You should definitely understand what is a credit history and a bad credit history ? Credit history is an indicator of financial statements, it is formed from the customer’s pre-taken loans, how much and how the loans taken and existing are repaid. Bad credit is due to late payments, late payments, and the issuer transferring the debt to the debt collection company.
Which registers you with the debtors and recovers the outstanding debt
Overdue debts are also recorded by the Bank of Latvia’s Credit Register, which displays information on all the customer’s loans, past and present. It is important to know if the debt has already been paid off, it will still appear in debt registers for several more years, possibly up to 10 years (depending on the debt collection company).
The question is, can I apply for a loan if I have a bad credit history ? It all depends on the credit company and its position. If the debt that appeared in the debt registers is not paid off, then there is very little chance of getting a loan, but there is a chance! It is possible that the credit company may require an additional certificate, lien or guarantor which does not have a damaged credit history . The interest rate may also be higher if the customer has a bad credit history .
Fast loans with good credit history also offer higher interest rates
You may have a bad credit history when you were young, with little or no income, but now you have a steady job, a steady income, and each of us ever makes mistakes and learns from them. Credit companies also take this into consideration, since it is possible to get a loan with a bad credit history , it depends on the credit company!
The annual percentage rate of charge or APRC is the total cost of the loan expressed as a percentage, including all costs up to the date of receipt of the loan, calculated in accordance with the Cabinet of Ministers Regulation of the Republic of Latvia on 28.12.2010. Regulation No. 1219. GPL does not include any charges payable for defaulting on a credit agreement. More information is available in the Special Provisions of the Cabinet of Ministers of the Republic of Latvia “Consumer Credit Regulations” or on the Lender’s Website.
Example: When borrowing $ 300 for 90 days with a credit extension, the commission is $ 71.41, the APR is 269%, the total repayment is $ 371.41. The minimum APR is 8.9% and the maximum APR is 429.46%. Loans from $ 50 to $ 15,000 for a period of 61 days to 72 months