This will give you a better chance of getting a loan decision.
When we start looking for a loan online , it is often done in a hurry.
Thus, the loan decision of a loan application filed in a hurry may be surprisingly often negative.
The reason for this is often the fact that when the loan application is filled in a hurry, there are errors or missing information.
Of course, this is also influenced by the amount of loan you are looking for, the larger the loan you are applying for, the more detailed the loan application must be.
There are other important things to do than a carefully completed loan application that affects the final loan decision.
Different loan services also have their own means, which can be used to improve your borrowing opportunities.
Here’s a brief look at the most important things you can do to get a better loan and possibly also a lower interest rate on your loan.
Fill out the loan application carefully and check that you have answered all the questions in the loan applications.
Be sure to check the information you provided before submitting your application.
- Some loan services automatically reject all applications that do not have all the required information.
- For larger loans, you can contact the loan service and ask for any missing information.
2. Search for a loan with your spouse, for example.
This is not possible with all loan services, allow you to apply for a loan together with a co-responsible applicant.
A joint applicant means another loan applicant who is equally responsible for repaying the loan, rather than the principal.
This has a huge impact on obtaining a positive loan decision, as well as on the actual annual interest rate of the loan offered.
If you have the opportunity to apply for a loan with your spouse, for example, I could recommend a Fixura Peer Loan service, where you can also directly influence the interest rate on the loan you apply.
3. If possible, add a personal ID to your loan.
This is another significant issue that has a positive effect on the loan decision and the interest rate on the loan.
When a loan has a personal guarantee, the credit risk of the loan is then much lower.
For example, Fixura makes it possible for you to add a personal security deposit.
The use of a personal guarantee means in practice that the guarantor undertakes to repay the loan unless you are able to do so.
4. If possible, clearly justify your loan needs.
The loan applications of some loan services have their own place in which the borrower can tell the purpose for which the loan is sought.
At least in all peer-to-peer services such as Fixura and Fellow Finance, the borrower can tell you about the use of the loan.
In peer-to-peer lending, it is very important to report the purpose of the loan, because the loan is given by ordinary people rather than by banks.
5. Keep your economy in order.
Almost all loan applications are asking how much the borrower has a loan before.
Loan applications ask for a breakdown of all existing loans and their monthly payments.
If you have a number of different sizes of quick clips , consumer credit, and flexible credits , it will look like paper on a “messy” economy.
By combining small and expensive loans into one sensible entity, you could tell only one existing consumer credit when completing a loan application.
You can easily combine your old loans with the following loan services.
6. Get better revenue.
Every person’s own income ultimately determines how much a loan can be.
The loan should never be above your solvency.
If you need a loan right away , but your earnings are too small for you, you can try to get a better pay job or even an evening or weekend job.