Mistakes To Avoid When Applying For A BUSINESS LOAN

Getting personal loans is a convenient way to gain access to finances that you may need.

Availing a loan has become a lot easier. However, let’s look at a few mistakes to avoid rejection:

Choosing The Loan Amount

Estimate the actual amount of financial assistance you need.

Borrowing too little or too much will indicate ambiguity and cause your lender to question your plans of repayment.

Not Assessing Your Eligibility

Make sure to portray your repayment capabilities.

Your lender requires you to have salary slips or bank statements proving you are capable of repayment.

Any failure to submit your documents may lead to rejection.

Ignoring The Importance Of A Short Tenor

You may be tempted to choose a longer tenor of repayment.

However, be mindful that the longer tenor also means an increased amount of interest.

Hiding Existing Loans

Avoid hiding any presence of existing loans from your lenders.

You may be tempted to hide other car or education loans you may have taken, but fooling your lender is unwise and will only be more problematic.

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