Loans are abundant, especially in Australia. But what if you want to get a loan with easy approval? How can you assure guaranteed approval in the first place?
In this article, we’ll share five tips to ensure you’ll get 100% approval for the loan you plan to apply for.
Here Are the 5 Tips to Get Loans With Easy Approval
1. Check Your Credit Standing
Before applying for any kind of loan, ensure you know your credit standing to guarantee easy approval. There are three credit reporting bodies from which you can request your credit score in Australia: Equifax, Experian, and illion.
If you have good credit standing, you have a good chance of getting easy loans. But how will you know if it’s good?
A good score is above 661 if your credit report says it’s out of 1,200. What’s considered excellent is above 853.
If you have a report that shows only 1,000, a good score changes to 540. An excellent score is anything above 690.
If you have below good scores, you have “bad credit”.
It might be challenging to get guaranteed approval relying on your credit score alone. You need leverage. And that’s either a co-maker or collateral.
If you default on your loan, a co-maker and collateral are the lenders’ safety net. They’ll still get something from the loan you borrowed.
A co-maker is the person that’ll pay in your stead if you default on your loan. You can’t just write anyone on the contract as your co-maker; there are eligibility criteria to follow.
Collateral is a valuable asset you have that the lender can get if you default. Most of the time, you can only loan the amount of money equal to the value of your collateral.
For instance, there are easy pay loans that need collateral.
You need a good credit standing or co-maker/collateral to have easy loan approval.
2. Find a Credible Lender
Some lenders have strict guidelines in approving their clients’ applications, and some are lenient. Either way, you should seek credible lenders only.
Finding a credible lender isn’t challenging because you can easily find them on ASIC Connect.
All you have to do is input the lender’s name and click “Go.” The website should show you some results. If not, there’s a high chance they’re not ASIC compliant and, therefore, not credible.
It’s also important to look for awards or certificates. They’re indicators that they’ve done a good job in the industry. They also have easy loans to get, provided that you are eligible.
You may also search for their name on Google. It should show you some results about them from any social media platforms or forum pages. They’re also a good start to knowing their performance based on customer reviews and feedback.
You may also rely on loan finders. They’ll pair you with the most suitable lender matching your needs.
Orange Loans is one of the best loan finders in Australia to date.
3. Prepare All the Requirements
You’ll have trouble getting easy-approved loans if you don’t have all the requirements ready during the application. The lender might keep contacting you for additional documents or will drop your application altogether.
You must navigate their website to see their requirements. Most will usually ask for the following, while some might ask for additional documents:
- 100-point Identification
- Contact Details
- Employment Details
- myGov Account
You’ll also need your collateral documents if you’re looking for a secured loan.
You might also be interested in no-income loans.
4. Fill Out the Application Form Properly
Ensure not to miss a single empty field or encode the wrong information to get easily approved loans.
Always double-check everything before you go to the next phase of the application so that you won’t have trouble with the application process and jeopardise your loan approval.
5. Repay On-time
The most important thing out of all mentioned above is your timely repayment. It’ll affect your next loan’s approval rate.
Conclusion
If you want an easy loan to get approved for, ensure you know your credit standing, find a credible and reliable lender, prepare all the requirements, fill out the online application appropriately, and don’t forget to repay on time!
Was the guide helpful? Check out these extra resources to delve deeper:
- Bad Credit Loans
- How Can You Benefit from Bad Credit Payday Loans with Instant Approval?
- I Need a Loan Urgently but Have Bad Credit
- Bad Credit Personal Loans: What Are Your Options?
- Bad Credit Instant Approval Loans
- How to Get a $1000 Loan with a Bad Credit
- How to Get a $2000 Bad Credit Loan in Australia
- Payday Loans in Australia: Everything You Need to Know!
- Payday Loans No Credit Check Instant Approval
- Guaranteed Payday Loans No Matter What in Australia: Fact or Fiction?
- What Are Urgent Payday Loans?
- How to Apply and Get Small Payday Loans in 1 Hour
- Good Reasons to Take Cash Advance in Australia
- Personal Cash Advance Loans: All You Need to Know
- Ways to Get a $50 Loan Instant in Australia