Will I get finance? There is no straight or definite answer. The answer depends on several factors and only after assessing those can anyone tell you or give you an idea of your prospects of getting finance.
Let us explore the key factors that will determine will I get finance for those that Cant Get Loan Anywhere.
Will I Get Finance Quickly?
The first factor will be the purpose. Many people may tell you that the sole determiner is credit. That is incorrect. Credit comes later. Your purpose will determine which lenders you can consider.
A home loan is beyond the capacity of a private lender or peer to peer lending network. Banks and traditional financial institutions are the only ones that can offer you home loans or mortgages. Car loans can still be offered by some credit unions.
If you want a personal loan that is of too less an amount for a bank to entertain then it would not offer you any solution.
The proposition has to be worth its time and you may have to go to smaller loan lenders. The purpose is the first determiner along with the loan amount. There are certain purposes banks and regular loan companies will not entertain.
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The second factor is your profile. Now, your profile includes every detail about you. It obviously starts with your credit history.
If you have a good credit score, then your chances of getting a loan increase phenomenally. If you don’t have good credit, then you are less likely to be entertained by high street banks. Thus, you will have to turn to pay day loan companies, lending networks and smaller private lenders.
The financial profile is quintessential here and it includes your employment status, income, liabilities and thus your ability to repay. Any lender will try to ascertain if you have the ability and the intent to repay. Only then would they offer you the loan.
If you can satiate these requisites then will I get finance is not in the realms of ambiguity. You are almost certain of getting the loan. However, the loan amount will be the decider. Bad credit applicants will struggle to get major loans.
The documentation and details you furnish will have the last say. You may need some collateral or a cosigner, you may need some additional proof of employment and you may have to comply with some discretionary norms if your application and profile is not ideal for the lender.