Personal Loans
Posted on 30. Oct, 2009 by admin in Loans
A stable employment history is a primary qualification in approving secured personal loans to those with less than perfect credit. That doesn’t mean you will not qualify if you recently changed jobs because of a downsizing or to better yourself financially with a new job. Lenders are looking for borrowers who do not jump from employer to employer. Another qualifying issue with all lenders is the amount of money you make. Lenders have required guidelines for what is considered an acceptable debt to income ratio. Even if your ration is close, the lender may make an exception, but it depends on the circumstances at the time. Credit history is also qualifying factor. Some lenders do not even require proof of income or employment. Be careful, those lenders lack of concern about your ability to repay the loan could cost you your home down the line. The value of the assets you are using to secure the loan is the biggest issue. If you fall behind on repayment and no other measures produce results, lenders must reclaim their security interest.