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5 Hacks You Can Try to Increase Your Chances of Getting Approved for a Personal Loan

April 1, 2019 By admin

Having trouble borrowing the money you really need? You’re not alone. 

Many of us have been there before. If you’re struggling financially or need a loan for some other reason, you might already have faced the brick wall that many lenders seem to be these days. But all is not lost. 

You can still get the money you need under reasonably agreeable terms. In this article, we’re going to look at how.

Some of these tips might be easier than you think, and they could see you getting accepted for that loan when you used to get rejected. So let’s have a look at them: 

 

Table of Contents

  • 1. Fix Your Credit Rating
  • 2. Apply With More Lenient Lenders
  • 3. Put Up More Collateral
  • 4. Borrow Less
  • 5. Shop Around
    • Wait! Before You Go, Read:

1. Fix Your Credit Rating

 

The main thing many lenders look at first when trying to decide if you’re the right person to lend to or not is your credit rating. Having a bad one could be a big problem, but so could not have much of a history at all. You see, your credit rating will show how often you’ve been behind on debts or missed payments, and a poor credit rating is off-putting to many lenders. 

But sometimes you might have a poor credit rating when you don’t even have a poor history of repayments, you just don’t have a history at all. In that case, it might be a good idea to take out a prepaid card and start building a strong repayment history so you can boost your credit rating. Other ways to boost your credit score include paying back more than the minimum on loans as well as reducing how often you apply for new financial products. If you’ve got bad credit personal loans can be hard to come by, but not impossible. 

 

2. Apply With More Lenient Lenders

Just because one lender rejected you, it doesn’t mean they all will. 

Now you need to be careful not to apply to too many as lots of rejections could ruin your credit score, but try and find a lender that offers different terms or specialises in products like car finance loans for people like you.

 

3. Put Up More Collateral

One sure fire way to get accepted into a better loan is to put something up as collateral. 

You might not want to re-mortgage your house, but the property is one of the most attractive things you can put up as collateral to a lender. Failing that, you could try your car or motorbike. While these are the types of collateral most lenders look for, you can consider other examples of collateral as well if these are not options available to you.

 

4. Borrow Less

If you keep getting rejected for that big loan, you might just want to borrow a bit less. The smaller the loan is, the easier it might be to get accepted. 

Hopefully, you can make do with a slightly lower amount. 

 

5. Shop Around

 Try a few loan comparison sites to get the best deal for you. Not all lenders are the same. Some might be more than happy to give you a loan where others won’t.

There might be specific lenders who lend for the sort of thing you need money for – like a boat lender. Shop around and see what you can get. 

Hopefully, these five tips are enough to point you in the right direction. You should be able to get that money you need quickly and easily. 

 

 

Wait! Before You Go, Read:

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Filed Under: Personal Finance, Small Business Tips Tagged With: loan, personal finance

Comments

  1. Ryan K Biddulph says

    April 8, 2019 at 8:22 am

    Going with flexible lenders opens a ton more doors Erik.

  2. Lasha says

    April 10, 2019 at 8:37 pm

    Having a bad one could be a big problem, but so could not have much of a history at all.

  3. Ellen Hughes says

    April 27, 2019 at 3:44 am

    I like that you suggested shopping around to find a lender that can offer you the best possible deal. As you said, there are lenders that will be happy to give you a loan. My husband and I are planning to apply for a personal loan. We need cash to have our damaged roof replaced as soon as possible. It was damaged by a hail storm, and its damages are causing the water to leak in our house.

  4. Ciara Shenectady says

    April 27, 2019 at 4:27 am

    Thanks for pointing out that there are lenders that can be more than happy to give you a loan, so it’s best to consider comparing loan companies. My husband and I want to apply for a bank loan. We need money to be able to renovate our house. We want to sell it at a good rate, so we need to have a budget to increase its curb appeal. I’ll do all your tips to find the best deal for us since we don’t want to struggle financially in the long run.

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