Banks Offering Loans for Low Credit Score
Conditions Required for Obtaining a Loan
In today's world, it has become almost impossible to get by without financial support due to the life conditions we are in. Nowadays, almost everyone you ask uses a product from banks, which are financial institutions established for the purpose of providing financial support. For these products, mostly in the form of credit cards or personal loans, to be made available to you by the relevant institution, there are certain conditions set by the Banking Regulation and Supervision Agency. Among these conditions, the credit score, which is known as a tool that reveals a person's record status with numerical data, holds the most important position. The numerical data obtained through a query made with the individual's Turkish Republic Identification Number during the product application by bank institutions is divided into different ranges. To apply for the desired personal loan product, the relevant score must be between 1,100 and 1,900. Only then can an application be made in most financial institutions. However, as the number of financial institutions increases day by day and the competition among them intensifies accordingly, some banks that want to get ahead of other institutions by leaving them behind, make certain exceptions and offer loan opportunities to individuals whose credit score is even below 1,100 or even 900, with guarantees or collateral. In this way, they can gain a competitive advantage over institutions that do not offer this opportunity and attract individuals' preferences. Banks such as Fibabank and Aktif Bank, which are among the relevant institutions and are newly emerging in the market, can offer loan opportunities to individuals whose credit score has dropped for various reasons.
Guarantor When Taking Out a Loan
Moreover, the demand for loan opportunities offered without any increase in interest rates is quite high. Of course, certain conditions are also required by the relevant banks to provide loans. As you can appreciate, banks do not take any steps without securing themselves, because otherwise, the financial losses they would incur in any negative situation could be quite large. For this reason, banks that offer loans without prioritizing a low credit score also provide these loans with a guarantor requirement. The guarantor whose property title deed is registered must have real estate in their name. If the real estate to be mortgaged to the institution is found suitable after evaluations, a loan product with a loan amount of up to 10,000 TL, a repayment period of 24 months, no income verification requirement, and a maximum fee of 270 TL can be offered.
