Applying for a personal loan is like applying for a job position. You will be asked certain questions to know if you are worthy of the money you are borrowing. Assume that your resume is your loan application form and your portfolio is the requirements that you will need to submit. And then, we know what comes next, the interview portion. With that, do you think you are ready enough? Do you have any idea about the possible questions that await you? Thus, to make sure that you’ll get a higher chance of getting your loan application approved, here are some of the questions you need to be prepared for.
1. Can you verify your personal information?
Of course, the first thing that the interviewer or the loan officer wants to know is, if you are the person who applied for their loan product. To verify your identity, they will need to confirm the information you have provided in your application form. You can expect that they will ask about your:
- Complete name
- Email address and
- Mobile Number/ Landline Number
2. What is your current job position and how much is your monthly salary?
After verifying your personal information, presume that the loan officer will jump to ask about your employment history and your monthly source of income. Generally, they want to know about where you work, what position you are in, how long you are employed with that company, and how much you earn from that position.
In this interview stage, you have to show that you are financially stable and that you have a steady monthly income that will allow you to repay the loan. If you have any other part-time jobs, you can also give them some information about them. However, if you are a freelancer or an entrepreneur, it might get a little bit hard to convince the loan officer since you have various income sources. With that, remember that you need to be precise in providing your answers. There are also some instances in which you need to prepare additional certifications or documents to support your loan application.
3. What is the purpose of your loan application?
This question is already included in your loan application form. However, when answering this question during a phone call interview or personal interview, make sure that you will provide the interviewer with an in-depth answer about your plans with the money you are borrowing. As an example, you might have written “personal purposes” in the application form, but then again, when answering the loan officer you have to specify what personal purposes it will be. Whether it is for medical purposes, house improvement, or covering major expenses, you will need to provide an honest explanation of where you will use the money. If you will not be able to establish a valid purpose for getting the loan, you might eventually face rejection.
Looking for a loan to answer your financial emergency? Vidalia Lending offers different kinds of loans for all of your financial needs. Whether you need to pay for your utility bills, finance your wedding, or fund your business, we offer quick and easy online loan applications. You can get your borrowed cash as fast as 2-3 days and set regular fixed payments.
4. How much money do you need to borrow?
After your loan purpose, you will need to give a confident answer on how much money you need to borrow. Again, this is already stated in your application form but the loan officer will need to confirm it from you. Remember that the specific amount you are borrowing is reasonable enough for your loan purpose. Borrow the money that you need and do not overestimate. If you are having little doubts about the amount you will borrow, you can use an online loan calculator to help you make the final decision. Take note that it is not just about how much you need but how much you can repay too.
5. How can you repay?
Naturally, lenders expect that their money will return to them with interest. Thus, to pass this question successfully, you need to guarantee the loan officer that you are highly capable of repaying the money you have borrowed on time. As a tip, you can point out that a portion of your salary or revenue will be allocated for your monthly amortizations.
6. Have you gotten a loan before?
Your government loans such as SSS or PAG-IBIG and your credit cards are already a part of your credit history. It’s only essential for a loan officer to make a background check regarding your credit history to make sure that you can repay the specific amount you are borrowing. It’s fine if you have an existing debt, as long as you can guarantee that you can repay it, you don’t have to worry. On the other hand, just be a little more careful when you present your credit card details and other sensitive information.
You must remember that “honesty is the best policy” when it comes to all of these personal loan questions. Once you have proved that you can repay them on time regardless of your financial situation, your loan application is more likely to get approved. And of course, being ready in your interview is a big plus since you can show them that you are very precise when it comes to handling your finances.
Vidalia Lending specializes in providing fast and secure loans for your money troubles. From Personal Loan up to Business Loans, we have an effective loan offer ready for you. There is no prepayment process and you can set regular fixed payments. You do not even need to stand in your seats as all you have to do is to visit our Loan page and apply.