SECRETS TO HAVE YOUR LOAN APPROVED
According to a resigned loan processor veteran of philippine loan companies, here are the top secrets to have your loan approved. Read very well and be amazed on some of the pointers in this article:
1. Capture a very clear photo of your ID
Your credit history isn’t actually the first thing that loan companies inspect, it’s your valid IDs. Most major loan providers use AI to analyze IDs due to volume of applications. It will cost too much to maintain manpower just to check IDs.
In order to help AI to analyze your ID better, make sure the photo is clear and glare free, otherwise, you will be automatically declined.
2. Check your credit history and fix it
Don’t assume that loan companies will not be able to check on your credit history, a lot of agencies like CIC keep track of your credit records due to their affiliation with loan companies. If you have a pending loan which you haven’t paid, chances are, other loan companies know it too. So keep track of your loan, settle it before applying for a new one. Fixing your credit history might be the most straight-forward but most important secret to have your loan approved.
3. Improve your credit-income ratio
It may be tempting to request a loan more that 50% or higher than your salary but keep in mind that loan companies also analyze how deep in trouble you are. What this means is that when you request an amount a lot higher than your salary in one go, it means that you are not really good at managing your expenses for you to be needing that amount right away.
4. Be consistent with your application data
Before loan companies look at your credit history, they will first validate your identity. They will need to be sure that you as a person exist. In order to pass this validation with flying colors make sure that your name, age and address is consistent with your valid IDs.
Some loan providers also check your information through the Gcash app. So make sure the cellphone number you have submitted to loan companies bears your name and not someone else’s.
5. Know the office location of the loan provider
This might be a weird tip to get your loan approved but yes, you have to know where loan companies operate. The main reason for knowing their office address is that you can make sure which ones to apply for. Loan companies prefer applicants who are reachable just in case they stop paying their loans or stop answering calls. You will have a higher chance of approval if you choose a loan provider near your house.
6. Make sure your references are active
References are very important and their contact numbers should be active should the loan provider calls them. Some of us have that habit to put random numbers for references but this is not a job application wherein if they don’t reach your references they will request a new one. When loan companies can’t reach your references, they usually don’t bother to request for a new one, they just decline your application right away.
7. Submit application from 4-5pm
This is really not a big secret. Normally, validators work from 8-5pm, it’s widely known that around 4-5pm (an hour before employees rest or go home), their mental focus depreciates. Some of them tend to ignore some red flags and just approve your application right away just to finish their day.
Now that you know the secrets to have your loan approved, we hope you can embark smoothly in your loan application journey. Good luck!
Want to know if you qualify for a loan? Click button below and find out.
