What do lenders typically look for on bank statements?
Bank credit lenders require bank statements for bad credit loans as they use the statements to assess the loan. It's an important tool for them to analyse your financial behaviour.
It may vary from lender to lender, but here are some common things they usually consider:
- Are there any undisclosed loans?
- Does your income match what you stated in the application?
- Is there any overdrawing on the account?
- Are there any dishonours to other finance companies or obligations?
- Is there any cash remaining at the end of the week?