Whatever your need, make access to a loan possible. Here are a few tips on what lenders consider when you apply for a loan.
How many debt commitments do you have and how much does this amount to?
When applying for a loan, a responsible lender would take into consideration how much all your debt would increase by and what would happen if, for example, interest rates increase.
As Nedbank prides itself on being a responsible lender, they will grant you a loan only if you can afford the monthly repayments. This affordability is calculated by taking all your monthly expenses into consideration.
How many times have you applied for credit and from which lenders?
Every time you apply for credit or your details are checked, it is recorded. Be selective about when you apply for credit, even if you are desperate.
What’s your spouse’s credit score?
Many applications are rejected due to a spouse’s low credit score if a couple is married in community of property. It is important to ensure that your spouse is in good standing when you apply for credit.
Have you checked that your information is correct?
Credit bureaus can hold information going back several years. If there is out of date adverse credit information about you, you can request a bureau to clear it. In addition, skipped payments in the past three years can affect your credit score, even though you may now be up to date. Always pay as much as you can and do not skip payments.
This post and content is sponsored, written and provided by Nedbank.