What should be the first step to getting a loan?
Do you need to figure out your monthly income and potential repayment first? Need to find online calculators? To invite relatives, do you want to pledge your property? No, the first step is to make sure the bank is lending.
We could have been on the negative BAR list without our knowledge
Namely, anyone who is on the KHR, or formerly known as the BAR list, is excluded from taking out bank loans. The Central Credit Information System is maintained by financial institutions, and all those who have ‘problems’ with using banking products and repaying loans.
And if a company has listed us on the negative BAR or KHR list, they won’t send us a telegram. That is, we can be blacklisted without knowing if we are unaware that we have made a mistake or have forgotten it. Even with a guarantee, you can be on the list of unreliable customers. In this case, we can try to apply for a loan and start a demanding loan application – no chance.
They do not ask what is the reason for active status
If we are on the blacklist, then our question is whether we have active or passive status. Active status accrues to anyone who accrues more than 90 days of overdue debt. While we are in active status , we will not receive credit . The solution may be to repay the debt or to auction the collateral and extend the term.
The period following the expiration of a passive status to active status. This takes up to a year, after which the problem client is removed from the list and there is no trace of being a KHR list. In passive status, we have a chance to get a loan, for example as a debtor, but we can get money on much worse terms than having a clean credit history.
Therefore, accurate repayment is very important; if we feel like we are in a debt spiral, we can look for a more affordable loan, for example, by taking out a loan or settling a debt.