M-Credit mediates for a large number of lenders in the Boston. Each lender has its own acceptance standards and conditions. As a professional credit intermediary, M-Credit will always select affordable financing for you with the best conditions from the wide range.

To be eligible for financing via M-Credit, we set the following conditions:

  • A permanent or temporary employment contract
  • No negative coding at the CRO
  • Have a valid ID
  • In the age of 25 to 68 years
  • Due to the acceptance criteria of the banks and internal policy, M-Credit only accepts loans from USD 10,000. A lower loan amount is unfortunately not possible. There is, however, a possibility to repay existing loan (s) or to keep an amount of the financing in deposit.

If you do not meet one of the above requirements, please feel free to contact one of M-Credit's credit advisers. They will then examine with you whether there are still possibilities for financing.

Temporary employment?

Even in the absence of permanent employment, simply fill in the application form. Due to the cooperation with a large number of different banks, M-Credit may still be able to make you a suitable offer. If you have a fixed-term employment contract through your employer or the temporary employment agency (phase B or phase 3), the banks will often require an employer's statement with a letter of intent completed (by the employer). Your employer hereby indicates that you will be offered a contract for an indefinite period after your current contract (for a definite period) in case of unchanged functioning and unchanged operating conditions. The bank can also request a demonstrable employment history (usually 3 years). In addition, with a temporary employment contract and the absence of a partner, there may be a more limited possibility for a loan.

With a phase A or a phase 1/2 contract, the banks almost never include the income for the calculation of the maximum borrowing capacity. Of course you can always inquire about the possibilities.

No letter of intent?

Even if your employer does not wish to provide an employer statement with intention, there may still be options to apply for financing via M-Credit. For this you must be able to demonstrate that you have received income from employment in the past 12 months. You will ask the lenders who agree to this to demonstrate this using your salary slips. The bank would also like to see whether you own a home and a partner. In the absence of a partner, employment history or owner-occupied home, lenders often do not include all of the income, but part of it in their calculation for the maximum borrowing capacity. This does not apply if you applied for financing together with your partner and your partner is employed for an indefinite period.

Entrepreneur

For independent entrepreneurs and directors-major shareholders with a demonstrable business history of 3 years, M-Credit offers very attractive options for financial lease. For example, the following objects can be financed with a financial lease:

  • Passenger and delivery vans
  • engines

To be eligible for a financial lease, as a self-employed person you must submit your annual accounts and balance sheet for the past 2 years.

It is also possible to apply for a loan as an independent entrepreneur when this loan is used for private purposes. You must be in possession of annual figures for the past three years, and a home for sale or rent.

CRO assessment - Credit Registration Office

The CRO registers and informs about the borrowing and payment behavior of consumers in the Boston. The CRO records in the Central Credit Information System (CKI) the payment obligation of clients who have a flexible credit, dispatch home credit, credit card or a credit facility. For example, if you have a credit card or a limit on your checking account, you are known to the CRO. These payment obligations are recorded in the CKI. This does not mean that if you are registered with the CRO, this will automatically have a negative influence on the assessment of your funding application. Often the opposite is true: the banks like it when you already have a certain experience with borrowing and repaying money, and are therefore known for BKR. After all, with about 95% of all BKR registrations, the consumer just neatly complies with the payment obligation.

Assessment and testing by M-Credit

In order to qualify for financing with M-Credit, we do a so-called BKR assessment. This test shows whether you have current financing (s), a limit on your checking account, a credit card or a home delivery credit and whether there have been payment problems in the past. This gives us a complete picture of a consumer's payment and borrowing behavior and we prevent too much hay being taken on. Through the assessment at the CRO, M-Credit therefore ensures that borrowing is done responsibly and securely and that we never provide more credit than is good for you.

Application rejected?

If you have submitted an online loan application to M-Credit and receive a message from us that that application has been rejected, this is often an important signal. This basically means that there is no room within your current income, payment or borrowing behavior to pay for the monthly interest and repayment of a new loan. In such a case, entering into (new) financing would entail a great risk. For you as an applicant, the repayment could entail major financial problems and for the lender the risk of payment problems is very high. Through this way of working, we ensure together that only safe and responsible loans are provided.