Getting the basics right can mean a 5 minute application process with MeLoan
For a first timer and sometimes even the highly experienced, seeking approval for a finance application can be as overwhelming as it can be challenging and pitfalls abound. From the towers of red tape and paperwork to the various parties’ communication and the seemingly endless legwork it seems like a never ending, stressful journey.
On the opposite side of the coin, when all parties are informed and aligned, things become much easier. But beware, it doesn’t take long for an application to go awry, if there’s a disconnect.
Surprisingly, many start their application process and thinking, be it a property reno, holiday, whatever, without knowing exactly where they are and where they want to be. They simply want to get started and this can be a fast track to disaster.
Prior to getting started, you must have a clear understanding of your current financial situation and be able to accurately answer some key questions. Ask for help if you need to, but you should always be aware of any details regarding:
- Information on your salary, property, assets
- Any debts and repayment arrangements
- Any other earnings
Pro Tip: Have these details top of mind and readily available and this will help matched lenders make their decision and determine the likelihood that you can meet repayments as well as your all-important borrowing capacity.
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