If you have a financial shortfall, perhaps you are looking forward to addressing an emergency, buying a car, or paying education tuition fees, one of the best options is a personal loan. However, a lot of people get their loans declined by banks and other lenders, which can be pretty frustrating. In such a situation, they keep asking, “What could have gone wrong?” and “What do I do now?”
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In this post, we take a closer look at personal loans to help you answer all the questions you might have about personal loan applications getting declined. We will also tell you crucial steps that you can take to increase your chances of getting a personal loan in Singapore approved.
How Does a Personal Loan Work?
In Singapore, personal loans are the most preferred form of credit because they are easy to apply for, and a lot of lenders offer them. When you apply for a personal loan in Singapore, the lender checks the two most important things; your credit score and ability to repay. If your credit score is good, the loan will attract low-interest rates compared to when the score would be poor.
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Another distinguishing attribute of a personal loan is that you are free to use the funds the way you want. This means that unlike a mortgage or car loan, where the money can only be used in a specific way, it is up to you to decide. Therefore, even if you had borrowed the funds to buy a car but changed your mind midway, the money can be directed to buy home furniture or fund a holiday tour.
We recommend that you use the funds in a way that will deliver the highest value. For example, using personal loans for debt consolidation or buying a car can be an excellent idea. Again, you need to plan how to repay the loan and stick to the plan until the loan is cleared.
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How to Increase Your Chances of Your Personal Loan Getting Approved
The process of improving your chances of getting a personal loan approved requires you to rethink your financial health broadly. So, here are some of the crucial things that you can do:
Improve Your Credit Score
Improving your credit score means that lenders will no longer see you as a high-risk party. Instead, you will be considered a trustworthy person capable of following agreements, especially on loan repayment. To improve your score, make sure to repay the current debts and build a positive credit history. You should also maintain a good credit mix and have the errors (if any) on your credit report rectified.
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Make Sure to Have a Reliable Source of Income
To determine if you can comfortably repay the personal loan you are applying; lenders check your income status. Indeed, they will only lend you what they believe you can pay comfortably. Therefore, make sure to have demonstrable income before making the application for a personal loan.
Apply Through Lendela
Lendela is a lender comparison site, which was developed to simplify the process of loan applications. The site increases the chances of personal loan approval by using advanced loan matching algorithms to identify lenders with greater chances of approving your loan. This is why most borrowers who use Lendela receive so many pre-approved offers. Visit Lendela on their site today to make your application for a personal loan in Singapore.
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This post has demonstrated that if your personal loan is declined, it is not the time to give up. The tips we have listed above are all that you need to use. Note that it will be a good idea to combine them as a way of maintaining good financial health.
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