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Common Loan application mistakes (and how to avoid them!) : PaydayLV

Applying for a loan can be intimidating, especially when it's your first time. There are so many papers to go through, and even a tiny mistake can set your application back, and you may require to reapply. There is a constant fear of being turned down.

But it doesn't have to be this way. There are some common mistakes that you can avoid to maximize your chance of getting a loan approved.

Are you planning to apply for a loan? Here are the top mistakes people make in their loan applications and how to avoid them.

Mistake number 1: Not making sure if you are eligible

Not all loans are the same, and different loans have different criteria. Some require a high credit score, while others may only be for people with a certain monthly income. Therefore it is essential to evaluate the requirements for the loan before applying. Different provinces have different criteria, so make sure you are up to date with the change in eligibility. Nothing is worse than going through a tedious process and gathering all the paperwork only to release that loan you have applied for is only for older adults.

Mistake number 2: Not checking credit score

Do you know what your current credit score is? If yes, great, but if not, you should always check your credit score before applying for a loan, no matter what type of loan you're looking for. Many factors go into calculating a credit score, and it acts as an indication of your trustworthiness as a borrower. If your credit score is low, you will not be able to obtain a favorable interest rate, and you may even have difficulty getting accepted at all. While having a good credit score will open more options and lower interest rates. So make sure you are entirely aware of your credit score and the minimum requirements for the loan you are applying for. Having a low credit score can be tough on your finances, as most lenders will be hesitant to approve a loan. You can also apply for guaranteed payday loans if you have a bad credit score as they require no credit check. More on that later.

Mistake number 3: Lying In your application

This is the most significant mistake people make in their application is to lie about their income and expenses. Not to be fair, maybe their intention is not always wrong, sometimes they simply over estimates things, but this ends up as a red flag to the lenders. Your honest mistake can have severe consequences in the future, as most lenders share information in a central database. If your action is considered fraud by the lenders, your chances of getting a loan approved will be much more complicated.

And to make matters worse, if a lender discovers that you misled about your income and spendings, even after you've received a loan, they have the authority to demand immediate payback. They will very certainly notify the authorities that you have committed fraud, and you will be subject to criminal prosecution.

But most importantly, even if you manage to hide from the lenders, you may still find yourself in financial difficulty. A lender wants to know about your financial status to figure out if you can repay the loan you are given on time. You may be heartbroken now for not getting the loan approved, but you will indeed thank yourself when you realize the loan you wanted to take is out of your scope to repay.

Mistake number 4: Submitting multiple loan application

This is a common mistake many people make; after all, when you need a big sum of money, this may look like the only solution. Unfortunately, many loans do not allow you to have multiple loan applications under your name. Moreover, applying for numerous loans can have adverse effects on your credit score as well, which will further hinder your chances of getting a loan approved. When you apply for a loan, the lender will make a hard credit check as part of the application process; this credit check will slightly lower your credit score ( not significant if you just apply for one loan), but when you apply on several loans, each time a lender requests a credit check, your score will go down slightly, and they will combine to have a significant impact on the credit score. So it is best to focus on one lender to maximize your chance of getting a loan approved.

Mistake number 5: Not reading the FAQs or the terms and condition

No one likes reading long boring terms and conditions. To be entirely fair, lenders unnecessarily convolute their terms and condition and use fancy words to say basic things. But it is vitally important that you have read the terms and conditions carefully before applying for the loan. Many pieces of information here will help you create the application exactly the way you want it to be. Another great place to check for information is the general FAQs. Usually, people ask about interest rates and fees that you may not know previously. This also gives you an insight into what you are getting into by applying for the loan.

Final word

Applying for a loan can be a long and challenging process. When you have so many additional documents to submit, more often than not, you will end up making unforeseen mistakes. Most people apply for loans when they urgently need money for an emergency situation. They might not have the time or mental state to go through so many loops to apply for a loan, and they may need the money urgently within a day or two after applying. For folks who need urgent loans, we at paydayLv offer guaranteed payday loans with no credit check. The best part is that the requirements are pretty straightforward, and you can apply for a loan online. These loans are approved within 24 hours and are a lifesaver for many working call Americans. For more information on rates and fees or to apply, please visit our website at paydayLv. We will see you at the next one. 

 
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