Maricor Bunal
A personal loan is considered a non-collateral loan, which means you don’t need to put any of your assets (e.g., car, house) as a guarantee for payment. Relatively, this type of loan should be fairly easy to get. Still, many people find it difficult to get their loans approved, which may be because of various reasons, such as bad credit rating and lack of a proof of income.
For those hoping to speed up the approval of their loan application, these four hacks might be the missing piece of your strategy:
Know your needs
Prior to your application, it also helps to think hard about whether it’s really necessary to borrow. And be very specific on how you plan to use the money. Is it for an upcoming wedding or vacation? Or, are you planning to spend it on your basic needs? It’s possible that delays happen because lenders find it challenging to find the best solution to your need. They’d want to retain you as a customer; they just don’t have a specific service for you.
Do your research and consult an expert
Once you’ve determined your needs, spend time researching for the best provider. Compare the interest rates, receipt methods and payment options. Remember, the best provider isn’t always the most popular one and it pays to shop around a little more. The best thing to do is partner with Loansolutions PH to get help in finding the most suitable loan provider.
Pass all the necessary requirements
Establishing your identity and capacity to pay are the key factors that will help you hasten up the approval of your loan. Remember, lenders will refer to your documents for background checks and it follows that you’ll have more funding options once you can establish yourself as a credible borrower. Specifically, banks and lenders here in the Philippines will ask for the following documents:
- Duly accomplished Application Form
- at least two government-issued or valid IDs
- proof of income (e.g., latest payslip, Certificate of Employment)
- credit history
Reconsider your debt-to-income ratio and be honest about it
To ensure your loan gets approved fast, make sure the lender sees your capacity to repay the money at a time agreed by both parties. Look into your debt-to-income ratio and ensure that you’re maintaining a cash flow is looking good, overall. Preferably, don’t over or under-report your income. This is to build trust between you and your lender. Honesty is still the best policy. Besides, borrow as frugally as possible and only when direly needed.
Loan application, especially for personal ones, shouldn’t be difficult to get if you really know what you want and you have the requirements.
Here at Loansolutions.ph, you can even get for a loan in 3 easy steps. Our agents will then handle the rest, matching you up with the right lenders and giving you the amount you need. Feel free to drop by our site regularly for more loan application tips and insights.
