The need for fresh funds is not unusual given our huge expenditures. One of the solutions to address these concerns is to apply online or offline. The number of lenders you can lend to makes it easier for lenders to get fresh funds anytime and anywhere.
Many Factors That Make Loan Failed
Although it offers a great deal of convenience when it comes to lending and even looks easy, there are still many lenders who fail to obtain a loan due to lending. These factors are in fact influenced by many factors. From poor credit quality to poor credit rating on cash flow.
This article will discuss some of the most common things to keep in mind when applying for a loan to make your loan rejected. Here are more reviews:
Never Compare Lending Products
One of the most common things that lenders pay off before applying for a loan is to never compare one loan product with another.
While comparing credit products with one another can help you get a lower interest rate. This is because not all financial products offer the same loan interest.
So comparing your financial products to one another is all you need to do. Especially for those of you looking for a credit-free credit or loan application on your smartphone with lower interest rates and simple requirements.
Never Check Credit Quality
The most common factor that lenders lend to creditors is the poor quality of credit stored in a system called iDeb SLIK owned by the Financial Services Authority. Almost all banks carry out assessments of the credit quality of their potential customers. It is part of every bank’s risk management to ensure that every customer’s credit is returned smoothly.
If the credit quality of a prospective customer is poor then the credit rating will be rejected by the lender. It is important to note that the quality of the customer’s credit quality determines whether the loan application is approved by the lender or vice versa.
Therefore before you apply for a bank loan, make sure you have checked your credit quality through the OJK-provided system. The way is simple, you just need to come to the OJK office and ask to have the OJK CLICK iDeb by bringing your ID. If you think your credit score is good, you can apply for a loan right away.
Never Calculate Credit Payability
When you apply for a loan, the lender will ask you how much you incur, and how much your regular expenses will be. This is not without reason, in which case the bank will conduct an assessment of your spending burden. Logically the larger expenditure from income certainly makes the finances unhealthy.
The size of the pegs from the poles will certainly make the expenditure unmanageable and the risk of failure to pay off. Generally, a normal spending post is no more than 30% of your income. For example, your income is $ 5,000, so your ideal spend on a regular basis cannot exceed $ 1,500.
If your recurring spending alone exceeds that number then it is possible that your credit line will be declined by the bank if you do not have any additional income. 4.
Use Loans for Consumers’ Needs
The next most common mistake borrowers make when applying for a loan and it has been approved by the lender is to utilize the loan for its consumer nature. Expensive consumer spending, for example, is on vacation, buying new gadgets and buying non-profit items.
It’s different if you’re using a loan for something productive. For example, buying an electronic device for an enterprise where it is an asset and making a profit for you. Even if the goods are depressed or depreciated, they can at least support your business operations.
As for expenditures that are essentially consumerist otherwise, you will not get any income from them. While the depreciation on the asset is ongoing. For example, if you buy a new gadget for $ 5,000 if you resell it within hours the value will not be the same.
Rethink What Additional Funding Is Needed
Here are some things to keep in mind when applying for a loan. Before applying for a loan make sure you really need the funds. This is because of the installment that has been going on for months. If you don’t take this into account, your financial situation will be worse.
It is not uncommon for those who cannot afford the installment to cover the excavation hole. That will make your loan application no longer a solution but a new problem in the long run. Also, fluctuate the amount of interest, installment tenor, up to the monthly installment you have to pay. So your finances remain in control and you won’t have to deal with any new issues later. Good luck!