Gone are the days when lenders were willing to give money to just about anyone, with approval for loans proving quite difficult since the GFC. In order to get approved, Forbes suggested having a complete package ready for presentation, covering all factors of interest to lenders.
The more organised you are, the less hurdles you should come across, so it pays to know what a lender is looking for.
Do your research
See what loans are available and what best suits your needs. Compare prices to find the best lender, but don’t forget to check the fine print.
Work out what you can afford
Before even attempting to get a loan you’ll need to make sure the repayments are within your means. A lender will want to see some evidence to prove this, so make sure you have documentation. Having all the required papers will make the process quicker. It might be a good idea to check what documents you need to provide.
Work on your credit rating
Fix up any problems on your credit rating. A bad rating could affect the rate you are offered or even your chances of being approved.
Source:http://www.forbes.com/sites/investopedia/2013/07/03/5-tips-for-getting-your-bank-loan-approved/
