Most lenders will look at two factors when you apply for unsecured personal loans: your credit history and your ability to repay the loan.
Here’s a breakdown of how lenders determine whether you qualify for a loan.
Will I get accepted for a loan?
The only way to find out if you’ll be accepted for a loan is to apply. Yet that leaves a mark on your credit file that other lenders can see, potentially affecting your ability to get future credit. This tool finds out your chances of getting loans before you apply, helping you apply for the right loan first time.
Is it easier to get a personal loan or a line of credit?
The interest rates for personal lines of credit are higher because they involve greater risk on the part of the lender. Because it’s a higher risk loan, an unsecured personal line of credit is generally more difficult to qualify for, but the application process tends to be easier.
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