you must show that you are employed and have some credit in most cases to base your loan % off.
The lender wants to know if you can pay back the loan in a reasonable time. Usually this involves having a job or other proof of income. If you're self-employed, or even unemployed, you can still put up collateral. This might be a house, land, car, or something of value that exceeds the loan amount. Ask the lender what their particular qualifications are. Since the recession of 2008, and a projected double-dip for this fall, lending money has become a touchy subject. If you're seeking a loan for a business then submit a well-written business plan. You would have more success if you went to several lenders and asked for small amounts of money from each one rather than a huge amount from one lender.
You have to be aware of your income to debt ratio. It needs to be under 40 and the lower the better. Usually this will not include a mortgage. Of course, your credit must be good. It doesn't have to be perfect or great, but good. Your credit card payments need to be up to date. And, most of all, as romper20 said, you need to prove that you have a job so you can pay them back. Sometimes banks may even ask you if your job or income would be in jeopardy in the next couple of years, so be sure your job is secure...good luck!
Without a job, you'll have trouble, especially right now.
You can talk to your bank / credit union about the business loan. But unless your business plan is a knockout, you may still have trouble.
If you have a sufficient credits then you don`t need the qualification for personal loans.For more detail please visit -http://www.galleryfinance.co.uk/secured-loans/
by MrMoJoRiSiNg5 years ago
Where can I get a personal loan without bank account...?
by Msoriano6 years ago
How can avail of a $15000 personal loan if I was declind by other lenders?I tried to apply for a personal loan on one of the lending companies. I was 100% funded but they sent me a message that they cannot release the...
by clonjaz6 years ago
I would check out your local Credit Union. It would probably be your best bet.
by tdebrick5 years ago
Would a personal loan improve my credit?Thinking of consilidating my credit card debt into one loan. I am thinking this is the best for me paying my debt down.
by bandit217 years ago
I need a personal loan, I am truning 21 this september 3 and i'm trying to go to school in...hamilton and trying to get my own place there, i live in keswick ontario at the moment with my parents and they are not...
by adite8 years ago
How does a bank recover a personal loan from a person who has regularly defaulted on payments...(in India)
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