Your credit score may consist of some inconsistencies and errors; this is common when the score is not updated recently. These mistakes can plunge the credit score, though no fault on your behalf. So if you want to avail loan, it is imperative to check the credit score regularly and correct the data if you find any errors in it. This will fortify your credit score and help you get a loan at a low rate of interest. Four major parameters affect the credit score; payment schedule (30%), credit exposure (25%), time and type of credit (25%), and other parameters (20%).
Know the EMI
Guaranteed approval loans service providers help you to get a loan from reputed lenders even if the credit score is not up to the mark. This is an advantage to you as many lenders charge exorbitant interest rates and other charges when the credit score of the applicant is poor. Moreover, the lenders are reputed and adhere to industry standards while approving a loan. The platform helps you get a loan at a reasonable rate and duration, even if the credit score is bad. They calculate the EMI depending on the tenure and amount, so you can plan the repayment schedule in advance. You can pledge some movable assets like jewelry if the lender is unwilling to approve the loan, but this is a desperate step.
Co-applicant or guarantor
If you have a low credit score, then a co-applicant or guarantor with a high credit score can make the process easy if the co-applicant or guarantor agrees on the fill out the online form along with their relevant information and signature. When the lender observes the high score of credit of the co-applicant, the lender becomes more lenient in approving the desired amount of loan. Usually, the lender checks your credit rating before approving the loan, so borrowers with poor ratings are mostly rejected. But this platform provides you with the necessary help in obtaining a loan from trustworthy lenders at a reasonable rate.
Improve credit rating
Guaranteed approval loans service provides all assistance in getting a personal loan, and it is outstanding aid to resolve the financial issue. The service provider helps you to get a personal loan even if your credit score is bad. In a nutshell, the credit score depicts your credibility regarding the repayment of the loan. If the credit score falls on the upper spectrum, the probability of getting a loan is more. Existing loans and repayment of previous loans define the credit score. Timely repayment of credit cards, EMI, and other debt instruments, if any, enhance your credit score and, thus, your creditworthiness.