Banks and financial institutions want to grant you personal loans — the interest they charge on the loan is how they make money after all. However, lenders also need to ensure that you can pay back the loan in a timely manner, and have to evaluate every loan application according to strict criteria.
This is why not every personal loan application will be granted, especially if there’s a mismatch in eligibility or missing documents.
Here are five things to watch out for when applying for a personal loan to increase your chances of getting the loan you need.
