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How do I get approved for a bank loan ?

Many people find it difficult to apply for a bank loan because of the strict guidelines set by each bank. The documentation needed in applying for a loan has to be complete; some people even find it impossible to compile the documents to be almost “perfect” in the eyes of the banks. Meaning, you have to perfect credit, income and assets. However, even if you’ve given up the thought of borrowing money from a bank, there are some ways you can do to obtain a loan even in a tight credit market.

The first thing you need to do is make it easy for the loan processor to process your application. To do this, you should fill out your application form as completely and accurately as possible, so that the processor won’t have to contact you again for further questioning. If you make the processor work more in processing your application, the less likely you’ll be granted a loan.

Generally, banks require you to provide the current pay slips for the past month, bank statements for the past two months from all your banks and tax returns for the last two years. If you’re planning to get a loan, compile these documents even before the processor asks you to. Not only does this save you time, it makes it easier for processors to complete paperwork and gives you an advantage over other borrowers.

Obtain your latest credit report by calling Experian, Equifax and TransUnion for a free copy. It is important that you know your current credit score before applying for a loan to determine if there are inaccuracies in your report to clear them up before the processor sees a bad record. If issues arise because of your credit report, it is important to explain them in a formal letter and have supporting documents for proof. If additional documents are asked for, make sure to submit them within one or two days.

After your application, make a follow up by calling the bank every three days to know the status of your loan. However, refrain from bugging them consistently as this may result in pissing the processors off, which could lose your chances of being approved for the loan.

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