The three 'C's of Credit
When applying for a loan your lender will look at the following areas before approving a loan
- CHARACTER - do you pay your bills on time? Do you have a good credit rating?
- CAPACITY - can you repay your debts? Your lender will look at your income & expenditure including your regular committments.
- COLLATERAL - what security do you have? Does the Value of the property cover the lender's exposure?
Unless you meet the above criteria your application may be declined.