Life is full of ups and downs! Whether you’ve run into a financial emergency, are looking to consolidate debt or even planning a wedding, taking out a personal loan can help you reach your goals faster. Getting your loan approved can sometimes be tricky, depending on your circumstances. If you are thinking about taking out a loan, these four tips may help to improve your chances of getting the tick of approval.
Check the eligibility requirements for a loan approval
Every provider has different eligibility criteria and some organisations are tougher than others. When researching different options, you should be looking at any requirements that you don’t meet including age requirements, minimum income requirements and citizenship requirements.
To be eligible for a personal loan with APS Benefits, you must meet the following criteria:
- Over 18 years of age
- Australian resident
- An income of at least $25,000 p.a.
- Ability to comfortably service the loan
Learn more about your eligibility here.
Review your finances
Before applying for a loan, take the time to review your spending habits and income. Think about any ways that you can reduce your cost of living so that you can prove to your lender that you are spending within your means. It is also useful to have a savings plan in place to prove to the lender that you are able to repay the loan.
If you have outstanding debts, try to make extra payments to reduce your total personal debt. If a high debt-to-income ratio is flagged by the lender, they may assume that you will struggle to make repayments.
Apply for what you need
Personal loans are designed to assist you in the short term rather than leaving you with long-term debt. You could save yourself time and money in the long term by applying for a lower loan amount that satisfies your immediate needs. If you apply for a loan amount that is higher than you need, you are also less likely to be approved if your application doesn’t satisfy the requirements.
We recommend that you calculate your repayments carefully to determine the amount that you need to borrow and how affordable this is for you for the duration of the loan term. The APS loan repayment calculator will help you make these important decisions before applying for a personal loan.
Ready to apply for a loan?
Before applying for a loan, you should check your eligibility requirements, review your finances and decide on the right loan amount for your personal circumstances. At APS Benefits, we offer Personal Loans of up to $15,000 to help you in times of need.
Click here to apply for a Personal Loan with APS Benefits. Otherwise, if you have any questions, please feel free to reach out to the team at loans@apsbenefits.com.au or by calling 1300 131 809.