What you need to know to get your loan approved

With the current pandemic most of us have been facing for the past months, the situation has become a difficult chain reaction where many have lost their jobs and their source of income, companies are shutting down, and those who are in poverty have been struggling to survive.

In order to provide for their family and for themselves, one of the first things that come to mind is getting a loan.

While there are several steps to follow in order to have loans approved, there are easier ways to consider for a faster and more convenient loan application.

If you are thinking of applying for a loan, you should have an idea of the different types of loans and identify which best suits your needs. Some of these are personal loans, pawn shop loans, credit card cash advances, housing loans, loan programs offered by the government, such as Pag-IBIG and GSIS loans, and bank loans.

To help you make the right decisions, here are some of the steps and tips you can consider for your successful loan application:

1. Settle your existing debts
Before deciding to apply for a loan, make sure to settle your existing debts and outstanding loans as most lenders check your track record first before considering your application. The best thing to do is check your credit score which reflects your capacity to repay your loans. To know your credit score, you can request for a CIC credit report via Credit Information Corporation (CIC) website and check if you have kept a clean payment record.