It is unlikely that you will be able to take out a loan on general terms without proof of your solvency. Most likely, it will be a small loan with a higher interest rate. Especially if you are taking out a loan for the first time. With a positive credit history and timely repayment of previously received loans, the credit limit can be increased and the rate reduced.
The chances of your application being approved may be increased by:
provision of additional security;
no outstanding loans, including overdrafts on plastic cards. If you have many small loans, it is better to close them before applying for a new loan;
obtaining client status with the lending bank. For example, before submitting a loan application, you can apply for a debit card, open a deposit or a current account with the same bank. It would be great if you contributed a small amount to the deposit or showed the turnover on the account.
What documents are required for registration?
Under standard lending conditions, only the borrower's cambodia mobile database passport is needed to process the loan. And the bank will take consent to receive information about the credit history upon acceptance of the application and will independently request data from the credit history bureau.
Depending on the specific circumstances, the following may be additionally requested as indirect evidence of solvency or when registering collateral:
documents of ownership of real estate or a car;
a copy of your passport with stamps on visas and foreign trips;
information on the opening of bank accounts and the movement of funds through them.
There may be a situation where the applicant cannot officially confirm employment, but he has other legal sources of income. These include income:
from renting or leasing housing and other real estate;
dividends from owning shares, bonds and other investment instruments;
from owning shares in a business;
received from intellectual property - author's remuneration, royalties;
other sources of passive income.
Documents confirming the payments received depend on the type of passive income.
How will my solvency be checked?
Each credit institution develops its own rules for assessing the solvency of borrowers who cannot confirm their official employment. In the absence of current documents, bank specialists request information that indirectly indicates the applicant has sources of funds: about recently made expensive purchases, trips abroad, movement of funds in accounts.
But more often, scoring models of assessment with generalized criteria are used for this. They assess the risks of non-repayment of the loan as a whole depending on a whole set of factors. Credit scoring includes studying the credit history of a potential borrower, his social portrait - age, gender, marital status, education, previous work experience.