4 Tips to avoid being rejected when applying for a personal loan

  • user-iconAero Credit
  • calendar20 November, 2019

First of all, you need to know and understand the importance and use of the credit report. Whether you are applying for a credit card, a personal loan, a car loan or a property loan from any finance or lending company, the credit report plays an important role as an assessment tool for the lender. As such, it does affect the result of your application. Most lenders will need to assess your credit worthiness before making a decision.

A good repayment history will help when applying for any loans. And it’s easy to purchase and monitor your own credit report. You can purchase the report from the Credit Bureau Singapore website.

What should you do when you apply for loans?

1: Declare and prove monthly income accurately

Lenders will need to check and verify the income of the applicant, and it is advisable to declare what you really earn to ensure you are taking a loan affordable for you.

2: Maintain good repayment record

It is essential to maintain a good repayment record. It is quite similar to building up your own reputation.

3: Avoid applying for multiple loans

People usually look for multiple loans when they don’t get the loan amount from a single lender or they will take a new personal loan when they still have an existing loan. It is advisable to avoid applying for multiple personal loans in order to avoid putting yourself into a debt trap.

4: Avoid changing jobs too often

When you go to a job interview, an employer will prefer to see that you have been loyal to a company rather than someone who has constantly been changing jobs. This theory applies when you want to apply for a personal loan.

If you wish to reach Aero Credit for more information, you can contact us during office hours.

Online Enquiry

Very often, it is only when you reach the bank or meet a lender that you are told your credit rating is not good enough for a loan. That can be immensely frustrating when your need for additional cash or extra funds is urgent. Use our Online Enquiry service to find out if you are eligible for a loan — it is easy, and it is fast.