If you really need a personal loan, and you can't afford to be rejected, one of the best things you can do is take steps to make your loan application rejection-proof. You can help make your loan application rejection-proof by making sure you meet all the requirements before applying for a personal loan.
#1 Meet the Income Requirement
Each lender will have their own income requirement. This is information that is not just going to be posted on the lender's home page; this is information that you are going to have to dig for. You may be able to find the income requirement for a lender for a personal loan by looking into reviews of the lender or by directly calling the lender and asking. Not all lenders will have the same income requirements, so finding out what the income requirements are will help save you from trying to take out a loan you will not get approval for.
#2 Check Requirements for Employment
Next, find out what type of employment history you need to have. Some lenders will consider what type of employment you have before agreeing to give you a loan. For example, they may require you to have a direct employer and have worked for that employer for a certain number of years. Some lenders will not work with individuals who do freelancing unless they can show steady proof of income for an extended period of time. Not all lenders have these requirements, so look at your work history and figure out which lender will be the best one for you to work with.
#3 Find Out the Credit Requirement
Pretty much any lender is going to look at your credit score as a factor when determining if they will offer you a personal loan or not. Once again, the credit score that is acceptable from one lender to the next can vary greatly.
If you have a high credit score, you don't have to worry too much about this factor. If you have a middle of the road or low credit score, this is a factor you are going to have to consider a little more closely. Make sure that the lender(s) you apply for loans with accept applicants within your credit score range.
If you need to secure a personal loan, try to find a lender for whom you meet their lending criteria. Look for a payday lender who specifically works with individuals in your credit score range, employment history, and income level. It is better to take the time to figure out who is most likely to offer you a deal instead of applying to a bunch of lenders at once; doing this research will reduce your chances of getting rejected for a loan.