Normally, it is more difficult to buy items such as the
first car or the home in cash. For that, credit is needed and, therefore, banks
will review their credit history.
Although it is said that young people are not for loans that
will take more than 5 or 10 years to pay, the truth is that as people grow,
they begin to plan for the future. And it is when they worry about having a
credit life that allows them to achieve their purposes.
On this subject, a study was carried out by Trans Union that
determined the risk profile of USA consumers, where it was proven that this
plays a fundamental role in the decision to prioritize the payments of their
debts in times of financial difficulties, establishing that high-risk consumers
give higher priority to their credit cards click here, while low-risk consumers prioritize
their housing and vehicle loans.
The study analyzes the performance of consumers with
different types of credit products, including credit cards, vehicle loans and
housing loans. According to this analysis, high-risk consumers (those with
Trans Union risk scores of 630 or less) tend to give higher priority to their
credit cards, not paying first their housing and vehicle loans.
Therefore, it is important to have good financial health.
And for that, starting to build a good credit history is a bigger issue. One of
the ways to do this is to opt for small products, such as online credits. The
following are the recommendations for this product to help you have a credit
history.
According to experts in online credit, young people aged 20-35 are the ones who benefit most from this method of financing, especially
in small cities and rural areas, given that in large cities people who are
between thirty years already have a credit history.
This is how multiple
advantages appear in this modality:
#1. Ease and speed of approval: in traditional banking the
approval times vary according to their modality. In the case of low-cost
credits that range between $ 145,070 and $ 760,701 it is possible to make the
approval in fifteen minutes, added to the ease of carrying out the procedures
in any place with Internet access.
#2. Flexibility in amounts and deadlines: submit a long list
of physical documents and have a co-debtor in your contacts, are requirements
that went down in history, thanks to online credits allow a short-term debt to
be paid according to the needs and habits of customer payment providing
friendly solutions.
#3. Access to all: the online credits have a risk model that
allows reaching a complex population for traditional banking, it is more
inclusive thanks to the fact that it facilitates the arrival of people without
a credit history access to the product.
#4. Gateway to the credit life in traditional banking: the
most important advantage is access to new products from traditional banking go here.
According to Trans Union figures, it is estimated that seven months after using
an online credit, people make a request for another credit with a bank.
"20% of client are people who did not have a credit
history, making things simpler for young people is a way of encouraging
inclusion in the credit history," points out, Director of Marketing and
Customer Service.
To these advantages, statistics of firms such as TransUnion
are added, confirming the generation of millennials, born between 1981 and 1996,
as the lowest consumer of credit cards with respect to generation X, thanks to
the observation of new financial behaviors linked to the increase in the use of
personal loans.
