2021 Update: How To Get Approved for Personal Loan In The Philippines?
Ever wonder why a majority of loan applications in the Philippines get declined by banks and other loan services? If your answer is yes, we’re here to help you on how you can increase your chances of approval!
Loan approval hinges on a lot of factors, with eligibility being the main criteria. If you’re not eligible to acquire a loan due to strict requirements, there’s a big chance you won’t get approved. But this doesn’t mean the end for you.
Sometimes, a knowledge on how to increase your personal loan approval chances is the only thing missing for you to get that loan you’re applying for.
Though there are numerous important areas, banks or lending companies will be focusing on, it is vital that you are prepared to give the flawless, whole package for a credit check for guaranteed personal loan approval.
If you’re planning to apply, here are some useful insights that might help you pass that background check and quickly get an approval for your loan.
1. Open and maintain a savings account
One way to show banks and lenders that you’re financially capable and responsible is to have your own savings account. Make sure that you contribute regularly to your savings. This will prove them that you are likely to be able to cope up regular loan repayments.
2. Establish a decent credit history
Your credit history will be the concrete evidence of your settlement behaviors and morals. Keep in mind that bounced checks, unpaid previous loans, credit card felony and such, can ruin your loan application process. However, an excellent credit history will provide you nothing but a favorable loan to you.
3. Be truthful
As part of the loan process, banks will continuously verify all information that you have filled out in your application form. Expect a call from them to confirm these data. Make it a point that your line is always open because if they can’t reach you right away, your application will be rejected immediately.
4. Uphold an outstanding credit rating
Having a good credit history is essential, but it’s also important that you have a decent credit rating. It will help to speed up the loan process. You must have a good account history with any companies that have provided you credit, either telecommunication companies or other financial institutions. Overlooked payments or debts might have a bad impression to your credit rating.
5. Check if you are really qualified to apply for personal loan
Before deciding whether you can apply for a loan or not, you must ask yourself these questions first:
- Am I at a legal age?
- Do I have a good credit rating?
- Do I have a savings account on the banks?
- Do I meet the minimum income requirements of these organizations?
- Do I have a job?
- Am I capable of paying the monthly due in time?
- How much do I want to borrow?
If your answer is Yes to all of these questions, then no doubt you are finally ready to apply for a personal loan.
6. Take time to check and compare loan interest rates and terms
Taking time to search first before applying for a personal loan is a big help to you. Through comparison, you will not only get the best offers, but you can also find banks with lowest interest rate and short payment terms.