Acceptance Criteria for Borrowing Money

Credit competitor mediated for various lenders. Each lender has its own acceptance framework. Credit competitor is a professional credit intermediary. We will look for affordable financing with the best conditions for you. But of course you would like to know whether applying for a loan is also useful. On Acceptance criteria for borrowing money , we give you insight into a number of guidelines that exist for borrowing money.

In order to be eligible for a loan from Credit Competitor, you must at least meet a number of conditions:

  • You have a valid ID
  • You are between 21 and 70 years old
  • You have no negative code (s) with the CRO
  • You have a fixed and stable income
  • You are not at home - or live in

In addition, a number of acceptance criteria apply with regard to the income that may be included in the calculation for a loan.
Income that we are allowed to take along:

  • Income from permanent employment for an indefinite period
  • Income from overtime, shift work allowance, irregularity allowance
  • Income from temporary employment, half-year or annual contract
  • Income from retirement, early retirement, pre-pension
  • Income from WAO / WIA benefits
  • Income through the employment agency phase C (phase A not and B limited)

Borrow money and Self-employed

Are you self-employed? Then you know that financing is getting more and more difficult.
In some cases it is still possible to borrow money for a car or for private purposes at Credit Competitor. Credit competitor cannot process your application if you are a starting entrepreneur or have been self-employed for less than 3 years.
If you have been self-employed for 3 years or longer and you want to borrow money for private purposes. This may be possible for you, then we need the complete annual accounts for the last 3 years.

Borrow money with Temporary employment

Even if you have a temporary employment contract, it may still be possible to take out a loan. In some cases it is possible that your temporary income can be included 100%. The conditions for this are that you must have received income from employment for at least the last 12 months. You must be married or living together, have a known CRO and be both over 30 years old. Finally, you must have a home for sale. Do you meet 4 of the 5 requirements? Then it may be possible for you to take out a loan. Incidentally, the requirement that you are cohabiting or married is a strict requirement. If you do not comply with this, your income will only be included to a limited extent.
If you want to know what the options are, you can submit the application to us by filling in the application form as completely as possible.

Not a complete understanding

You now largely know the acceptance criteria for borrowing money. However, this does not provide a complete picture of your (im) possibilities. You can meet all the above criteria, but it may still be the case that the bank still does not want to give you a loan. If you have submitted a loan application to us, we will email you the reason for the possible rejection of your credit application.