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Want a Personal Loan? Do These Things to Up Your Chance of Approval

personal-loan-agreement-computer

Are you interested in applying for a personal loan, but a bit unsure of your chance of obtaining an approval?

While you can only do so much to improve your chance of securing funds, there are some key steps you can take to tilt the scales in your favor. Consider the following:

•    Check and boost your credit score. As an unsecured loan, lenders take a strong look at your credit score before making a final determination. If you check your score and realize it’s on the low side, you’ll want to wait a bit as you attempt to give it a boost. For example, moving your score from fair to good may be all you need to secure a loan.
•    Review your credit report. In addition to your credit score, lenders are sure to review your credit report in great detail. Are there any errors that make you appear risky? Is there any way to clear up a red mark before applying? You may be surprised at what you find when you review your credit report, so take your time and really dig in.
•    Compare several lenders. With so many personal loan lenders you should never feel like you’re out of options. Just the same as a credit card, compare a minimum of three to five lenders before making a decision on which one is best. Focus on things such as reputation, application process, interest rate, term options, and other key conditions of the loan.

Once you realize that a personal loan is what you need, it’s time to take these steps. Doing so will up your chance of approval, thus putting you in position to obtain funds in the near future.

Do you have any experience applying for a personal loan? Did you receive an approval or denial the first time around? Do you have any advice to share?

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Comments 1

Frank on Wednesday, 26 September 2018 14:16

I have never received a personal loan, but my wife has. If possible, I would try for other loans if possible, because you will get a much better rate. For example, using a home equity line instead of taking out a personal loan.

I have never received a personal loan, but my wife has. If possible, I would try for other loans if possible, because you will get a much better rate. For example, using a home equity line instead of taking out a personal loan.
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Monday, 16 September 2019

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