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Are You Ready to Get a Loan?

Above all, make sure you really need a loan. Paying back money over time means that you pay back more than you originally borrowed, so be sure you really need the money.

Banks want to get their money back on time with interest. So banks are careful. They are most likely to loan money to people who have steady incomes, have shown they can manage credit in the past, and have a good reason for wanting to borrow the money. The Loan Readiness Checklist can help you decide if you're ready to get a loan.

Loan Readiness Checklist:

  • Do you have a good reason for wanting to borrow money?
  • Do you have a steady income and stable employment for at least two years?
  • Do you pay your bills on time or before the due date?
  • Do you have low debts?
  • If you had a bankruptcy, did it happen more than three years ago?
  • Do you a have a budget that lets you know how much you can afford to pay for a loan?
  • Do you having a savings account or personal property that can be used as collateral?

You don’t need to satisfy all of the items on this list, but the more you have, the better your chance of getting a loan.
 

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