While consumers continue to pay their installments after using loans for long terms, they may also consider making new loan applications. This happens quite frequen tl y and there are the legal obstacles. Therefore, it is po ble to use more than one loan if the requirements are fulfilled and the procedures are followed.
Based on what decision?
It is very important for the banks that premiums have been deposited in order for the consumer to have sufficient income to cover the installment payments arising from the loans to be used and to benefit from unemployment allowance during the period in which the loan installment payments continue.
In addition, loans allocated to consumers in accordance with legislation should not constitute 70% of their revenues. However, banks’ applications allow this rate to be up to 50%. In other words, consumers can transfer 50% of their monthly income to banks as loan installments. In this case, how many credits consumers can withdraw will vary depending on their monthly income, the total amount of loans they will use and the total maturity.
It would not be correct to share a statement that will be valid for everyone in a single sentence, but to give an example, let’s take a consumer with an income of 6000 USD . The consumer wants to use car loan and consumer loan at the same time. Using a vehicle loan of 36 thousand USD with a maturity of 36 months sends applications for a loan of 12 thousand USD with a maturity of 24 months.
In this case, it will be necessary to pay installments to banks for 1000 USD per month for car loan and 500 USD for general loan, that is 1500 USD in total. 1500 USD installment payment per month constitutes 25% of consumer income and this poses very lit tland risk. If the credit rating is also high if the income is documented and the requirement is met, it is highly probable that the loans will be allocated at the same time.
The 25% rate here is a deliberately chosen rate. While banks require that installment payments not exceed 50% under normal conditions, the second, third etc. demands that a much smaller portion of the income be transferred to installments in loans, that is, a high income. Therefore, even though 50% installment payment can be made for a single loan, the second, third etc. Installment payments of 30% to 35% for loans will mean a high probability of credit allocation.
How Much Credit Can I Attract
At this point, the determining factor is your income. In addition, each person has a total credit limit. As long as this monthly payment limit and total credit limit are not exceeded, no problems will arise. For example; if your total credit limit is determined as 50,000 USD ; In this case, even 10 credits of 5,000 USD can be withdrawn. However, whether the banks will allocate loans on this matter will remain in their own right. However, if your credit rating is high; in this case, remember that your chances are quite high.
Debt Transfer Loan
Consumers who have credit debts to more than one bank can be loaned to a single bank by transferring debt and thus make a single loan payment may submit a new loan application. Since the debt volume will increase significantly, the calculation will need to be done well. Although it does not make sense for everyone, it is among the available methods due to the situation of some people.
Within the scope of the debt transfer loan, all debts are paid to other banks by the bank that applied for the consumer. Debts to these banks are closed and loan installment payments must continue to be made to a single bank.