Is your personal finance testing you with a sudden break to your cash flow? Has your savings been exhausted? Do you not need significant funding help from somewhere? If you talk about the solution to these problems, then personal loans may be there at the top. Still, the task is getting your personal loan approved.
Yes, you may think that availing of a personal loan is quite simple as it is the most applied funding source in the USA. Still, do you think that getting these loans does not require considerable effort? If yes, then you are wrong.
Please don’t feel bad, but it is a reality that you need to fulfill certain criteria to have loan approval in your favor. Well, we understand that you may not be familiar with the activities of the USA loan market. As a result, knowing that criterion may not be possible for you.
What will you do in such a situation? Hiring a personal financial advisor may be an option, but it will cost you more. Don’t you think that it will add more burdens to your already struggling finances? Yes, indeed.
Instead, contact a reliable personal loan broker. This is because the brokering firm has the expertise and experience to guide you with all the tricks applicable to getting your personal loan approved.
At Zeolitefunds, we are the loan experts and capable of guiding you in the correct direction. Do not go anywhere, as you will get every detail here in this blog.
4 Methods to Advance Your Chances of Getting your Personal Loan Approved
Personal loans are the most efficient financing source during any sort of financial issue. Whether you have a medical emergency or want extra money to fund your education, these loans can be the perfect option.
In the marketplace, you can find different kinds of personal loans, such as short-term loans, installment loans, moving loans, student loans and many more.
Despite the vast availability of such loans, many people are there not able to get approval. Indeed, there can be some mistakes or unwanted circumstances. However, routes are always available to improve your chances of personal loan approval.
Here, we have accumulated four tricks to raise your prospects of getting your personal loan approved:-
- A good credit score
- A stable monthly income
- Securing a loan with an asset
- Involving a guarantor
Let us start the discussion on each of these aspects one by one.
A Good Credit Score can Help in Getting Your Personal Loan Approved
It is quite simple that the basic need for loan approval is to have a good credit score. Almost all the credit providers want to fund that individual who has been carrying a decent FICO score (above 670).
The most significant aspect is the trust. Lenders can easily believe in your financial capacity if you have been good at handling all payments and no debt is there against your name. You get further advantages like:
- A lower interest rate
- Guaranteed loan approval
- Larger amount to borrow
Does it mean if you lack a good credit score, you cannot qualify for a loan? Well, chances are there to get personal loans for bad credit on guaranteed approval, especially from online lenders.
Still, do not believe in such phrases without doing research. Take our help and compare deals on these loans before making any decision.
A Stable Monthly Income
Your aspiration of getting your personal loan approved can also be fulfilled if you are earning a stable and full-time income. Yes, lenders are always happy if the applicant has regular monthly earnings. It is enough for them to be assured of perpetual loan installments without losing anyone.
You can even apply for personal loans with bad credit scores with full-time employment. Besides, getting larger funding with a longer duration is also feasible.
This is the reason why most unemployed people struggle to get approval for loans. Some online credit providers may agree on part-time income, but they won’t allow you to borrow a considerable amount.
Securing a loan with an asset
Personal loans are available in two forms: Unsecured loans and Secured Loans. When you apply for an unsecured personal loan, you do not need to pledge any asset, and you can get instant funding. However, the interest rate will be higher on a small borrowing amount.
On the other hand, a secured personal loan involves the need for collateral, which makes it available on an almost guaranteed basis. You can keep your home, vehicle, or any other crucial asset to get the larger amount for a longer term.
If you have a significant financial purpose and carry an asset to be used as loan collateral, secured loans are always the better choice. Think what you get. You will receive a loan at a lower interest rate. However, you need to maintain the cash flow to pay the loan installments till the loan period ends.
Involving a guarantor
Last but not least, you can involve a guarantor to make it practical getting your personal loan approved. A guarantor acts as a third party (with a lender and primary borrower as the other ones) to guarantee the loan repayment if the main applicant fails to do so.
The person whom you are going to use as your loan guarantor should have a positive financial record and a good credit score. If the guarantor is a homeowner, then the lender will be happier.
There is an exception to this. Not everyone can arrange for such a person to have a better credit record. Some online lenders may offer you loans without a guarantor. However, these are especially for those with poor credit histories, as they can get bad credit loans with no guarantor involvement.
In the Nutshell
The above-mentioned methods are enough to qualify you for personal loans. However, it would be very rare for you to have all those criteria in your favor. And, it is not necessary at all.
For instance, if you lack a poor credit score, getting your personal loan approved will be accessible with your full-time earnings. Similarly, if you lack an asset to secure the borrowed sum, then you can convince the lender with a personal guarantee of your guarantor or vice versa.
Now, fetching approval on your personal loan request will not be tricky. You only need to work on these four aspects and get the credit that your financial life demands right now.

For over 5 years, Alex Thomas has been working as a noteworthy content writer at Zeolitefunds. After graduating in Economics, he started working in the finance sector. His interest in loans has encouraged him to explore extensively. His write-ups in the form of blogs and articles have shown his exceptional knowledge. Alex’s work is a product of his hard-core research and writing expertise.