Step-by-step instructions for a personal loan

Getting a loan has become a standard procedure, similar to buying a movie ticket. However, banks still don’t approve all applications. We’ll explain how to get a consumer loan with the best possible results and the best chance of approval.

Assess your credit history

Before filling out forms, find out what banks think of you. Your credit history is your financial passport. There are two ways to check it for free:

1. Contact the credit history bureau (CHB) through Gosuslugi.

2. Use aggregator services (for example, the Central Bank of the Russian Federation website will tell you which credit bureaus store your data).

If you see any late payments or errors, don’t panic. Submit a claim to the bank that provided the incorrect information. Correcting the information takes up to 30 days, but this will increase your chances of getting a loan.

Choose the amount and term wisely

The main mistake borrowers make is asking for too much or too little. Banks look at the debt burden ratio. Simply put, if loan payments take up more than 40-50% of your income, you’ll likely be rejected.

• Take an amount with a little extra. If you need 200,000, ask for 210,000–220,000. This gives you some leeway if the bank decides to approve a smaller amount.
• Don’t chase the minimum monthly payment by stretching the loan out over 7 years. The overpayment will be huge. The optimal term is up to 3 years.

Gather a dossier

To obtain a personal loan, banks require verified income. There are two options:

• With a passport and SNILS. Many banks today issue small amounts (up to 100,000-300,000 rubles) without any certificates. They analyze the movement of funds on a salary card or score data.
• According to Form 2-NDFL. If the amount is large (over 500,000 rubles), it’s best to prepare an income certificate right away. Without it, you’re unlikely to be granted.

Lifehack: If you have other sources of income (rent, part-time jobs), prepare proof in advance. A bank statement from another bank account will also work.

Submit your application correctly

Don’t send applications to every bank indiscriminately. Each application is a request to the credit bureau, visible to other lenders. Multiple requests in a short period of time look suspicious.

1. Choose 2-3 banks where you already have a salary card or a good credit history.

2. Fill out the form carefully. Check your phone number and passport information. A typo may result in a refusal.

3. Provide a work phone number you can actually answer. The bank’s call center often calls for verification.

Read the contract carefully

Approval has been received. This is a joyful moment, but don’t rush to sign the documents. The agreement must include the full loan amount (FLA) in large print on the first page.

Look closely:

• Are there any hidden fees?
• Is insurance forced on you? (By law, you can’t be denied a loan for lack of insurance, but the interest rate may be higher.)
• Check the monthly payment date and fee-free repayment methods.

A loan is a convenient tool. If you approach it as a work-related task (preparation, information gathering, analysis), you can count on quick approval.