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Getting your Personal Loan Approved

Tips to Get Your Personal Loan Approved
31 Wednesday 2018

Tips to Get Your Personal Loan Approved

 

When your application for a credit card or a personal loan gets declined, it can be a frustrating and stressful time. A better understanding of the process can help relieve the stress and make your application become successful.

Follow these tips to help get your personal loan approved:

If you are considering applying for a personal loan, make sure your finances under control and organised. Ensure you bring in a regular income and manage your existing credit use. This can influence the decision of your personal loan so having good banking conduct can go a long way towards your approval with most lenders.

Understanding your credit file:

Obtain a copy of your credit file. This can help you prepare for what you might be qualified for as majority of people do not realise how much your credit file can impact on your loan application being approved or not. It’s always a good idea to examine your credit file and be conscious of how many times you have applied for credit and take note of your financial history and any outstanding payments.

Things you should check on your credit file are:

– That your details are correct and up to date. Also make sure there are no spelling mistakes
– That all the credit accounts listed are yours and you are aware of them
– Check for any defaults or anything adverse on your credit file
– Take note of your credit score

Check the lenders eligibility criteria:

When considering for applying for a personal loan, make sure you look at the lenders eligibility criteria before applying to make sure you fit their requirements. This will help avoid unnecessary enquiries/marks on your credit file. If you are not sure if you meet their requirements then always call and speak to someone directly.

Follow these tips when considering applying for a loan:

– Don’t excessively apply for credit and make sure you definitely need the funds before putting an enquiry through
– Keep up to date with current loan payments
– If you have credit cards, try to keep them at 20-25% of the limit and pay the amount off in full at the end of the month. It’s also a good idea not let them get maxed out
– If your budget allows, make additional payments on your loans on top of the minimum required payment
– Borrowing a high amount can be considered a high risk to some lenders so only borrow the amount you need. Depending on your credit history, the extra amount you apply for impact whether you get approved or not.

Most lenders eligibility criteria rely on the applicant being honest. Dishonesty will have repercussions on the approval of your loan. Giving the correct information will help things move along smoothly and create a good relationship with the lender for future funding needs.

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