It plays a decisive role in the extent to which the responsibilities arising from the financial relations entered into with the banks in the past have been fulfilled and to what extent the future loan and basic banking products can be used.
Due to the current economic conditions, it is quite understandable that people demand credit, but there are still opportunities to use credit if some steps are taken for consumers in the medium-risk group (between 700 and 1099 points). In this context, it is important to mention various details regarding the banks that lend the medium risk credit rating and the credit products of these banks.
Banks’ failure to give loans or to respond to loan applications negatively are indicators of economic problems. If the loan applications made to banks with foreign capital started to respond negatively or stopped lending directly to consumers, things are not going well at all. This was one of the issues frequently spoken by the economic circles in the past, and such expectations are gaining strength in the future.
In other words, answering your credit application negatively is not only for you, but there are some problems related to the negative response of credit applications in the economy in general. Therefore, it may be more logical to increase your savings and search for alternatives instead of accusing yourself of wasting time and not using credit.
Perhaps 10 years ago, when you could use a loan with the same credit rating from any bank, you might not be able to use it right now, and this is because of macroeconomic problems, economic problems across the country. However, you may still be able to use loans in some ways.
Consumers with low credit ratings should first try to upgrade their credit ratings, if possible. It will be seen that the credit rating has increased significantly after 3-6 months of regular credit card usage and statement payment. After the increase of the credit rating, all kinds of basic banking items will be more easily accessible and less stress will be experienced.
However, if this is not possible, the things that can be done are to provide guarantees, to find surety or to submit a small loan application. Again, if you have not submitted proof of income before, submitting proof of income is one of the factors that will increase the likelihood of a positive response to your loan application.
Let us be realistic: no bank will allocate loans to consumers with low credit ratings with attractive opportunities, or say that they will give credit to consumers with low credit ratings and at risk of not paying their debt. When this is realized, time loss can be prevented, however, it is still possible to use credit much easier than some banks compared to others.
The reason why credit applications to these banks are more likely to be answered favorably is that the processes are fully progressed over the internet, and therefore there are almost no loan allocation costs. The bank, which has reduced costs, is able to stretch the credit allocation conditions, which is useful for consumers with low credit ratings.
Good Credit launched one of its credit products, which can be used by consumers with low credit ratings, a few years ago and remains the highest interest rate loan product since then. Consumers wishing to use loans through Good Credit are expected to settle for an interest rate of 1.59%.
Consumers who want to raise their credit ratings as soon as possible should concentrate on these products if they already have a credit or credit card before entering a new loan volume. If there is a credit card, the relevant card should be used regularly and statement debts should be paid without delay. After the payments made, it will be seen that the credit rating has increased significantly in a short period of 6-8 months.
If there is a loan debt, it can be seen that the credit rating has increased in a short period of time when full and timely payments are made based on this debt. Because of the fact that both payments are made on time and the debt volume on the person decreases, the effect of credit payments on the credit rating is much shorter.
You can get a different perspective on why your credit rating has fallen by reading our article on 22 Secret Details That Cause Your Credit Rating to Fall in an average of 4 minutes.