Most financial consultant would advice that if you are in financial bind and do not need a sizable amount of money to bail you out; the best loan to apply for is a PERSONAL LOAN. The only problem with this type of loan is that it’s very hard to have it approved. The reason for this is the loan is unsecured so it is the lender that takes all the risk when personal loans are released. However if your credit history and rating is above par, and your monthly income can cover the monthly payments there is no reason why your loan would not be approved. However if you are about to apply for a personal loan, it would be to your advantage to check out some of the considerations when BORROWING and using this type of loan.
The Lender’s Eligibility Criteria
Most personal loan providers follow some kind criteria to see if the borrower is eligible for the loan. In most cases one of the criterions is an age limit between 21 to 65 years old. They may also have a requirement on the minimum earnings of the borrower.
Your CREDIT rating or score will be one of the main determining factor on whether you should be given a loan. It would be therefore prudent on your part to initially check your credit rating to at least determine whether you have a chance of being approved. If your rating is below par, try and find a way to correct them. Having an above average credit rating will increase your chances of being approved for the loan.
Give Complete and True Details of Yourself and Credit History
Giving a true and correct information about yourself your income and credit history will be a big plus to the lenders. Remember that it’s the lender’s job to know about you so if you put something down on the application that is a little doubtful, your can be sure that these people will know about it. Finally apply for a very realistic loan because unrealistic amount when seen by the lenders I’m sure would immediately be rejected.