Common Misconceptions about Loans

Some people think that they are not eligible to apply for a loan with credit card debt or an existing loan, but that is not the case! As long as you have a good repayment record and credit score, you can still get a loan approved. However, your current card debt and other personal loans will be taken into account when financial companies review your claim. Debts reflect your ability to repay and so it might influence your loan interest rate or approval success rate.

Beware of negative credit history

Though you can apply for a loan while having other personal loans, lenders might still lack confidence in your ability to repay the loan. If you have too many loan enquiries or applications within a short period of time, it may lead to a rejection to your loan application. Additionally, negative credit history, such as late payments, would remain in your report for five years after the debt is settled to reflect your financial status and habits in recent few years, even when your credit card is canceled. So, having good financial habits such as repaying your loans on time will help with your loan application.

Other influencing factors

Your credit record is not the only criteria when lenders are considering your loan application. Lenders will also look at other factors when approving a suitable loan amount. Take Promise as an example, housing, working and the financial status of the applicant will be reviewed, then evaluated by a computer system for loan approval.

Borrowing money can facilitate you in achieving your financial goals or relief your financial burden. Promise allows you to apply for personal loans online anytime and deliver funds directly to your account in short order with our instant online preliminary approval. It is dedicated to providing flexible financing solutions tailored to your needs, Promise is here to help you solve your urgent cash flow problems.