5 Tips for getting your bank loan approved

financialhazeAs the world’s economic troubles increase, lenders are looking at loan applicants with more scrutiny. It is best to present a complete loan application that will give lenders no reason to disapprove your loan. Here are 5 tips for getting your bank loan approved.

Understand your preferences – Look online to understand the loan packages on offer by competitors. Know what kind of loan you are looking at and the interest rates that you can afford. It is advisable to check out the fine print to clarify that the loan you have chosen does not have any unnecessary surprises.

Ask questions – If you find a package that suits your needs, speak to the bank directly and clarify any areas of concern. To follow up, make an appointment with a loan officer, who can advise you on the documents that are needed.

Know your limitations – You should have an idea of your credit history and your credit score. Check your credit score by requesting a copy of your score history weeks in advance. Have  a look at your score and check if it is within the range required by the bank.

Create a checklist – Create a list of the documents required by the bank and secure any documents that you don’t have on hand.

Have the right expectations – Speak to a loan officer and ask them to give you an estimated timeline of when the loan would be approved.