Loans are a good way of forcing you to manage your money. They force you to save you money and ensure you make the repayments. This is a good thing as it makes you think about your finances and what you need to do to manage them.
It also can help you look at your budget and start to organize your wants and needs. Loaning money can be very useful, but you should always be careful about how much money you borrow and how much your repayments will be.
There are many types of loans and often a personal loan is the first type of loan that someone gets.
Once they get a small loan for a few thousand dollars, and manage to pay this off, this gives them the opportunity to establish a credit rating.
A good credit rating is essential if you want to borrow more money in life like getting a mortgage to buy a house. So it is important that you protect your credit rating at all times and not default on any loan repayments.
1. Easy ways to get a Payday Loan, Lease or Mortgage
Ther is an old saying from way back that says;
“the banks won’t lend you money if you really need it,”
Banks prefer to lend money to people who they know can pay it back or to people who already have a lot of money as it is a good investment for them.
If you don’t have a lot of money, then make it look as if you have and that’s often almost as good as having it.
If your desperate – then don’t admit it.
If you look like you couldn’t care less if they lend you the money or not, then chances are they will be less cautious.
Ensure that when you go to see them you dress well in your very best clothes.
Ensure you do your homework first – and arrive organized all the information the bank wants to know in order to approve your loan.
2. Documents you need to get a mortgage.
a) Your Expenses. It is a good idea to have all your expenses listed out. Put them in an Excel sheet and calculate the total. Car repayments, rent, food etc, all the necessary items.
b) Your Tax Returns. Two years worth of tax returns from your accountant.
Your Salary receipts from your employer. This could be a few weeks worth.
c) A copy of the Contract of the House you are buying and any other associated documents.