We take pride in our fast approval process but we believe that by working together with our clients, we can make this a bit faster and easier for them. After all, it’s easier work for us, too. 🙂
Looking at thousands of approved loans from our 80+ locations, what factors make us say “Approved!” when looking at an application?
Here are 5 tips to get faster approval on your loan application:
1. Make sure you have a complete set of requirements
This seems like a basic tip already but most of the delays experienced in the loan application process are due to incomplete documents or requirements.
- Print out a checklist so you don’t forget anything
- Have 3 to 4 copies of your documents
- Secure documents of proof even if it’s not on the list. (e.g. Proof of Funds, Proof of Payments)
2. Ensure you have a clean collateral
Emphasis on clean collateral. Lack of supporting documents will immediately make you ineligible for a loan.
Make sure that your real estate property or vehicle title has no pending contest for ownership or is not co-owned with someone else. Pending liabilities tied to your collateral are also factors in having your loan application process delayed or denied.
If you’re not sure about the history of your property, you may check with local agencies like the Land Registration Authority or the Land Transportation Office in your area.
3. Ready your proof of income streams
Most of our approved loan applicants either have multiple sources of income or their current source of funds reasonably matches their loan amount.
Make sure you have complete supporting documentation for your income sources. Get copies of these documents if it applies:
- tax returns for your businesses
- contracts for your projects
- proof of receivables
- salary statements
This helps facilitate the loan process faster because we can easily calibrate your application to your capacity to pay and not overburden you with repayment.
4. Keep a good credit standing
Your track record of being a good borrower is almost a guaranteed sign for a loan officer. Maintain a good credit standing, and this does not mean “walang utang.”
You have good credit standing if:
- You pay your bills on time
- You have more cash in the bank than your current total debt
- You have no pending penalties for loan payments
For a company like us that values a long-term partnership with our clients, it’s important for us that we both have the same attitude towards loans.
Debt is not bad; it is actually necessary to grow your economic situation. But there are good debt and good debtors, and most of the time, it’s these loan applications that get easily approved.
5. Have a reasonable loanable amount in mind
The reality for financing and lending companies is that the approved loanable amount is never 100% equal to the market value of your collateral.
Most of our clients appreciate the reasonable loan amount we approve for them because they aren’t overwhelmed with repaying it.
The approved loan amount is not just based on your collateral’s value. We also take into account the nature of your industry, your other businesses, personal assets and liabilities, income streams, bills, among others.
This ensures that what we will offer you is reasonable and manageable to pay back while balancing the purpose of your loan application.
For us, it’s not enough that your applications are approved in a fast and easy manner. We value the potential of our partnership because we need you as you need us. This is how we will uplift each other.
Feeling ready to get your loan applications approved? Make #TheSmartMove and give us a call.
