Abigael
Valued Contributor
We all come to a point in our financial lives where taking a loan is the only option left. It could be from a bank, online loan lending applications or other loan lending institutions. Most of those loan lending companies will not give you loans easily, so here are factors that I have observed to increase your chance of paying back the loan:
1. Clear ability of paying back the loan - this is in such cases where you are running a good business or you are employed and receiving a good amount of salary.
2. Having a positive credit history - when they see that you have been good at paying back your previous loans, the institutions do not get a hard time giving you a loan.
3. Giving a high quality collateral - banks especially will require you to give collateral before taking a loan. So giving them something that is equivalent to the amount of loan you want increases your chances of qualifying for the loan.
What other factors do you think increases a person's chances of securing a loan?
1. Clear ability of paying back the loan - this is in such cases where you are running a good business or you are employed and receiving a good amount of salary.
2. Having a positive credit history - when they see that you have been good at paying back your previous loans, the institutions do not get a hard time giving you a loan.
3. Giving a high quality collateral - banks especially will require you to give collateral before taking a loan. So giving them something that is equivalent to the amount of loan you want increases your chances of qualifying for the loan.
What other factors do you think increases a person's chances of securing a loan?