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When you take out a personal loan, it is not enough that you consider whether you get exactly the amount that you’re hoping to get approved of. At the end of the day, what will really matter is if you have the means to afford the subsequent repayments. It is a debt, after all. And if you do not want your credit rating to suffer, you will need to get it settled based on what has been detailed in your loan agreement.
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If you can, you’d want to get the debt paid off as soon as possible. If by any chance, your personal and financial circumstances may have changed for the better during the loan term, it may be a good idea for you to try some steps that will help you get rid of the debt faster.
Higher repayment amounts
Most personal loans have a monthly repayment of a set figure which includes but the capital and the interest rate. If you will choose to add more to the set figure, you will end up paying off your debt a lot faster. You have the choice to also pay more frequently. If your finances will let you, paying every two weeks instead of just once a month can really make all the difference to your remaining loan balance.
Shorter loan term
You may also negotiate with your lender to see if there is a way for you to shorten your loan term. If your circumstances will now allow you to make larger monthly payments instead of the original figure that you have signed up for, you can always check with your lender if they will allow it.
Changes in your lifestyle and your spending are likely going to be necessary if you want to pay off your loan faster. The only way for you to get out of debt sooner is to always pay more. So, all those unnecessary spendings might need to be set aside for now so you can focus on paying off your debt.
What You Need To Know Beforehand
If you need extra cash to fund a car purchase, a home repair, a vacation, a wedding, or whatever project you might have in mind, a personal loan can be a good source. Flexible and paid off in instalments monthly, it allows you to take out a bulk sum and enjoy the ease of spreading out the payment on tour preferred term.
It’s not easy to get approved for a personal loan though. Most lenders will need you to have the necessary credit score and the best rates and loan offers are usually reserved for those borrowers with outstanding credit ratings. If you want to increase your chances of approval when taking out a personal loan, here are some things you can do.
Build your credit score
A few months before sending your loan application, take steps in ensuring that your credit score is in a good shape. Avoid missing bill payments. Make sure you do not pay late too. If you have several existing debts, try to pay them down. If you have a credit card, make sure that you will never go beyond the 30% credit utilisation. Make sure that you register in the electoral roll. These may just be simple steps but they can have a huge impact on your score.
Annual percentage rate is the cost of the borrowing in a 12-year period. You want to look for lenders that will charge the most reasonable rates. Whoever, be aware that advertised APRs may not always what you will get when you are offered a loan. Lenders will likely offer something higher or lower than what was advertised, depending on your credit score, income, loan term, and loan amount.
Borrow a reasonable figure
If you are not really earning that much money, it doesn’t make sense to borrow the maximum amount offered by the lenders. Affordability can have a huge impact on whether they will lend you money or not. Go for a reasonable figure so they will have fewer reasons to reject your loan request.