Forms are important when it comes to a loan application, as they will serve as your first impression to creditors who want to make sure they are lending their money to the right people. While a stellar application form cannot guarantee 100% success in your loan application,
making it squeaky-clean can boost your chances of getting approved. To make your application more feasible in the eyes of credit companies, here are a few tips you can use to make a great application form.
1. Complete the application form.
Sometimes it can’t be helped: When completing an application form, there are some portions you cannot immediately fill out because you don’t have sufficient information on hand. While it is tempting to submit the application form and just supply the missing information thereafter, it can make your application look bad. Why? Aside from slowing down the process of application due to unfinished entries, an incomplete application can make you look disorganized in the eyes of credit companies. If you can’t complete a form right away, how can you be capable of paying your loan on time?
2. Provide all the necessary documents.
The moment you start working on your loan application form, you must also begin compiling all the necessary documents and proper identification. Bank statements, company and government IDs, and other supporting documents such your Income Tax Return, BIR Form 2316, and a certificate of employment are some of them. While owning a credit card can greatly help in a personal loan application, it’s not a guarantee either. Banks will have a look into your credit history and cash flow to determine your financial capability. If they determine that you are in a good credit standing, they won’t think twice about granting your request.
3. Provide your contact information.
Finally, making your contact information readily available boosts your chances of having your loan approved. Remember that creditors won’t get out of their way if they fail to reach you through the numbers and addresses you’ve provided, so it’s important that you print or write them down as clearly as possible.
Applying for a personal loan is not as difficult as applying for other types of loans because of the absence of collateral. However, keep in mind banks will reject your request outright if your application raises any flags.