How to Make Applying for a Loan Easier
posted on Oct 19, 2020 | 536 likes
Read this before you apply for your next/first loan
Applying for a loan is a lot like applying for a job—you fill out the application, make sure all the required materials are just right, send it off, and eagerly wait to hear back.
But before most people even touch a job application, they make sure to set themselves up for success.
Applying for a loan should be no different! By following our three-step plan, you’ll increase your chances of getting approved for the personal loan you need.
Step One: Engage in Healthy Financial Behaviors
Keeping your credit score in tip-top shape takes some effort, but those healthy financial behaviors quickly become habits and pay off in the long run.
Before submitting your loan application, make sure that you're applying as many of the following best practices as you can:
a. Have good credit history: if you are going to be approved for a loan, the lender wants to be sure that you have the habit of repaying your past loans.
If you are a perpetual defaulter, or late repayor, that’s going to dent your chances.
b. Have Steady Employment: your income plays a vital role in the loan approval process.
Lenders want to see that your income comes from a steady, reliable source and that you're earning enough to make consistent loan payments. If you can, try to keep your work situation consistent in the months leading up to submitting your personal loan application.
By demonstrating that you're a responsible and reliable applicant with the income required to repay the loan, you’ll increase the likelihood of your acceptance.
Step Two: Get Your Documents in Order
The key to smoothing out your experience with a loan application is to make sure you have all the necessary documents ready to go before applying. By having everything in order, you'll save yourself the time, energy, and stress that comes with scrambling to find your passport or requesting your work ID card if you’ve lost yours.
It's important to remember that different lenders require different documents. While shopping around to find the loan provider that's right for you, take note of what records are necessary and have those on hand before applying.
Here at Page Financials for instance, we require that applicants should have the following;
1) You earn a monthly salary
2) You have up to 6-months’ salary account statement
3) You live/work in Lagos or Ibadan
4) You have one passport photograph
5) You have a work ID from where you work
6) You have a BVN
Step Three: Choose the Lender that’s Best Suited for You
Lastly—and most importantly—you'll want to select a lender that's well-matched to your specific loan needs.
The reason why there are different types of lenders out there is that no two borrowers are exactly alike! Each loan provider is tailored to different kinds of customers.
Some might want a more traditional loan experience, while others seek a flexible, modern alternative to a typical personal loan. This is where Page Financials have some advantages over other lenders.
Page Financials Offers Convenience
When you apply with us, the entire loan process is conducted conveniently on your computer, smartphone, or tablet – from anywhere you are.
Page Financials Have a Faster Application and Funding Process
Because the initial application, document upload, and approval process can be done wherever you are; the entirety of the lending process can be much faster if you opt to take out a personal loan from Page Financials.
Instead of making multiple trips to a brick-and-mortar branch location, you can get the loan deposited into your account quickly and easily.
The approval and disbursement process for our loan take a maximum of 3 hours as long as you are qualified and your loan is approved.
Whatever your reason for a personal loan may be, Page Financials can help. With personal loans available up to N2.5Million, our loan agents can guide you to the right solution for your financial needs.
Our application takes just minutes to complete and if you qualify for the loan you can get the funds disbursed in less than 3 hours.