Knowledgebase

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How to apply for a loan when I am hired on contract basis?

Number one factor that lenders look at in order to lend is the person’s capacity to consistently pay the borrowed amount. This requires the applicant to have a stable employment with regular paychecks or income, thus lenders require for you to be a regular employee of at least 1 year.

If you are in need of money for emergency or investment purposes but do not have a secure and stable income, here are a few steps you can take:

  1. Nominate or have a close relative take out the loan in your behalf
  2. Use any type of property as collateral (e.g. house and lot, lot, car, trucks etc.)

However, we cannot guarantee your approval since lenders have their own due diligence (credit assessment and background checks) the carry out prior to approval.