If your loan application has been got regected from the banks, don;t worry. There are many other options available in the market to get the desired money.
If you are suffering from bad credit and you are not eligible for any of the loans present in the market, you can avail a Gold Loan. The beauty of this loan is that the rate of interest offered is quiet low as compared to other loans and it just takes 30 minutes to get disbursed.
You can directly consult a bank to apply for the large unsecured personal loans. The most essential point is that the applicant must understand the requirements and methods to maximize their position to take a large unsecured personal loan which is without security. You can avail a gold loan as the Rate of Interest offered in this secured loan is also low as comapred to other loans. There are some important points that you should follow to get the large unsecured loan easily. These tips include:
Importance of Income to Debt Ratio
The first mistake that an unaware customer makes are that the customer thinks that the large unsecured Personal Loans are out of his/her reach because of the bad credit. No doubt, the credit score of an applicant are evaluated by the concerned agency or bank but there are other significant aspects, like, the Income to Debt Ratio.
The income to debt ratio basically refers to the percentage of an income that has already been used up by the existing debts. This also includes obligations. So, if the monthly income of an applicant is Rs. 50,000 and obligations account for Rs. 10,000 only, then it means that there is a share of income available to cover for any new debt that an applicant can take.
An approved large unsecured personal loan without security is only possible if the applicant has enough cash to spare. You should budget your large unsecured personal loan very carefully and even if your credit history is bad, your excess income will be viewed as a favorable point in getting larger loans.
Meeting the Criteria
You should not fail to meet the basic criteria for applying for a loan that a bank requires. If you do all the things in an organized manner, your chances of getting a larger unsecured personal Loan will increase. In short, it is about completing the paperwork in an accurate and organized way. These days even the online lenders require a govt. issued identification form, employment proof, residence proof etc
However, to raise your chances to get a large personal loan approved without security, a definite pattern of repayments proves to be very beneficial. Lets take an example, if you take a smaller loan amount and pay it before time, It will help you a lot as it improves your credit score.
Get The Figures Right
Always Check your Calculations before taking a larger unsecured personal loan. It will not only fix problems but it will also help in convincing the lender and that improves your chances to get the loan.
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