Does our job matter when applying for a bank loan? Many people who already had a bank loan in their interest may not have paid attention to this issue. After entering “credit” in the search engine, the information we get is primarily how to get a loan, what creditworthiness is and how we can improve it. And this does not surprise us at all. It is the creditworthiness that opens or closes the door to financing in the bank. However, does belonging to a particular professional group matter? Is there anything like loans for professional groups?
To characterize loans for professional groups more closely, we can say that these are not a separate banking product distinguished in terms of the purpose of the loan or the necessary creditworthiness. As in all cases, we apply for a cash, car or mortgage loan, etc. However, what makes this group stand out is the preferential conditions for obtaining the same product (it is available in the general offer of banks), including lower costs, as well as less formal procedure. In this article we will try to raise the issue of those that customers ask most often.
Loan for a banker
Since we operate in the credit industry, we cannot skip financing for colleagues. At the same time, it is also one of the most sought after products. Therefore, let’s start considering the product, which is a banker’s loan.
Before the bank presents a financing offer, it will thoroughly screen the potential borrower, including in terms of amount and source of income. It’s no secret that people employed under an indefinite employment contract have the best chance. However, apart from our individual situation, the employer’s situation is also of great importance. An employment contract for an indefinite period in a company employing one or two employees, in the eyes of the bank, will not be equal to the same contract in a company with an established position on the market, employing hundreds of employees, preferably in the budgetary sphere. Unfortunately, this is no longer said so often. However, when it comes to this category of people, one of the privileged groups are bankers and employees of the financial sector.
A banker loan is offered by many banks. As we said at the beginning, this concept does not cover a new loan, but rather special terms of credit for generally available products. What privileges can employees of the financial sector count on? First of all, you should start with the fact that the loan can be granted on the basis of a minimum of formalities, and thus, we have a chance to receive the loan capital practically immediately. However, what mainly determines the fact that we distinguish credit for a banker at all is preferential price conditions. A banker’s loan is primarily a significantly reduced margin (component of the loan interest rate, which is the bank’s earnings), as well as a low commission for granting the loan. We can also find outlets that completely abandon commissions from financial sector employees. In order to verify all categories of authorized persons (information about who a given bank is in the category of employees of the financial sphere), it is worth going to the headquarters, going to the branch’s website, or calling the helpline. It may turn out that we have the chance to get a banker loan on preferential terms. Banks want to attract to them (colloquially speaking) those who are closest to them. And since bankers can take out a loan “at home”, on preferential terms, why look elsewhere.
Another issue worth raising is a loan for uniformed people. Why do we owe it? When choosing, for example, work in the police, army, fire brigade or prison service, we usually work there until retirement. In the eyes of the bank, employment in uniformed services is a guarantee of stable employment, and thus regular income. A loan for uniformed services is associated with trust and certainty when it comes to timely repayment of installments. As a rule, public trust employees do not have problems with fulfilling the concluded loan agreement.
What makes a loan for uniformed 2019 different? In addition to the simplified lending procedure, uniformed employees can count on higher loan amounts without the need to provide additional documents. Also in the case of mortgage loans, they can count on much higher amounts than employees of other sectors, without additional collateral and without having to join another person’s loan. Uniform credit, thanks to the general trust placed in banks by this sector of employees, can be additionally obtained on preferential price conditions.
Loan for a dentist
Loans for dentists are another professional group that banks distinguish. The ideal borrower is anyone who can boast of permanent employment as well as high income. Loans for dentists, like a loan for a banker or a loan for uniformed, are preferential price conditions, minimum formalities and higher amounts without additional documents. All this thanks to the fact that we belong to a group that enjoys respect and credibility, and thus in the eyes of the bank is fully solvent and trustworthy. Another premise is that nowadays banks also have to fight for customers. Dentists belong to a group that is of interest to banks as a category of “desirable” clients, due to certain employment and income, as well as such features as punctuality. All this reduces the risk borne by the bank when crediting funds, which is why by using preferential credit conditions, it encourages to use its products.
Credit for the priest
A little different category will be a loan for a priest. It would seem that this group also belongs to the privileged. For if we decide to join these ranks, we do it for life. However, this professional group cannot boast of solid, documented income. Therefore, it does not meet one of the basic conditions for lending funds by the bank and does not guarantee timely repayment of the commitment made. Does this mean that the clergy have no chance for a priest’s credit?
At this time, two categories of income that priests can receive should be considered. The first one is donations and sacrifices received because of performing church functions, which are not settled, because they formally do not constitute income. Therefore, they also cannot be documented as to the amount and regularity for the purposes of the loan process. However, a priest can also be employed on the basis of an employment contract. Then it is subject to standard procedures and is able to show regular income for the purposes of determining creditworthiness. A priest, just like any private person, can add another person to the loan in order to increase his creditworthiness, as well as the chances of a higher loan. So when it comes to credit for a priest, we can’t talk about preferential terms. The situation is quite the opposite and in the case of performing only church functions, obtaining a loan may not be possible due to the inability to document income.
If we have a bank loan in our circle of interests and we belong to one of the preferential groups indicated above, it is worth bearing this fact in mind. Before we decide to take advantage of the bank’s standard offer, it is worth finding out if it does not have products dedicated to specific professional groups in its offer and enjoy favorable financing with a bank loan.
What’s more, in order to improve credit conditions, it is worth using the services of professional credit intermediaries not related to any bank. This is not only a guarantee of efficiency and confidence in choosing the best solutions, but also the cheapest available in our situation.