1. Your credit history - Most banks, look at your credit history when applying for any type of loan. This way, they can manage the risk of lending out to you. Poor credit history might affect your application. If you have unsettled loans such as personal loans or credit card debts, you may want to work on those first before getting a new loan. This is true when applying for Security Bank Loan or Union Bank Loan.
2. Your source of income - One of the key factors that banks are looking into is your ability to pay back a loan. Most of the time, the loanable amount varies depending on your income. Banks may require you to submit other proofs of income with higher amounts if you ask for more money.
3. The collateral - This is a critical part of most bank loans. The value of the collateral will determine the loanable amount. Failure to keep up with loan payments will allow a bank to seize the collateral as payment for the loan.
Are you ready to get the additional working capital that you need? Allow us to help you take your business to greater heights. Start your online loan application by answering our Online Loan Assessment Form.
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