My Zeo

  • Home
  • About
  • Blog
  • Lifestyle
  • Health
  • House
  • Pets
  • Fitness
  • Money
  • Contact

5 Tips to Help Increase Your Personal Loan Approval Odds

January 7, 2019

Thinking about getting a personal loan? Tip number one: look into improving your loan approval odds.

See, there’s a reason personal loans are so highly sought after. Whether you’re looking to refinance or consolidate your debt, a personal loan is a great solution. Having one fixed monthly payment takes a lot of stress out of the equation.

Want to know how to get approved for a loan? Here are some of the main things you should consider.

1. Choose a Loan Type

Personal loans come in two main types: secured and unsecured.

A secured loan requires you to pledge collateral, such as your car or home. If you fail to pay your loan, the lender will seize the collateral instead. These loans usually have come with lower interest rates and looser credit requirements.

Unsecured loans don’t involve collateral, but you’ll need a high credit score to get approved. You’ll also need a proof of income statement. If your employer hasn’t provided one, you can use a pay stub generator to create it.

2. Tally Up Your Debt

This may seem obvious, but it bears mentioning. Before applying for a personal loan, figure out how much money you need to borrow. Make a tally chart of all the existing debts you want to refinance or consolidate.

Once you calculate the amount you wish to borrow, don’t request more than that. As a general rule, loan approval gets easier the less you ask for.

3. Check Your Credit

Before applying for a loan, check your credit report with all three big credit bureaus. While you’re at it, look for any inaccurate information that can hurt your loan approval chances. If you find any errors, you should file a dispute.

Also, it’s not a bad idea to check your credit score. There are many online services that allow you to do that at no cost. In most cases, you’ll want a credit score of 660 or higher.

4. Find a Suitable Lender

Most banks and credit unions offer personal loans, but they aren’t all created equal. Before signing your loan agreement, make sure to shop at several lenders.

Depending on your credit score, you may need to opt for a lender most likely to approve your loan. Still, don’t jump at the first offer. Some lenders use fine print to conceal hidden fees or unfavorable loan terms.

5. Create a Checklist

Once you’re ready to submit your loan application, double-check it one more time. Remember, an incomplete application often results in instant rejection.

How do you ensure that your application is complete? An easy way to do that would be to create a checklist of all the documentation you’ll need. Gathering everything may involve working with your employer and creditors.

More on Increasing Loan Approval Odds

Finally, keep in mind that your loan approval odds will never reach 100 percent. No matter how good your application is, lenders can reject it at their discretion. Still, following these tips will help you avoid the most common mistakes.

Looking for more financial advice? Take a look at our list of 5 simple hacks that should help you get on solid financial footing!

Leave a Comment · Blog

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About Me

Hello all!!!! I'm Darcy and I recently started writing on My Zeo about health and fitness (and part of that important health equation is sleep!). As we are all super busy with life, I try to integrate how to stay fit, relax and be healthy and happy through everyday life.

Facebook

My Zeo

NEWSLETTER

TeraHemp

6 Birthday Celebration Ideas Without Alcohol

  Every day, about 17.7 million people celebrate their birthdays globally. This makes . . .

Read the Post

6 Common Muscle Building Mistakes and How to Avoid Them

  Today, the CDC classifies 1 in 3 American adults as overweight. This has caused some . . .

Read the Post

How to Get the Car of Your Dreams With Bad Credit

  When searching for the "car of your dreams," you might be astounded by the price tags . . .

Read the Post

4 Steps for Living Your Best Life In Your Twenties and Beyond

  As a teen, you likely spent your free time watching shows like Friends or New Girl, . . .

Read the Post

4 Creative Home Office Options for You In 2022

  A recent Gallup Poll indicates that remote working could become the new normal for up to . . .

Read the Post

Follow Us Online

  • Facebook
  • Google+
  • Instagram
  • LinkedIn

Copyright © 2018 myzeo.com

Copyright © 2022 · Simply Pro by Bloom Blog Shop.

Posting....