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11.30.2020 / Borrowing « Back to all articles

Tips for Applying for Debt Consolidation Loan
Tips for Applying for Debt Consolidation Loan

If you’ve been struggling to keep up with coordinating multiple different debt repayments every month, consolidating your debt could be a simplifying solution to help you keep better track of all your payments. For example, getting a personal loan can allow you to consolidate your debt or, in some cases, refinance it, to get a lower monthly payment with a potentially fixed or lowered interest rate. However, this option does require an application, and in some cases, it may seem difficult to meet the bar for qualifying. You don't have to worry, though – with a little planning, you can strategically increase your odds of getting approved for a personal loan.

 

Work on Improving Your Credit Score First

Your creditworthiness is one of the most important factors taken into consideration when lenders debate whether to grant you a loan, so it's more than worth it to spend some time focusing on improving your credit score as you begin the application process. Some easy ways you can start building good credit are:

• Making payments on time

• Using less of your available credit limit

• Checking your credit report and requesting the removal of any false negative items or inaccuracies
 

Present Thorough Documentation on Your Application

Unfortunately, some applicants get rejected for personal loans simply because their applications are incomplete. To avoid this situation, gather all the documents you’ll need now and triple-check application requirements before submitting it. Your thoroughness could demonstrate responsibility to lenders.
 

Decide Whether You're Comfortable With Secured or Unsecured Loans

As you sift through your personal loan options, consider whether you're more comfortable with a secured or an unsecured loan. These two common types differ in whether or not you have to put up collateral. In a secured loan, for instance, your car or your home could be on the line if you fail to make payments on time. On the other hand, an unsecured loan does not require collateral, but could have higher credit history requirements. Spend some time deciding which type you plan to apply for and tailor your strategy accordingly.

When your monthly debt repayments aren't coordinated and you have multiple payment deadlines to keep track of, it can become easy to accidentally miss a payment due to the confusion and hassle juggling several repayment details. It doesn't have to be that way, however. Instead, you can apply to refinance or consolidate debt to streamline your repayments and possibly even get a fixed or lowered interest rate, depending on the lender. If you're concerned about not meeting the standards for qualifying for a personal loan, you can help increase the odds of getting approved by taking strategic steps to position yourself as a stronger applicant now. With the right personal loan, you can simplify your debt repayment.

09.09.2021 / Safety

Use These Tips to Ensure Your Mobile Cheque Cashing Goes Smoothly
COVID-19 has changed the way banking services work for the near future. Due to necessary social distancing measures,…

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11.30.2020 / Borrowing « Back to all articles

Tips for Applying for Debt Consolidation Loan
Tips for Applying for Debt Consolidation Loan

If you’ve been struggling to keep up with coordinating multiple different debt repayments every month, consolidating your debt could be a simplifying solution to help you keep better track of all your payments. For example, getting a personal loan can allow you to consolidate your debt or, in some cases, refinance it, to get a lower monthly payment with a potentially fixed or lowered interest rate. However, this option does require an application, and in some cases, it may seem difficult to meet the bar for qualifying. You don't have to worry, though – with a little planning, you can strategically increase your odds of getting approved for a personal loan.

 

Work on Improving Your Credit Score First

Your creditworthiness is one of the most important factors taken into consideration when lenders debate whether to grant you a loan, so it's more than worth it to spend some time focusing on improving your credit score as you begin the application process. Some easy ways you can start building good credit are:

• Making payments on time

• Using less of your available credit limit

• Checking your credit report and requesting the removal of any false negative items or inaccuracies
 

Present Thorough Documentation on Your Application

Unfortunately, some applicants get rejected for personal loans simply because their applications are incomplete. To avoid this situation, gather all the documents you’ll need now and triple-check application requirements before submitting it. Your thoroughness could demonstrate responsibility to lenders.
 

Decide Whether You're Comfortable With Secured or Unsecured Loans

As you sift through your personal loan options, consider whether you're more comfortable with a secured or an unsecured loan. These two common types differ in whether or not you have to put up collateral. In a secured loan, for instance, your car or your home could be on the line if you fail to make payments on time. On the other hand, an unsecured loan does not require collateral, but could have higher credit history requirements. Spend some time deciding which type you plan to apply for and tailor your strategy accordingly.

When your monthly debt repayments aren't coordinated and you have multiple payment deadlines to keep track of, it can become easy to accidentally miss a payment due to the confusion and hassle juggling several repayment details. It doesn't have to be that way, however. Instead, you can apply to refinance or consolidate debt to streamline your repayments and possibly even get a fixed or lowered interest rate, depending on the lender. If you're concerned about not meeting the standards for qualifying for a personal loan, you can help increase the odds of getting approved by taking strategic steps to position yourself as a stronger applicant now. With the right personal loan, you can simplify your debt repayment.

Need a
Loan?

Loans from $120 to $15,000. Get funded as soon as today!

09.09.2021 / Safety

Use These Tips to Ensure Your Mobile Cheque Cashing Goes Smoothly
COVID-19 has changed the way banking services work for the near future. Due to necessary social distancing measures,…