Applying for a loan and getting loan approval should not be difficult; it should be quick, easy and convenient and that’s exactly what we’re going to make it with these 3 steps to guaranteed loan approval.
By following a few easy steps, we can help you get loan approval on the loan amount you need. All you have to do is read the following information and follow the steps for immediate loan approval!
Your three steps to getting your loan approved
Step 1: Finding the loan amount that suits your pocket
When applying for a loan, if you are applying online, most of the companies ask you, do you have an amount in mind or would you like us to let you know how much you qualify for?
The loan amount you desire and the one you can afford are two different things. And it’s important that you choose a loan amount that you need rather than a larger one that you simply qualify for.
Should you apply for a loan amount that is not within your budget, your loan will not be approved and this could negatively affect your credit rating. Most online sites offer a loan calculator tool, which allows you to gain the basic information you need to make an informed decision on your loan.
How much can you really afford?
No one knows your finances as well as you do and an honest review of your budget prior to making a loan application is the best way to ensure affordability. You need to ensure you will be able to make the required installments without undue strain.
Making use a loan calculator and adjusting loan amount and loan term until you find a comfortable balance between loan amount and affordability is the way to go. Even though a lender will always run an affordability check, doing our own checks is crucial to ensuring you stay on top of your finances and never commit to something that does not work for you.
Step 2: Finding a trusted lender that suits you
Using an online loan comparison site allows you to find essential information on lenders that suit your needs. This information will help you find a reputable lender that can offer you a loan that suits your individual needs.
You can easily compare rates, fees, terms and more before applying for a loan. This all ensures that you have all the information and tools at hand to get the finance you need.
You would have to see if this is a loan company that you trust and the best way to do this is to ensure they are a registered financial services provider.
Do you feel safe about signing a loan for the period of time that they would like you to sign for? Do you perhaps have any questions that you would like to ask?
Making informed financial choices requires you to fully understand your loan agreement. It allows you to borrow money responsibly and still achieve the goals you have set out for yourself.
Loan comparison checklist
- Does the lender offer your desired loan amount?
- Compare interest rates.
- Compare fees.
- Are there any early repayment penalties.
- How long will the loan processing take.
- If you have bad credit, ensure the lender considers bad credit applications.
Step 3: Deciding whether to apply online or in the branch
Applying online for a loan is by far the easiest method to getting immediate financing. It is quick, easy and paperless. However, some loan types might require that you submit some paperwork or go through an interview.
Some online lenders have functions for this process online but not all lenders do. Keep this in mind when choosing a lender. A loan comparison site should be able to tell you which lenders have online systems for everything and which lenders would require a trip to your local branch.
Loans are readily available online and most reputable lenders have online platforms. This has made applying for financing easier than ever before!
What to keep in mind when applying for your loan
Most lenders have online platforms these days but it’s worth taking the time to determine if the platform actually works for you. Is it user-friendly, quick and easy to understand?
If so, you have found a good place to get a loan. With the competitive loan industry, there is no need to settle for online lending platforms that are tiresome to deal with.
Apply and get approval in a few minutes by choosing a lender that has a good platform set up and great staff behind the scenes. That means their processes have been refined to best suit their clients.
Remember that when you are making an application it’s important to follow the step by step process and take your time. You can take as much time as you would like to apply for your loan.
It is important to ensure you answer all the questions correctly. If you miss a step or answer incorrectly you could be faced with a decline on your application or will be asked to restart the process.
What if my application is denied?
If you have been a denied a loan it is important to investigate the reason behind this and avoid making another loan application.
This is because when you apply for credit a lender will run a credit check and this will remain on your credit file for other lenders and service providers to see.
Common reasons for loan denial:
- You have a poor credit score or a bad credit history and did not meet the lenders minimum requirements.
- You did not submit a completed application.
- You did not submit all or one of the required supporting documents including and ID or proof of address.
- The lender has determined that you cannot afford the loan.
- You have too many existing loans.
- You requested a loan amount that is too high for your current affordability.
- You were not able to satisfy the security requirements.
Before making another loan application you should aim to resolve any issues that caused your loan to be denied.