- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance, Getting ahead - How to improve your finances
You may not be aware, of the variety of factors that lenders use when assessing your eligibility for a personal loan. It is not simply a matter of whether you can afford the repayments, but generally they will have strict criteria because of the fact that there is no security against the loan.
There are options of using your vehicle as security to help improve your success rate, the amount you can borrow and in some case the interest rate.
However, generally, a scoring system will be used, which varies amongst lenders, and will be based on factors such as your length of employment, time at address, and the value of your other assets.
Whilst some lenders will offer a higher interest rate for those whom score poorly, others will decline you entirely.
Even more confusing, is that once you have already applied for one or two lenders, another lender whom may have approved you originally, can determine that they no longer wish to if you have applied somewhere else before coming to them.
For this reason, it is important you understand how you appear to lenders upfront, and to know which lender is most likely to approve you compared to other lenders, so that you are not hurting your chances of an approval by applying with multiple lenders.
If you would like an initial assessment of your situation, to help guide you to a lender that will look at your application more favourably, contact Bee Finance Savvy on 1300 140 554 or firstname.lastname@example.org. We will assess your situation upfront, obligation free WITHOUT marking your credit file.
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