4 Ways to boost your chances of getting approved for a loan
Applying for a loan can get quite tricky especially if you are not familiar with the application process. More than learning how a loan works, it’s also advisable to know the things you need to prepare beforehand. To give you an extra helping hand with your application, here are four ways to boost your chances in getting that much anticipated loan approval.
1. Maintain a good credit score
One of the most important factors in getting approved for a loan is having a good credit score. If you have existing loans or monthly bills, make sure to pay them consistently and on time to ensure that your credit score remains high. Read more about credit score in one of our previous articles.
2. Prepare your requirements beforehand
To ensure a faster application process, make sure that you have your requirements ready in advance. Lending institutions need to know the identity and capability to pay of the person they are lending their money to. Prepare valid IDs and your latest proof of income as these documents are commonly required for a loan.
Government-issued IDs such as your passports, UMID, driver’s license, etc., are more widely accepted than employee IDs. As proof of income, you may either ask for a copy of your Certificate of Employment from your employer or your latest one month payslip.
3. Be honest
Make sure to be honest with your lender, especially with regards to your income. Accurately state your annual income to avoid hiccups in your loan approval. Some lenders may ask for a reference from your employer in the form of a contact number and contact person. Do not be afraid as this is just a way for them to verify if you indeed have the means to pay for your loan. Just make sure to inform your reference person before giving their contact number to the bank so that they are aware that someone will reach out to them.
4. Choose lenders that offer faster and more convenient ways to get a loan.
Look for lenders that are accessible and offer an easier application process. All-digital banking platforms, like CIMB Bank, provide easier ways to apply for a Personal Loan even in the comforts of your home. All you need to apply is your phone and internet connection.
Additionally, with CIMB Bank’s Personal Loan, you don’t have to worry about towering interest and fees. Apply straight from your mobile phone using only 1 ID and 1 payslip to borrow as high as PHP 1 Million. You can enjoy ZERO disbursement fees when you opt to have your loan deposited to your CIMB Bank account for an easy and hassle-free disbursement.
PLUS, you can get up to 30% interest rebates on your Personal Loan just by paying your dues consistently and on time. Through the Loan Loyalty program, you can enjoy yearly increasing interest rebates starting from 10% on your first year and 30% on your fifth year. All you need to do is pay your monthly loan payments completely and on time! If you’re a CIMB Bank deposit account holder, just apply and get approved for a Personal Loan on or before June 30, 2022 to become eligible. Take a step towards your goals!
With CIMB Bank’s Personal Loan, you don’t have to worry about towering interest and fees. Apply straight from your mobile phone using only 1 ID and 1 payslip to borrow as high as PHP 1 Million. You can enjoy ZERO disbursement fees when you opt to have your loan deposited to your CIMB Bank account for an easy and hassle-free disbursement.
Learn how you can apply for a Personal Loan using the CIMB Bank PH App: