4 Ways to improve your chances of loan approval

4 Ways to improve your chances of loan approval

Do you do small business loans?

If you’ve got a small business as a sole proprietor, you could look for loans to cover your business expenses. For instance, if you need to pay for new machinery or office supplies, our small cash loans can cover these costs. The only thing you need to keep in mind is you will need to apply for a personal loan as we cannot provide loans to business entities. Here are other examples of what our small business loans can be used for:

How do repayments work?

With Jacaranda, our repayments work by setting up a direct debit, so that your repayments will come out of your account automatically. They can be set up to come out of your account payday loans in Lakeland TN on a weekly, fortnightly or monthly basis. Though, we suggest matching your repayment interval with your pay cycle, as we find this to be the easiest way.

Increase chance of approval

If you are applying for small loans in Australia and are concerned about whether or not you’ll be approved, there are ways you can increase your chances of approval. As a guide, we have noted some things down that you could look into doing:

Contact the lender first

Before you apply for a loan, it may be a good idea to contact your lender first. This way you can get a better idea on whether you’re likely to be approved or not based on your eligibility and financial circumstances. They may not be able to give you a definitive answer but every bit of info helps. They may also be able to let you know if there is any additional information you can provide to improve your chances of approval. This will help you narrow down which lenders are more likely to approve you.

Look at improving your credit score

Although this can take time, it’s definitely something you should be doing for future endeavours. There are several ways you can improve your credit score. Start by paying your bills on time. Then you can start to get the ball rolling on paying off your debt. Applying for too much credit creates hard inquiries on your credit report, so you shouldn’t apply for too many loans.

Provide correct information

This is super important! If you provide incorrect information, whether intentional or not, this can negatively impact your chances of approval. Make sure you clearly read and understand the questions on the application and answer them honestly and transparently.

Don’t apply for more money than you need

This is an easy one! Lenders will typically assess two things in your application. Firstly whether the loan repayments will be affordable for you and secondly if the loan amount is fit for its purpose. If you apply for more money than you need, this may be unaffordable and unnecessary.

Why choose Jacaranda?

We’re glad you asked! Now that you’ve stumbled across our small loans product page, let us fill you in on a few of the reasons that make Jacaranda one of the best lenders on the market.

Responsible lenders

It’s our aim to give everyone the fair go they deserve, but we can’t just lend to anyone. Jacaranda adheres to responsible lending guidelines. This means we conduct a full assessment of every application we receive, including a credit check on eligible applicants. We do this to ensure you can manage the loan you’ve applied for. After all, we want to assist you financially, not make your worse off!

Online based service and application

With the digital world constantly evolving and expanding, the same goes for the personal loan industry. No longer will you have to print, copy or make tedious trips to the bank to apply for a loan. Jacaranda is 100% online. That means you can complete a loan application from the comfort of your own living room in a matter of minutes. If you have a smartphone you could even apply on the go, so long as you have an internet connection.

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