I’m about to apply for a personal unsecured loan to carry out a development project before the end of the first half of this year. My payslips are clean and indicate a strong income and this will be the first bank loan I’m applying for. I visited the bank earlier today and was appraised for purposes of checking whether I would qualify for the amount I want and I’m good to go and apply. Problem is that I’m unsure of whether the bank would approve my application given that I work on contract. I’ve been working at the same organization (NGO to be precise) for the last 2 and half years and the contract keeps getting renewed - most NGOs work this way. I just renewed my contract again in December for another 6 months and I’m unsure of how to represent this in my application. I will take the referral letter to HR to be signed tomorrow but I dont know whether the bank would feel obliged to approve me given the short time before my contract runs out then I renew again. What are my options?
you can only apply a loan that is payable for six months as per your contract
So how will the bank be able to verify or confirm my employment?
I was able to secure a loan as a contractor for a firm that is based abroad and that is even harder.
As long as your credit score is solid and you make regular transactions with the bank you will most likely qualify.
Which bank is this?
KCB. What procedures did you follow?
Different bank. But the procedure is similar I think.
- Approach customer desk and say you want a loan.
- Directed to some guy who does the applications.
- My situation was quite tricky though so I was sent to the head of the branch. Hehehe…Age issues mostly compared to the sum I was borrowing.
- A quick cheque and explanation about what I do. Company I work for plus googling whether it actually exists. I had a copy of my contract as well.
- After hapo, I just filled some forms and was given another form for the HR to fill saying that they pay me X amount and that I am not on a PIP.
- A few days later I was credited with the funds
Fair enough. This sounds fairly smooth. I’d like to hope that the verification process doesn’t get too murky in my case.
They will contact your HR. Confirm what is on paper and mostly if your banking record is clean…you will get it
nowadays banks are conducting a thorough “kyc”. so the will ask for a copy of your employment contract and other relevant documents, after that they will consider your aplication.
In russia,loans applies you.
Loans are not good.Nimashida na stress mtu anajipatia.
Kama ulikata kulipa mshwari jua uko blacklist,unsecured loans utapiga nduru kwanza super loan zitalipa hadi upate kipara.
Fixed
No, I have not defaulted any loan facility.
Ideally, there’s a slot on the form requiring you to fill in details about the nature of your employment. The bank will verify this with your HR.
As said above, your case is fairly straight forward, unless things have since changed. Most probably utaipata.
Safisha mimi kiasi usingizi imepotea.
Hmmm…Bora pia wewe ureciprocate. 