Before approving a loan, we as a responsible lender, may check your credit rating, which has been built up over time. If you have ever borrowed or applied to borrow money, you will have a credit file.
If you have a history of being late with repayments, your credit rating might be affected. Information stays on your credit file for years, so it's important to tidy up your credit file before you apply for credit.
There are some steps you can take concerning your credit file that may assist with loan approval:
Step 1: Check that your credit file is accurate. Sometimes records are not updated and you are entitled to correct them.
Step 2: Repair your record by paying any outstanding debts. You may be able to negotiate a longer repayment period or part-payment arrangement.
Step 3: If you think your credit rating is borderline, raise this issue with us as a lender. Honesty about the situation shows you are responsible, and ensure that you stress the problems have been resolved.
Step 4: If your credit rating is very poor, consider delaying your application and focusing on repairing your credit file and increasing your savings.