FlexiCredit
New
What affects your chances of being approved for a personal loan?
If you're thinking of applying for a personal loan, here are a few tips that may help with your application.
Dalima Bhandari |
Dalima Bhandari |
Share
Related Topics
Many Australians are feeling the pinch and are in need of quick cash. Data shows that consumer credit applications and demand for products like a personal loan has increased since 2023*.
There may be an array of reasons why you’re looking to take out a personal loan. It could be for debt consolidation, house renovations, car repairs, or medical bills. Whatever the reason may be, a personal loan can help you when you need it the most to tackle those unexpected life expenses. But how do you improve your chances of getting through the personal loan process?
Here are a few factors that lenders look at when they’re assessing if they want to lend you funds:
- Stable source of incomeÂ
- Credit rating
- Any outstanding debts such as credit cards or buy now, pay later services
- Subscriptions like Netflix, Spotify, Amazon Prime and Kayo Sports
- Savings recordÂ
- Regular money going overseasÂ
It’s also worth considering how much you need to borrow. If you’re unsure about whether you’ll get approved for a higher loan amount, applying for a smaller amount could increase your chances. Lenders are often more comfortable approving lower-risk loans, particularly in times of economic uncertainty.
It’s important to note that not all lenders have the same approval criteria, so taking the time to find one that suits your financial situation can improve your chances of success.
Ready to apply?
Say farewell to endless paper work and hello to your new personal loan.
Jacaranda Finance’s lending model is different from traditional banks as we consider the bigger picture. Our AI-driven technology will look at your spending habits for the past 12 months to evaluate if you meet our eligibility criteria or not. Instead of judging applicants solely based on their past credit history, Jacaranda has a personalised assessment process and an application usually takes just 5-12 minutes to complete*.
Check below if you qualify for a personal loan today. This won’t affect your credit score.
Personal Loans Online Up To $25,000
Money in your bank account and ready to use in 60-seconds3 once approved.
Most customers have a New Payments Platform (NPP) bank account and receive the money in their bank account within 60 seconds. For other customers, the money will be available overnight on weekdays and overnight the following business day if approved on a weekend or public holiday.
*Please consider: (1) Applying for a loan with Jacaranda Finance takes most applicants 5 to 12 minutes, but it could take longer depending on several factors such as but not limited to how fast you are at typing or if you have all the required information on hand.
Share
Related Topics
