Do I Qualify For a Personal Loan?

How To Qualify For a Personal Loan?

Do I qualify for a personal loan is the one question many in need of money ask and how to get approved for a loan is the next question.

These tips will show you how to qualify for a personal loan without wasting time applying at different lenders in the hope of getting approved.

Read through these tips so that you can approach the right loan lender for the loan that’s right for you and get approved for your loan the first time.

5 Tips To Help You Qualify For a Personal Loan

1. Determine the type of personal loan that’s right for you as there will be some types that you may qualify for & others that you won’t – these are the various types of loans you can apply for.
2. To qualify you will need to comply with these requirements
   • You must be a South African Citizen & a South African ID document
   • You must be at least 18 years of age
   • You must be permanently employed & be able to provide proof of income
   • You will need to have your own bank account
3. Know your credit worthiness – if you are credit worthy you will qualify for better terms (in terms of interest rates & payment terms) for your loan which may also affect the type of lender you may approach.
4. If you don’t qualify for a personal loan through a regular financial institution you are advised not to approach a loan shark for your loan as your life could be made a misery – read more about the perils of loan sharks here.
5. Know your Debt-to-Income ratio – give careful consideration as to the amount you apply for as this will affect the lender’s determination as to whether you will be over committed by being granted a loan of such an amount, ie the lender needs to be certain that you will be able to repay the loan.

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In summary, people with perfect credit scores and high income will generally have no problem in qualifying for personal loans on good terms.

However, lenders may overlook a poor credit score if your income is at the required level so all is not lost if you don’t measure up perfectly to these qualifying criteria.

Finally, no matter how desperate you are for a personal loan please only use trusted lenders as there are many disreputable money lenders out there who are targetting people desperate for money. Only use reputable lenders who are registered with the National Credit Regulator.

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