6 Tips to Boost Your Chances of Personal Loan Approval

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1. Clean up your credit
2. Rebalance your debts and income
3. Don’t ask for too much cash
Personal loan calculator
4. Consider a co-signer or co-borrower
5. Use collateral to secure the loan
6. Find the right lender
Alternatives to personal loans
What affects personal loan approval?
Many lenders make decisions on personal loan applications based on the applicant’s credit score, income and debts. Some lenders factor in alternative data such as education or employment.
Can I get a personal loan with bad credit?
If you have bad credit, try getting a personal loan from an online lender or credit union that has a minimum credit score requirement below 630. You can strengthen your personal loan application by adding a co-signer or co-borrower with a higher credit score or by opting for a secured personal loan.
What happens if a lender rejects my application for a personal loan?
If you’re denied a personal loan, the lender must tell you why, and you can use that information to improve your chances for loan approval in the future. If you need money right away, consider alternatives to a personal loan, such as a cash advance app or buy now, pay later plan.
Article sources
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