Unsecured Loans Guide

Applying for a personal loan can be confusing. Below are some basic tips to follow. If you still have questions and/or concerns that are not answered by this Unsecured Loans Guide, feel free to Contact Us.

1. Get an estimate of how much you can borrow.
To start with, it's important to get a good estimate of how much money you can borrow. Within the above ceiling, the loan amount in the range of 2-3 times the annual household income of the borrower can be sanctioned. Knowing your borrowing power saves you time.

2. Get a good estimate of your repayment capacity.
The loan amount granted to you also depends upon your repayment capacity. The loan is repayable in the form of Equated Monthly Installments (EMI). The EMI typically should not exceed 50% of your monthly household income. You can also opt for clubbing your spouse's income along with your income if you want to enhance the loan amount that is sanctioned to you.

3. Run a credit check of yourself.
It is VERY important to run a complete credit check when looking to apply for personal loans and bad credit personal loans. You want to eliminate the possibility that there might be errors present on your credit report. Having erroneous negative marks on your credit report will cause your interest rate to be much higher than it should be. You can get a FREE copy of your credit scores from Experian by clicking here.

4. Build your credit
If you have poor credit or no credit, we suggest that you try and build your credit history by applying for bad credit credit cards.

 

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