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When applying for a personal loan, or any loan for that matter, there’s no such thing as a guaranteed loan. But there are things that you can do to boost your chances.
One thing to keep in mind is that lenders and companies only want one thing, to get paid. Which means they will only give you your loan if you meet their requirements.
Things to Consider Before Applying
Tidy your credit score
Credit scores are an important factor in getting approved. It’s the lenders basis of how well you manage your debts.
Before applying for a personal loan, get a copy of your credit report, see if there are any errors. And if there is one, correct it immediately and dispute it. That way, even a little, your credit score may improve.
If you have any existing debts, pay it off as soon as you can. And if you do proceed, be wary of your monthly payment and manage it as best as you can. Pay extra If you have the extra money.
See if you meet the lenders requirements
Most lenders require you to have a monthly income, some ask for your annual income. Bottom line is, your income is the most important factor in considering whether you get approved for a loan or not. Doesn’t matter if you have an excellent credit rating, if you don’t have any income.
Don’t borrow too much
As stated earlier, the only thing that lenders have in mind is getting paid. That is why it’s very important to borrow only the amount that you are capable of paying
Asking for way too much compared to your income may make the lenders think that you are a high-risk applicant, thus diminishing your chances of getting approved.
Get a co-signer
A co-signer will have the same responsibility as you, shouldering the payment if you ever miss out on one or you default.
Being a co-signer is a lot of risk, so be careful when choosing one. Make sure your co-signer can afford the financial risk.
Be responsible with your payments while having a co-signer, not only will you damage your credit score, but with your relationship with the co-signer as well.
Getting a personal loan with poor credit is challenging, but not impossible. Nowadays, there are many lenders who are willing to accept your loan application despite the bad credit remark. However, your options are limited and unlike the ones offered to borrowers with good credit remarks, it is unpleasant. Lenders know how risky it is to lend loans to people with a poor credit history, therefore, the interest rate they charge is expensive. On top of this, the loan amount is smaller and the repayment period is shorter.
But then again, you can still find a lender who will cater to your financial needs and possibly, a loan provider with a better loan offer.
Avoid Payday Loans
When you have poor credit, you might be tempted to get a loan that won’t use your credit remark as a basis to come up with a decision, such as a payday loan. Indeed, this type of loan is easy to acquire; however, the interest rate is extremely high. Meanwhile, the amount is relatively small and it can only be used to settle minor expenses. Choose a personal loan instead because it’s cheaper, it offers a bigger amount compared to payday loans, and the repayment term is more flexible.
How To Take A Personal Loans With A Bad Credit
If you have bad credit, you can always build it up. It’s easier said than done but it will help you a lot when you choose to open new accounts. You can start by getting a free copy of your credit report. This way, you’ll know your exact credit score and the unpaid accounts you have. Create a payment plan and be sure to prioritize loans with higher interest rates first.
When choosing a personal loan, choose a lender that will allow you to pay the loan in installments. This way, you can repay the loan easily, build your credit rating slowly, and still have enough money for other expenses.
You can also choose loans that will ask for security, such as collateral and a guarantor. While these loans are risky in case you decide to default, it increases your chance to get approved even if you have a bad credit remark.
How To Apply?
Applying for an unsecured loan is so easy. All you need to do is to select a loan of your choice. Provide your information in an online form provided on the lender’s website. Once you have completed all the necessary steps, just wait for a confirmation for your approval. It will only take a few minutes to get the results. Once it is in, you can get your money directly deposited to your account.
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