How To Know If You Qualify For Small Personal Loans?

Posted by Breezy Loans on January 20th, 2021

Small personal loans are a quick alternative for the people when they find themselves rejected for the traditional loan. The borrower who already has faced rejection from the traditional banker is reluctant to apply for these small personal loans in spite of an emergency for the fear of facing rejection again.

Check The Details Online

The loans are sanctioned online so, every detail regarding the loans is available online. Any lender in Australia will work according to the guidelines of the Australian credit union and they are supposed to display the eligibility information on their website. After you filter the lender options online, you can check your eligibility against the terms stated. The requirements may vary a bit from lender to lender, the basic requirements, on the whole, remain the same.

Basic Eligibility Requirements

The basic eligibility requirements however remain the same for most of the lenders, here is a checklist you can consider.

Stable Income

The loans are sanctioned unsecured so, the lender sanctions them based on repayment capacity. They need you to have a stable source of income to be able to repay the loan without any delay or default. You can get the loan with the lowest income because the minimum amount sanctioned through Small Personal Loans is $ 500 with the loan tenure of one year.

Credit Score

Unlike any other type of loan, the online lenders too ask for good credit scores from the borrowers to stay assured about your commitment to the repayments once you avail the loan. You should always approach the lender with good repayment capacity to avail of the loan.

Nominated Bank Account

All the online loans are deposited into your nominated account that is specified at the time of loan request. Make sure you have a nominated account to get the amount credited into your account once the loan is approved.