I am sure that legal entities that have both managers and employees with appropriate economic or financial education do not have to ask how to get a bank loan.
Another matter is the physical person or the ordinary inhabitant, whose level of financial education is often far from perfect. Therefore, such a simple question of “how to get an online credit with a bank” in the environment of individuals requires a lucid explanation.
Bank loan or bank loan?
First of all, it should be understood that a cash loan can be obtained not only from an online (commercial) bank. Specialized credit institutions, such as pawnshops and financial companies known as MFIs, are also involved in lending to the general public . All of these credit and financial institutions (commercial banks, MFIs, pawnshops) issue bank loans, that is, borrowed money.
Thus, to get a loan with money, some commercial banks the world did not come together. Interested in getting a bank loan? Try exploring and learning about MFI lending at the same time . For your particular conditions, an MFI loan may be more affordable and convenient than a commercial bank loan .
Types of bank loans
To understand the specificities of how to get a loan from a bank, you should understand the types of credit products offered to individuals by financial institutions.
- Consumer loans without collateral. Such credit is usually available only at a commercial bank that practices consumer lending to a broader population. Unsecured consumer credit is a type of targeted loan , a relatively small amount issued for the purchase of certain consumer goods in a retail network. Consumer credit can be obtained directly from the point of sale ( more precisely, equipped with a mobile banking mini- department, often located in large stores and supermarkets), as well as in a regular bank branch, on the basis of the store’s invoice for the product being purchased . In order to obtain such a consumer loan, it is usually sufficient to ask the seller of the store accordingly, and he will take over the organization of most of the process of its design. Of course, it is sufficient to carry a passport with a documentary document.
- Consumer loans with pledged property purchased . The issue of such loans is practiced in cases where the acquired property has a very high value (for example, a car, an apartment, a land plot, a commercial object) and the bank is forced to reduce its credit risks at the expense of the collateral . The peculiarity of this type of consumer loans is that the purchased object remains the property of the bank that lends until the full repayment of the bank loan. Although, as a rule, the buyer (the borrower) gets the right to use it from the moment of purchase.