The following is a post on behalf of Choice Personal Loans
Are you looking for a little cash? Thinking about applying for a personal loan? Before you submit an application, there are a few things you should do to ensure that not only you achieve approval, but also obtain the most optimal interest rates and desired borrowing amount.
Shop Around
One of the wisest things you can do is to do your due diligence and research several different lenders. Create a spreadsheet for yourself and break down each lenders’ deals including rates and terms. Doing this will make you aware of what’s out there and what you can expect to pay. By taking your time and not rushing into the first deal you see, you will likely be able to find a lender that will tailor a loan for you that will meet your needs and your budget!
Obtain a Copy of All Three of Your Credit Reports and Scores
No matter type of credit or loan you are applying for, it is important that you obtain a 3-in-1 copy of your credit reports before submitting an application. A 3-in-1 credit report will encompass information being reported on you by all three of the major credit bureaus. You want to make sure that all of your information on all three of your credit reports is being reported accurately. That means no misinformation or even outdated information. Any type of errors on your credit report will adversely affect your credit score/s and definitely not only impact what kind of rates and terms are received but even hurt your chances for approval.
If you have poor credit, consider applying for bad credit personal loans with Choice. These loans are specifically designed to get you the cash you need while helping improve your credit score by reporting account activity to all three credit bureaus every month. If your credit is strong, utilize their
personal line of credit. A line of credit provides greater borrowing power.
Don’t Submit Applications All Over if You Keep Getting Denied
If you have applied and been denied by multiple lenders in a short period of time, stop applying because it is likely that you are not going to get approved anywhere. Multiple denials in a brief timeframe are going to equate to significantly lowered credit scores. The wisest route you can take is to wait a few months after your first set of denials before applying for your loan again. And during this waiting period, make attempts to make your credit profile and score stronger.
Lenders are not lending like they used to. Therefore it is very important that you formulate a plan prior to applying for your personal loan. Following the tips above should help you with your approval.
Kevin McKee is an entrepreneur, IT guru, and personal finance leader. In addition to his writing, Kevin is the head of IT at Buildingstars, Co-Founder of Padmission, and organizer of Laravel STL. He is also the creator of www.contributetoopensource.com. When he’s not working, Kevin enjoys podcasting about movies and spending time with his wife and four children.
Thanks for the tips, unfortunately I do need them, and I find them useful to me, espasially to obtain a copy to my credit reports and scores, this is new to me.
Getting approved for a personal loan is not as easy as it used to be due to the current state of the economy
Very useful tips, the more details you know about your score the better, thanks.
Love the part of letting go if you keep getting denied, like in life when you keep getting NO from the outside world, it is time to let go and work on your inner yes 🙂
Thank you for all these tips. It’s very useful and informative. I also agree that getting approved is not really easy because of our economic situation. However, there’s nothing wrong in trying and letting go when it’s always a “NO”. 🙂
Aside from being strategic on how to get approved, it’s also important to be wise and think about why you’re getting a personal loan. It must be for something you really need and can afford to pay.
Hi, thank you very for the tips, this could really help a lot to me…
Love the part of letting go if you keep getting denied, like in life when you keep getting NO from the outside world, it is time to let go and work on your inner yes