5 tips to improve your Short-Term Loan Eligibility

1. 5 Tips to Improve your Short-Term Loan Eligibility

2. Short term loans are the best alternative when you need money urgently but do not have enough cash at hand. • Although, you should be sure that the loan amount can be repaid within the short loan tenure. Short term loans have duration of about 45 days to one and a half year for repayment. • One of the benefits of taking “short term loans near me” is that there are fewer parameters for approval than long- or medium-term loans but finance companies and banks, do thorough background checks before lending money.

3. *Purpose • Well ahead, how to present your requirement in the best possible way to the approver • “What is your goal for taking the short-term loan?” •  Personal loans can be used for wedding, holiday or house maintenance expenses

4. *A Good Credit Score • The credit score is also taken into consideration while choosing a short-term loan • The lenders shall confirm if there were any prior unsettled loans. • Hence, make sure you are clear with all the paperwork if you had taken any loans previously. • A bad credit score may affect your approval for a short-term loan

5. *Keep your Documents Updated • The papers required for short term loans shall be your identity and age proof, salary slip if employed, bank statements of 6 months and your business’s account statement. • If you are a business owner. Note that some banks and finance companies do consider 18 years or above, but most of them require you to be of 21 years or older

6. *Keep your Social Media Activity clean • Not directly mentioned, certain financial institutions might also visit your social media accounts and check your activity to be sure of your credibility. • Hence, it is in your best interest to stay away from unethical practices even virtually.