Have you tried to get a loan and your request was not approved? If your answer is yes, you are one of the thousands of applicants every day who are denied by banks and lending companies here in the Philippines. We can’t blame these companies because they are also careful about their business. As a borrower, it is our obligation to show or prove to the lenders that we can also pay the money we want to loan.
What exactly should we do to increase the possibility of getting our loan request approved? For this topic, let’s first understand why we are denied by lending companies. Why? There are many possible answers, but usually it’s because we don’t have solid proof that we can pay the loan we’re requesting. Yes, I know what you’re going to say we can really afford it. Here we will see what the tips and tricks are so that we can be approved.
1. Provide Accurate Information
Trust is the first thing you should remember when you take out a loan. Lending begins with building mutual trust.
No one lends money to a person with low credibility and who is not trustworthy. Even you probably won’t give a loan to someone who doesn’t give real information about himself.
If you have not been truthful in providing information in loan application forms, interviews, etc and they find out about it, I am sure that they will not give you a loan and even worse if you are put on the blocklist of their company.
2. Be Realistic With Debt
“Can I borrow P100,000? I don’t have a job but I will use the money I loaned for investment.” Nope. Let’s be realistic about the limit we can borrow. Maybe things like that are possible, but when you go for a business loan, you have to submit your business plans and other requirements.
The first basis of the loan that will be given to you is your income. They won’t lend you an amount that they know you can’t afford or will have trouble repaying. So if you are going to take out a loan, let’s be realistic.
3. Maintain a Good Credit Record
At Cebuana Lhuillier they have something called Happy Loan, Happier and Happiest. Your first loan is called happy loan which can reach up to P5000 and has an interest of 5% monthly.
If you have a good credit record, pay on time and pay off your debt, you can upgrade to Happier and Happiest with a larger maximum credit limit and lower interest. But another good thing about this is that the process of your next loans will be faster because Cebuana Lhuillier trusts you. This is also the case with other companies.
The approval of your loan request will be easier if you have a clean and good credit record. Get into the habit of being a good borrower for the next time you need it again, they won’t hesitate to help you.
