Getting approved for a loan certainly isn’t the easiest process in the world. With Brexit pushing the future of the nation’s economy into uncertainty, lenders are less strict than they were during the recession of the noughties, but more strict than they have been in the past. Bottom line: it’s still very important to present a great package if you want your loan to be approved. Here are some important steps to getting your loan approved…
Review your Personal Preferences
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Before you head straight to your bank and start asking questions, spend some time researching the market, and seeing what your alternatives are. This is an essential step to ensuring you can get your hands on some of the best offers on the market. This means thinking about the type of loan you’re looking for, the terms that you can reasonably afford, and how you’re going to pay off the loan in the shortest period of time possible. When you’re looking for a specific type of loan, such as a personal loan, auto loan, or a mortgage, scouring the market and avoiding impulsively jumping at any of the offers that arrive in your email inbox, is absolutely essential to coming out on top.
Know your Limits
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When you’re pursuing a loan, it’s important to be aware of your current credit score and your history. All good lenders will tell you the bracket of credit scores required for approval for a certain loan. You can prepare in advance by requesting a copy of your credit and history a few weeks prior to your actual application. Start reviewing your history for accuracy, and make sure you have enough time for correcting any kind of errors in your history. These days, lenders put a lot of emphasis on how you’ve used credit in the past. If there are any mistakes left in your report, you may wind up with a much lower score, which can obviously hurt your chances of being approved. Always consider your personal finances when you’re planning to pursue a loan, and target deals based on your limits, and realistic ability to make repayments which you can comfortably afford.
Manage your Expectations
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We’ve said it once and we’ll say it again: rushing through the process of applying for a loan is never a good idea. Loan officers have very strict protocol to follow when they’re approving loans and getting the money to applicants. Through the entire process, you should be discussing the sequence of your events so that you’ll know what to expect moving forward. While some loans can be pre-approved right out of the gate, you may not know all the specifics until a number of weeks have passed. Ask the experts when it comes to following up. Your overarching goal should be securing a loan that you definitely have the means to repay. Getting turned down for loans can be frustrating, but it’s important to understand your situation thoroughly and manage your expectations, and not to ruin your credit by applying for loan after loan.
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