There are few facts one should seriously consider before applying for a loan and should look into all possibilities of getting the loan or being refused a loan. With this you will get a fair amount of idea whether are you eligible for a loan or not?
Firstly, why do you need a loan, is it your spending habits, is it your lifestyle, will getting a loan solve your problem or will it further put you under a strain. Next, you should look for whether you can afford to repay the loan on monthly basis without any hassle and it should not have bad repercussions in your daily life.
You should have a secure job that will enable you to make monthly repayments and have backup plans to repay your loans if you lose your job. This indebtedness should not further burden your dependants. You should have an asset to be set as collateral against the loan to obtain a secure loan that gives you the advantage of an extended repayment period. You should look for getting the lowest interest rate in the market as the rates vary depending from each financer or banking institution. If your loan application is rejected you should have other options to resolve your financial crisis. If required you should take the guidance of a debt advisor from any debt consolidation company
or institutions. In the end you should always know what would happen if you are unable to pay of your loans and how would you cope if your assets or collaterals are repossessed.secure