What is personal credit loan guarantee insurance?
Personal loan guarantee insurance covers the risk that the insured (borrower) cannot repay the due loan within the time limit stipulated in the loan contract. When the borrower fails to repay the loan on time, the insurer shall bear the repayment responsibility. Among them, this type of insurance was established to cooperate with financial institutions to carry out personal consumption loan business, which is mainly suitable for personal housing consumption loans, personal automobile consumption loans and other loan businesses. At present, China mainly provides two kinds of insurance: personal automobile consumption loan guarantee insurance and personal housing mortgage loan guarantee insurance.
Besides, can I get a loan if my credit is not good?
If you can still get a loan with a bad credit record, personal credit record is the most important in the process of applying for a loan, especially unsecured credit loans. If you have a good credit record, it is easier to get a loan. If you have a bad credit record, the probability of natural loan rejection increases a lot. For example, if there has been any careless overdue repayment in the process of lending or using credit cards before, such carelessness will definitely hinder future loans. But don't worry too much, because if you have a bad credit record because of carelessness, you can still get a loan as long as you make reasonable arrangements.
As for the bad credit record, it depends on what kind of "bad credit record" it is. If there is a credit card overdue record in other banks, this overdue is generally 24 months from the date of retention. If it exceeds, it will be cleared by rolling, which will not affect the subsequent loan application. But if it is a serious record, such as credit card suspension/payment stop, it will take at least 5 years.
What is personal credit loan guarantee insurance? Can I get a loan if my credit is bad? The above is a simple explanation of what is personal credit loan guarantee insurance. In addition, as for whether the credit is bad or not, if it is not a serious credit record, the general impact is still not great.