Do you ever wish that you can ask how to check the status of a personal loan? Do you've any idea how irritating it is to receive an unexpected loan payment and then find out that your bank account has been maxed out or that you need to wait two weeks for the money to clear your credit card bills? If this sounds familiar to you, you need to know that you can use the Internet to avoid this kind of problem. The Internet is by far the best way of learning how to check a personal loan status online. When you apply for a bank loan, you are often asked if you want to get a copy of your credit report.
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Personal Loan Status Online
To monitor your loan status on the Internet, you can use Bank or lending company Internet-based applications portal and then fill out the forms in detail. Once you have submitted the forms, then within moments, you will have the information that you need. This way, you will not need to pass through any complications that could occur if you tried to do the same thing on the telephone.
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Personal Loan Status Offline
You can even check your loan status offline, but it may prove to be a tedious process for you. To do the same, you either need to visit the lender where you have applied for a personal loan, or you will need to call the described lender’s contact details. With the advent of time, these processes have changed a lot; people rarely use them to check personal loan status.
What Affects Personal Loan Application?
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Credit Score
One of the main factors determining your eligibility is your credit score when you choose to apply for a personal loan. Personal loan companies rely on your credit score as a part of the loan process, and a low credit score can turn it difficult to get the loan you need. Your credit score is determined by three different factors: your payment history on other loans, the amount of debt you have, and the number of inquiries on your credit report. If any one of these factors affects your loan application, the other two factors are affected as well.
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Income Status
One of the main factors affecting your loan eligibility criteria is your monthly income, which is determined by your annual income minus your dependents' gross income. If you have children in school, you must also include their educational expenses in this calculation.
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Other Factors
The factors affecting personal loan application eligibility criteria are not set in stone. Each bank has its own set of general criteria to evaluate an applicant's eligibility to get a loan. Some banks may look at things such as:
- Your payment history.
- Current income.
- Employment history
- Debt to income ratio
- Credit score, etc.
Other factors affecting your eligibility criteria could be your employment history and potential or your current financial situation.