Banks and online lenders have become stricter of recent in their quest for finding the right candidate for issuing loans. They may be out to get customers in order to reap profits, but they need people they can trust and who will hold their end of the deal. That is why they go through the rigorous process of analyzing your application and taking it one step further to interview you.
But what happens if you need a fast personal loan approval in the U.S., UK, Malaysia, or even Philippines? While these are financial institutions in different regions, they all have similar policies and as such, doing one or more of these before applying for a loan can get you faster approval. Lets’ take a closer look at each.
How to Get Fast Personal Loan Approval
Whether you need a mortgage loan or a car loan, try out the following which can bring you positive responses from your Bank or potential lender.
1. Know Your Credit Score:
One of the first things lenders both online and offline will review is your credit score. Therefore, you need to know beforehand what your credit history and score is. Is it low, good, or excellent? If you’re still uncertain, then you can request that your banks send you one of those. Having a good or excellent score is one step closer to getting your loan approved fast. However, a bad score means you may have to rely on lenders who charge a high-interest rate and APR.
2. Survey the Market:
While it’s easier to just walk into a bank and request for a loan, you are better off surveying the market first to see what other lenders are offering. Check online loan sites, their packages, and interest rate and you’ll be able to compare with what your bank is offering. If you actually know the type of loan you want, the terms you’re willing to subject to, and the interest rate that can be paid conveniently, it could save you and your bank the trouble of going back and forth which just makes your loan deliver faster.
3. Make Inquiries:
What if you could save yourself the time and effort of having to go to your bank in the first place and passing through all the loaning processes, would you? Just a call to your bank can give you all the necessary information you need and if you’re eligible to obtain a loan from them. From there, an appointment can be set if the terms are aligned with what you’re out to get.
4. Maintain a Checklist:
A potential lender will require some documents to be attached to your application before your loan is granted or denied. These could be documents from your employer accrediting you, or documents of your financial resources. For each of these, create a checklist and tick which ones you have made ready and which are left. It will save you the trouble of submitting an incomplete application that may not go approved.
Some Documents you may be required to bring for a fast approval loan include:
For salary earners:
- Your proof of identity
- The latest tax report form
- The latest six months’ EPF statement
- Payslip from the last one to three months
- Bank Statement from the last one to three months
For the Self-employed:
- Your proof of identity
- A business registration card
- Bank Statement from the last six months
- The latest tax form (with an official tax receipt)
5. Check Online:
Banks are known to handle a lot of paperwork before they issue a loan to you, however, online lenders may be faster in their application process. The only thing is, their interest may sometimes be higher in comparison to what you may get inside of the banking hall. Nevertheless, there are still several out there whose rates are meaningful enough to take up their loan. Given that you’re expecting these loans fast, then you may want to give these a try as well.
Try each of these and you’ll be one step closer to getting your loan approved on time. Whether it’s to cover a medical emergency, wedding, traveling cost, or even tuition fees, they are what you need to begin to get started.