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If you’re applying for a personal loan for the first time, it’s possible you might not know what to do and where to start. Personal loans are not easy to get approved for but if you know what to do, it will be a less tedious process. Below are some tips to make the application process easier for you.
Secured or unsecured
Personal loans can be either secured or unsecured. Unsecured is when you do not present any collateral to secure the loan. If you want to get a much higher approved amount though or if you want to get a much lower loan interest, it is better to sign up for a secured personal loan. However, secured loans do come at a risk for you because if you cannot pay the loan back, you stand to lose your collateral as payment for
You’ll have to decide how much you’ll want to borrow before approaching a lender. Lenders usually set a maximum borrowing amount for their customers but this does not mean that they will prove you the same figures. They will have to consider your capacity to pay trough how much you are presently earning as well as your credit score when they decide. It is always advised to only sign up for a loan that you know you can actually pay back.
Meeting the requirements
There are basic requirements that lenders will expect their borrowers to meet. For personal loans, most would need you to be 18 and a resident of the UK. You’ll also be required to provide personal and financial information such as your birthday, your address, as well as your pay slip and bank statements.
Credit score and loan approval
Whether you’ll be approved for a loan or not would bank heavily on your credit score too. If you have managed to establish a good credit history with timely payments and maintained good credit, then getting approved should be easy. If you think your credit score has taken a hit though, it is better to try to fix it first before applying for a personal loan.
Thinking to get a loan with poor credit could be really frustrating. We all know that in these days lenders always require a borrower to have a good credit score because your credit score will serve as your image as a borrower. This is also the foundation of trust for lenders. But don’t lose hope because there are still lenders out there who might consider your application and status. There are still ways to get a loan even with a poor credit, so let’s see how it works.
Fast Decision For Payday Loans
You should check first your credit report, you might want to remove those wrong information stated in your credit report. This might help you improve your credit score. You cannot just let your credit history like that, well of course you still have to make ways to improve it. Don’t be contented with a poor credit just because there are still lenders who might grant you the loan. If you have assets like a car or a small property, then you could try to apply for home equity line of credit. The process will go like this; you will offer your home as collateral and if ever you can’t repay the loan then they will take your home as your payment. You could also try the cash-secured loan, wherein you will apply for the loan and if you cannot repay them on time they will automatically take the cash you have on your savings account. This type of loan could be one of the easiest way to get a loan and also may improve your credit score.
Other Alternatives for Payday Loans
Another option you may try is the guarantor on a loan. You just need to ask for the help of your family or a friend that has a big trust on you. Your guarantor will be in charge of your repayments if you can’t afford to pay them off. But before you do this, make sure that you have an agreement and it should be in written form. This is to prevent any damage you may cause to your guarantor. And lastly, don’t make multiple loan applications because lenders would think that you’re struggling financial issues and it will only hit your credit score.