If you are paying a large portion of your monthly income towards your loan EMIs and other bills, then you may find it tough to manage another loan. Did you know why? It is because your debt to income ratio will be higher. And lenders may not sanction your next loan approval. Owing to this, your credit score may take a hit. The best thing would be opting for the personal loan for debt consolidation. By opting for this loan, you can pay off all loans at a time. But what can you do when you have a bad credit score? Read on!
2. Apply for the lowest possible loan amount Asking for a higher amount with a lower credit score means that your personal loan for debt consolidation can be rejected quickly. You can apply for a lower amount so that the lender may feel comfortable sanctioning your loan. Why? It is because a lower amount is easier to repay. 3. Apply with a co-applicant To get the approval for the personal loan for debt consolidation with a poor credit score, you can also apply with a co-applicant. Other than these tips, you can also correct errors in your credit report to boost your CIBIL score and get quick loan approval. Bajaj Finserv gives you pre-approved deals on personal loans and more. It can help you approach the loan processing procedure faster and hassle-free. You can check out your pre-approved loan offers now after sharing your basic details such as your name and mobile number. Must Read: All You Need To Know About Debt Consolidation Loan
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |