Is it worth
taking an additional personal loan?
Are you looking to settle a really urgent financial
requirement by availing a personal loan? Do you need urgent funds to pay for a
wedding in the family or for a vacation? Personal loans these days have become
quick and easy and tend to fulfill almost all the urgent financial needs of an
individual. But, availing a personal loan
while you already have an ongoing personal finance scheme to your name isn’t an
easy task. Getting a second personal loan from a different lender seems to
be a quick and simple thing but isn’t exactly a piece of cake.
Why will you want to avail an additional personal loan?
Customers may require additional
personal loans for a variety of reasons like urgent medical expense, child’s
education expense, a long-awaited vacation and other such personal reasons.
Personal loans are quick and easy financial tools that help you deal with a
host of urgent financial needs. These loans are generally unsecured and are
sanctioned in a matter of few days, sometimes in just a few hours.
However, there are many inputs that go into a bank approving
your request for a second personal loan.
Challenges in the way of availing an additional personal loan
Banks will always review your financial ability to pay-off
loans that you already have as well as those which you are planning to avail.
In case a bank finds your income sufficient to pay-off multiple loans, then it
will have the least hesitation in granting you another additional loan
- A good
credit history is a plus while trying to avail multiple loans. If the bank in
question finds your payback history credible enough and your credit report
remarkable, then a second loan for you should not take time. A good payback
history means that you have been regular in paying off your debt while a good
credit report is a summary of you credit history
- While
deciding on granting loan to customers, banks also look into their employment
history. If, you have been employed by your current employer for a reasonable
period of time then your job is considered more stable and hence loan is
granted more easily
- Banks may
want to find out the reason for which you had availed your previous loan and
also the purpose for which you are seeking another fresh loan. In case, it is
found that you are trying to stockpile the loan amount to start a new business
or any such thing that requires massive capital input, then there are chances
that your loan application will be denied.
- Get your
credit scored fixed in case it is not up-to-date. Sometimes, banks do not
update the score once a loan is paid off, which may result in a lower credit
score. You can check your credit score and get back to the respective bank to
get it updated
- Creating a
balance between secured and unsecured debt is also a good practice to follow.
This will also lead to good credit history which in turn will boost your
chances of availing a personal loan
- Cite your
reason for seeking a personal loan as clearly as possible so that the bank has
no hitch in providing you credit
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