example) – member and designated member names.
2. Employer information – that includes employer’s name, name of the company, time employed, employer’s phone number, (also possible, obligatory statement form the company as an original document, which needs to be enclosed). Or if a business – your balance sheet, bank statement (if a different bank).
3. Gross monthly income (total/12)
4. Monthly money outflow. Housing costs, mortgage, incurred debt.
5. Additional details of what are your monetary obligations – that includes children, spouse, obligations to ward in case you are a guardian. Welfare you receive, etc.
A good idea always is to first phone the bank or apply online, to safe yourself a walk to the bank when it turns out you don’t have a document that is mandatory for your application.