What Do You Have To Do To Get A Loan?

Although the banks have promised to start lending again it appears that many lenders are still operating a tough approach to requests for loans, it can seem like an uphill task to get an application for finance authorized.

However, knowing the criteria that banks pay most attention to and how to make a request for credit look more attractive can improve the chances of getting approved.

Bank underwriters are cautious and when they assess applications for loans, they tend to view any kind of changes warily. It is therefore never a good idea to make sweeping lifestyle changes just before making a loan application.

Thinking of moving house? Whilst that in itself may not be sufficient to get an application refused, being a long-term resident in a dwelling will help to bump up the number of points on your credit file.

Likewise, if you are considering quitting your job or going self employed, opting to make the change just before a loan application is likely to be viewed dimly and will seriously hamper any chances of getting credit.

Read moreWhat Do You Have To Do To Get A Loan?

A Loan in Shining Armor (and other stories)

In difficult economic times, most people are tightening their belts and restricting their spending to absolute essentials…that is of course, providing you consider a suit of armor an essential requirement.

When applying for a loan, the lender generally asks the reason for the finance, expecting to be told the money is for home improvements, a new auto or possibly to cover the cost of getting hitched.

In recent times, some people have asked their bankers to provide the collateral for them to undergo cosmetic surgery, with boob jobs and liposuction commonplace.

However it seems that not everyone opts to borrow money for such mundane purposes as a glimpse into the banking world has revealed a plethora of weird and wacky reasons for the request for cash.

Read moreA Loan in Shining Armor (and other stories)