Are you willing to take out a liquidity loan to request a sum of money needed to finance a project or to meet an urgent and unexpected expense? But, what are the requirements to apply for a liquidity loan? Let’s find out in this guide when it is possible to present the application for the activation of the mutual liquidity and how it works.
Liquidity loans: the requirements to present the request
To submit an application to start a mutual liquidity, as for that required to finance the purchase or restructuring of a property, it is necessary to possess certain personal and income requirements so that the request can be fully satisfied.
First of all, you must be the owner of a house that is not burdened by any mortgage and you must attach all the documentation showing your income to the application.
In addition, you must have a permanent or fixed-term contract if you are an employee (private and / or public sector) or be an entrepreneur or freelancer with demonstrable income.
You can also be a pensioner, but you must not exceed 75 years of age
Your previous credit history must be “rosy”, in the sense that you must not have had protests, foreclosures or bankruptcy proceedings.
Remember that every ABC credit advisor will always check your creditworthiness and if you have any previous bad payer or if you are reported to CRIF.
If you fall into one of these cases (protested, bankrupt, bad payer, etc.) you will have little chance that your request for a liquidity loan request can be approved.
In the event that the outcome of the credit assessment is positive, you can sign the contract for the activation of the loan for liquidity and the fire and explosion policy on the building given as a guarantee.
How does the liquidity loan work?
Once the necessary liquidity has been obtained, like any other mortgage, you must repay the installments consisting of a principal amount + an interest share, according to the conditions established by the contract.
The interest rate applied to the liquidity loan can be fixed, variable or mixed based on the selected offer.