Need a new car? Looking to fund a big trip? Taking out a loan can give you the finances you need to get ahead in life. But before this happens, you need to apply for a loan and get it approved.
To make the process easier and quicker, we’ve put together this handy checklist of what you need to know.
1. Eligibility requirements
Whether you’re thinking about applying for a personal loan
, car loan
or another type of loan, it’s best to know in advance if you’re actually eligible before starting the application process.
If you’ve ticked all the boxes, then you’re one step closer to getting your loan approved. Keep in mind that everybody’s situation is different, so your application will be assessed on its own merits. To give you a better idea of how much you can borrow, check out this handy loan calculator
2. Employment details
In your application, you’ll need to have your employment details on hand. This includes:
Work type (full-time or part-time)
Employer address and phone number
Length of employment
Monthly income after tax
3. Proof of income
Naturally, your ability to repay the loan is a major factor in getting it approved. This means you’ll need to provide your current pay advice or group certificate.
And if it applies to you, you may also need to give proof of housing income (ownership or rental), references and credit history.
4. Approval process
The approval process for a loan is simple, fast and convenient. As long as you meet the criteria and have provided all the necessary details, you’ll likely know within a couple of days whether your loan application is successful.
While there are generally no monthly ongoing fees, there will usually be an establishment fee to cover the loan set up.
5. Protecting your loan
When your loan is good to go, it’s time to enjoy it! You can now make that big purchase and move your life in the right direction. Just remember that taking out a loan is a big commitment. So it’s important to help protect you and your family’s financial future with the right level of life and income protection insurance
, just in case disaster strikes and you need help to stay on top.
On a side note, if you find that everything is going better than planned, it’s definitely worth choosing to pay off your loan a little faster.
Making it happen
Ready to apply for loan? Easy. You can either jump online
or apply over the phone
. And if all goes according to plan, you’ll have the finances you need to get ahead.