How to take out a loan up to BGN 5,000

06.04.2021    Share +

How to take out a loan up to BGN 5,000

Over the years, human needs seem to increase and, as a result, both consumption and production of goods as well. The reaction of the market is intensified production of new and new models and attractive promo offers. Some of the promotions are so tempting that even if you do not currently have the money to buy the desired product, you are looking for ways to get it through loans. As a result of the interest in fresh money, banking and non-banking institutions expanded their portfolio with different types of loans to meet the needs. Among them is the ability to withdraw a loan of up to BGN 1,000, up to BGN 2,000, a loan of up to BGN 5,000 and even up to BGN 10,000 under a simplified procedure and without a guarantor and pledge. Let's learn more about this type of loan and how to take out a loan of up to BGN 5,000.

Where can you get loans up to BGN 5,000?

Banks offer a wide range of loans, and you can choose the term and amount of repayment up to the predefined limit and even see what your monthly installment will be based on the specified parameters. If you are looking for a loan of up to BGN 5,000, you can turn to both banking and non-bank financial institutions that promote fast loans online and on site at their physical sites.

What are the requirements of banks to borrowers?

Borrowing from a bank takes place after some inspections and meeting certain criteria that aim to limit credit risk. It is related to the return on the loan that the bank provides. Banks are subject to regulation and play an important role in any economy, so their loan requirements are justified and have their own explanations. Requirements include:

  • Employment contract

    When applying for many credit products, banks require applicants to have an employment contract. Banks may oblige the borrowers to make the loan repayment  using debit card issued by them and opening a current account. This would allow them to seize part of the debtor's account in the event of irregular or complete cancelation of debt payment after carrying out the necessary measures and investigation.

    Not all institutions require that your employment be bound by an employment contract. However, those who make exceptions will offer you a loan with a higher interest rate.
     
  • Minimum age of candidates

    Banks have a requirement for a certain age of the person wishing to receive a loan. The minimum age for providing personal data is 14 years, but without coming of age (18 years of age) you would not be able to apply for a loan. Many lenders are required to apply for a loan at the age of 21-23. Under this age it will be very difficult to obtain a loan for BGN 5,000 due to the lack of work experience, and the uncertainty that the youngsters will be able to pay their installments regularly and on time.

How to apply for an online loan up to BGN 5,000?

Almost all businesses today are positioned online. Banks are no exception and successfully develop their core business in the digital space. Open the site of any bank and you will almost certainly come across a loan calculator and online application buttons with instructions how to apply step by step.

The user can easily check the characteristics of the desired credit has (interest rate, repayment period and principal amount) in the calculator or the . In the provided online application forms, he/she can enter his personal data and start the loan application process. Obtaining approval is now much faster and in most cases in less than 24 hours.

For the more skeptical and not very digitally oriented people, there is also the option to apply for a loan over the phone contacting the Customer Service Center or go directly to a bank branch.

Advantages and disadvantages of loans without a guarantor

The competition has forced more and more banks to offer loans up to BGN 5,000 without a guarantor. The role of the guarantor in the loan is to ensure that you will be able to repay your loan on time and in case this does not happen, he will pay off the balance of the loan. The guarantor jointly and severally bears the financial problems that have arisen with you and the bank can legally make its repayment on the loan from him. This is a responsibility that few people want to take on, therefor it could become a big obstacle when it is part of the borrowing condition.

In order not to lose potential customers, banks now offer a loan of up to BGN 5,000 without a guarantor. The advantage of being approved for the loan without presenting a guarantor is a convenience that has its price. Due to the higher risk that the lender takes in such cases, the interest rate on this type of loan is higher than those offered with a guarantor.

Repay your loan safely and for free
Download TBI Bank App and use our services whenever and wherever you need to. Repay your loan instalments with 0% commissions.