Want Personal Loan? 5 simple tips to improve your eligibility
Money is required for different planned and unplanned expenses, be it a wedding, home renovation, higher education, vacation, medical emergency, or debt consolidation. If you are not financially prepared for it, the cost may drain out your savings and even harm your financial health significantly. This is when personal loans come in handy. However, you need to fulfil the lender's eligibility conditions to qualify for a personal loan. Here are five simple tips that can help you improve your personal loan eligibility.
Reduce your debt-to-income ratio
Include all your income sources
Improve and maintain your credit score
Since personal loans are unsecured, lenders rely on your credit score to determine your creditworthiness. A good credit score can project you as a responsible borrower who remains consistent with the payments. As a result, the lender does not see any risk in lending you, and your chances of approval increase significantly. (Image source: Reuters)