Jefanie Genilla
It’s undeniable that money can get us a long way. And we at Loansolutions PH understand how much you value every cent you have. That is the reason we go beyond the usual “give what the borrowers need” principle, which is to direct them to a loan provider.
It is also our goal to follow through your application and ensure borrowers get funding fast, whatever type of credit (e.g., home loan, unsecured credit, auto loan) their applying for. Aside from launching our easy-to-use, 3-step online application portal, we’re also disclosing these 6 factors that will help you ensure fast approval for your application.
You might want to look into these closely before filing for a loan.
Age Limit
Your age is a big factor in your approval rate. Providers usually consider younger applicants as someone whose credit record doesn’t have enough to show yet. Unless you’re lucky to have landed a high-paying, stable job right after you graduate, the only thing you can show off is your payslip.
Income Requirements
Banks and private lenders also prefer to lend their money to applicants who’re earning sufficient amount of money per month. Usually, they’ll accept applications only from those with a gross monthly income of PHP 10,000.
Credit History and Score
Having a good credit score means you’ve been able to forge good relationship with other providers. You’ve been a responsible borrower, repaying your monthly dues consistently and on time. So it follows that those with good credit score are prioritized.
Collateral Documents
Loan providers usually consider secured loans as the safer type of credit because it leaves them with a property to repossesses if the borrower fails to repay the loan. So if you’re confident that you can repay the loan, it helps to take a collateral loan for faster approval. Just make sure to present the pertinent documents tied to the asset you put up.
Co-borrower Details
Individuals applying with a co-borrower also have a higher chance at getting approved fast. The co-maker’s role is to assist the borrower in repaying the loan. So should the borrower miss the repayment schedules, the bank would have someone to call for assistance.
Capacity to Pay Info
The more income streams you present, the higher likelihood you have at getting your application approved fast. By looking into your payslips and bank account statement, providers would have an idea how much you’re earning per month. These will also help them assess whether or not you’re capable of paying the loaned amount.
So, there you go. Just take time to consider these six crucial factors first before taking out a loan. That is, if you like fast approval for your application. You can also call Loansolutions PH loan agents to get tips on where and how much to borrow.
