Acquiring a certain loan in the Philippines can be a little bit time consuming. You have to go through that long application process to get approved. Banks conduct thorough investigations to make sure you are qualified for your loan application. You also have to provide enough proof that you are capable of paying for your borrowed money. We have specified a list of ways to help you have that “approved” stamp on your loan application, through this blog entry. Below are the givens lists:
1. Have a stable source of income.
Quick tip: Banks are most likely to approve a rank-and-file employee with a smaller but stable income than a contractual employee with a bigger salary. A stable job is one important factor Banks look into. This is in order for them to have an assurance that potential borrowers can pay for their loans. As for the borrowers, it is a quicker way for them to seal-the-deal.
2. Establish Banking Relationship.
Banks highly honor their clients loyalty through a range of transactions they have had with them. Examples of these transactions are: your credit card transactions, savings account and other bank related arrangements. Know that the rapport you have established with your bank could help smoothen your loan application. This will earn you great points to your financial credibility.
3. Provide detailed information in your loan application.
It is important for you to provide all the necessary documents needed for your loan application. Banks are very stern when it comes to their background checking. As for borrowers who are applying for a business loan, banks would check if your business is likely to succeed or not. You must present a well detailed and concise vision about your business venture. Having a business model is highly recommended.
Here in Vidalia Lending, all you need to do is to visit our website for you to secure your loan application, follow the steps and wait for our call, submit the required documents online and get your borrowed cash within 2- 3 days. .
4. Reassure the Banker with a contingency plan.
Having a contingency plan reduces the risk of nonpayment. This gives your Banker an assurance that you can still be able to pay for your acquired loan, even in some unexpected circumstances. It is important for you to back your contingency plan with your other financial resources to strengthen the chances of your loan approval.
5. Repay other debts.
You are able to prove that you are capable of settling all your liabilities, by paying your debts. If your chosen Bank finds out that you have unsettled debts which still need to be payed. It is most likely for it to turn down your application considering the fact that it must compete with your other debts for payment.
From Personal loans, Salary loans, Business loans to Small Business loans, Vidalia Lending is here to assist you with your financial needs. We offer you a quick and easy transaction, no prepayment penalty and all your given information will be protected.