If you want to access a personal loan, then you should always plan ahead. Planning ahead means many things, and is a rather encompassing term therefore I am going to get started and tell you exactly what you need to do to plan ahead for a personal loan.
- Always research thoroughly and find exactly what you need. You need to consider all of your assets, for example having anything to secure your loan against is an ideal start. Then you need to investigate banks and rates. Do as much research as you can and use comparison websites like Money Supermarket. It’s essential you hunt down the best deal for you.
- Get on the Electoral Roll. If you’re not already on the Electoral Roll, it really helps when making a loan application—it’s something many lenders use as an indicator of a good law-abiding citizen who is going to pay them back. One you’re on the Electoral Roll, wait around 3 months before making a loan application.
- Halt all of your credit applications. Don’t apply for any credit cards, loans, payday loans or any other form of credit in the 6 months before any personal loan application. It’s an indicator of desperation, if a customer is seen to be making many applications on their credit file.
- Make a list of each and every monthly income and expenditure. You will be asked a detailed survey when applying for a personal loan, and you should really have this to hand. If not, the whole process will grind to a halt.
- Be prepared for rejection. Times are hard for consumers, and unfortunately the banks aren’t helping. If you’re rejected, then I’m afraid you’re going to have to deal with it. Do not immediately go out and apply for another loan with another bank, as it really looks desperate on your file. A desperate customer is not someone to whom lenders want to give. Wait at least 3 months before applying to another personal loan, and 6 months for all other forms of credit, if you’re considering applying for another.
So, if you’re looking for a personal loan then there are 5 tips to get you prepared: research as much as you can, register on the Electoral Roll, stop applying for credit at least 6 months before hand, bring detailed income/expenditure information to any meeting about your loan, and be prepared for rejection. It’s not easy getting a personal loan anymore but these tips should get you well on the way!