Persons with late records may face difficulties in applying for loans. This does not mean, however, that the late recording is bound to be a stumbling block to the loan. From a different perspective, are there any late records that can be loaned

Are there any late records to make a loan

First, the role of credit records

Credit records are necessary when bank loans are made. If a person has multiple overdue records, this affects his credit records. The better a person ' s credit record, the higher the success rate when he applies for a loan. Thus, if there is a record of failures in credit records, banks will question the borrower ' s ability to lend, which will affect the success rate of the loans。

Second, different types of late-recording have different effects

Overdue projects can be different, for example, mortgages, car loans, credit cards, etc., and the impact of late records on credit ratings varies. For example, the impact of late credit cards is smaller than that of mortgages. If the borrower's overdue credit card record is not significant, he can still obtain a general loan. However, if he has a higher number of overdue mortgages, this affects his chances of receiving high loans。

Third, the effect of the length of the overdue record

In many cases, the longer the time it takes to record, the greater its impact. For example, when applying for a mortgage, the applicant loses the opportunity if the delay is long, whatever the reason. However, banks may also allow borrowers to take loans if the late recording is an unavoidable special case, for example for reasons such as separation of spouses and illness。

Fourth, the position of the borrower ' s assets

If the borrower had secure assets, such as houses and shares, he would have the opportunity to obtain a loan even if his credit record was poor. This is because banks use collateral as collateral for borrowing, unlike in the case of ordinary consumer loans. If the borrower does not have collateral and the credit record is poor, the bank will assume that he does not have the capacity to repay and refuse the loan。