Personal loans can be availed to meet variegated financial requirements of an individual, both personal and professional. Since these advances do not have any end-use restriction, you can opt for a personal loan to clear your debt as well. Debt consolidation is essential in the sense that when you have to repay multiple loans simultaneously, it often causes financial strain.
Individuals can thus apply for a personal loan online via pre-approved offers that make the entire process of loan approval hassle-free and prompt. You need to submit some essential credentials for immediate loan processing. The following tips can help you avail a pre-approved personal loan with ease.
Tips to avail a pre-approved personal loan to consolidate debt
- Document all your income sources — When applying for the loan, inform the lender of all your income sources so that they can be sure of your repayment capacity. Also, providing all documented proofs of income allows you to avail a higher loan value as per your requirement.
- Keep vital documents ready — Though pre-approved personal loans do not require a lengthy documentation process, you need to present some essential documents like income tax certificate, recent bank statements, etc. to provide an updated proof of eligibility. So, make sure to keep these documents ready before applying.
- Apply with a high credit score — A credit score is a significant parameter to gauge one’s creditworthiness. If one can maintain a credit score of 750 and above, there is a high possibility that he/she will be eligible to know pre-approved personal loan. One can do so by taking steps like making timely repayments, maintaining credit utilisation ratio, etc.
- Compare different lenders — Finally, before settling for a lender, compare with other lenders to get the best-suited pre-approved personal loans with competitive interest rates and flexible tenor.
A personal loan so availed can be extensively used to pay credit card bills, repay existing high-interest loans and other unpaid debts. Following these simple tips, you can easily opt for a personal loan to clear your debts and keep financial strain at bay.
