If you are unsure whether or not you will be approved for a loan application because you are not earning so much, there is a chance to significantly improve your options. If you have already tried to find some providers and this gave a negative answer, do not despair, but try again. This time, find a co-applicant who will help you.
If you live with a boyfriend, it would mean a lot more if they were on the loan application as a co-applicant. Both in relation to loan chances and to interest rates. The interest rate will typically be lower if there is a co-applicant. With two people on the application, it increases the loan provider’s chance of money being repaid, and you or you can show a larger income that should help pay the installments. It makes a big difference. Try it.
Higher income – extra work
If you are alone on the application and your income is not that great, then it will be very important for your application whether there is a correlation between the amount you are applying for and the amount of your income. If you have been denied a loan, it may be because your income is not high enough.
Here it will be smart if you are applying for slightly smaller loans and if possible you take some extra work for a period so you can muster a higher income. The loan providers just want to make sure that the money is paid back, and then they want to make sure that they do not squeeze customers into something that cannot be overlooked.
More in income
You could, like many others, choose to earn a little more in income so your finances get a little better. You may already have a job, but it may not work as well as you expect. There are many opportunities to get a job, and it’s just about changing a little tactic on a daily basis.
Just five hours a week at $ 100 an hour can do wonders for a squeezed economy, and it will help you further. Try, for example, serving at parties, extra-guards at your job, leisure time as a coach or sports judge, on-call guard, taxi or bus driving, visiting friends, and more
If you have received a great deal of loan repayments, you may want to get help from friends and acquaintances. Do you have someone in your circle who can be approved for a loan, then you can just pay them the money back by appointment. It may also be that a loan is not needed at all right now – that there are temporary solutions until you can get approved. It’s just about thinking out of the bush and then moving on.