Posted by: islamicfinancingnews | November 30, 2013

Islamic loans and requirements

Sometimes, people who apply for Islamic loans are surprised to find out how similar they are to their more traditional western counterparts. In fact, there are many requirements that are the same for both these systems and knowing what to expect whether you’re looking for either type is a good idea.

  • Requirements for work. Lending institutions will need to know they aren’t taking a huge risk by giving you a loan and that means you’ll need mortgageto be sure to let them know you’re capable of repaying the money. Make sure you’ve got proof of where you work, how long you’ve been there and what you make when you get involved with the approval process.
  • Credit score. This is a big part of the money you’ll qualify for so you need to be sure this rating is in good shape. Don’t panic if there’s been some troubles and you need to repair a damaged credit score before you qualify for the money you want. There are several ways to build up any damaged numbers.

Remember that getting an Islamic finance product is about impressing the same lending institutions that supply traditional loans. Keeping a good financial house in order makes it easier to get the money you want.


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