What is the best reason to put when asking for a loan?
The most common reasons to get a personal loan include emergency expenses, major purchases, home repairs, or milestones. A personal loan may be the right option if you have a good credit score, and your costs fall under these categories.
Emergencies: If you need to pay bills right now and don't want to be late, you can take out an emergency loan to cover those costs. If you lose your job, get your work hours reduced or have an emergency medical bill, a personal loan can meet your needs in the short term.
Be Honest And Open. It is crucial you're being honest about why you need the money. After all, asking someone to lend you money assumes a certain level of trust between you. By not being truthful about your reasons, you're breaking their trust.
In simple terms, you convince someone of something—an idea—while you persuade someone to do—act up—something. For example, you might convince your spouse that eating more fish is good for their health. You then persuade them to eat fish three times a week.
The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.
What is the best way to ask for a loan from your boss?
Your request should include the specific reason why you need the advance, exactly how much you need and how you intend to pay it back. You should also explain your plan for making this a one-time request. Be prepared for your employer to deny your request or to ask that you make some changes to your terms.
You could borrow money if you want to buy an expensive item that is part of your long term plan. A house is a good example. Very few people can save enough money to buy a house. They borrow money from the bank to buy the house.
The purpose of a loan is the reason why a person applies for funds from the lender. This could be anything from debt consolidation, marriage expenses, medical emergencies, overseas travel and education related expenses, home renovation etc.
Getting a personal loan can be a relatively simple process, but to qualify, lenders usually require information about your credit history, income, employment status and current debt obligations. Your income needs to be high enough to cover the loan repayment amount and your other monthly expenses.
Contrary to conventional wisdom, lenders are often willing to negotiate with customers who want to lower their interest rates, develop payment plans or pursue other arrangements to better manage their debt.
If you don't know where to start, call the free National Debt Helpline on 1800 007 007. The helpline is open Monday to Friday, 9:30am to 4:30pm. Aboriginal and Torres Strait Islander peoples can call the free Mob Strong Debt Helpline on 1800 808 488.
The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.
You can keep it general ("I'd like a raise" or "I'd like to discuss my salary"), or you can ask for a specific number ("Based on my salary research, I'd like an X percent raise"). Be careful that you don't imply an ultimatum or convey frustration or any negative emotion.
Look the banker in the eye. Answer his or her questions. If you don't know, write down the question and say, “I will get back to you.” Don't whine or complain or beg. If the banker says no to your loan request, you have a right to know why, but then say, “Thanks for your time,” and move on to the next bank.
