Ask Your Loan Agent
In every loan, there is an equivalent responsibility for both the applicant or borrower and the loan agent. As a professional consultant, I make sure to explain as easy to understand as I could using basic terms what a certain loan type is all about. Factors affecting loanable amount, interest rates, pre requisites for qualification and documentary and cash out requirements have to be explained so that the client won’t have a hard time understanding what his or her loan is all about and what to expect at the end of the process when the time comes to hand over the principal loan amount.
Believe me, there are dissatisfied clients if you fail to explain these terms, facts and figures to them so better yet, have all your cards laid on to them. This way, you won’t experience something that is not good and eventually develop better relationships with your borrower. At the end of the day, you’ll find out that you will have renewals on your hand. It only come with the trust you put in yourself, in your loan system and in your clients.
Loan Borrower Options
What You Need to Know About Your Loan Application as the Borrower
1. Knowing your options for a loan. Many Pinoys do not know that if they fail to qualify for a certain type of loan, they may be qualified to apply for the other. If you communicate well with your loan agent, the result will be amazing. It’s because even if some consultants did not have the inkling need to give alternative options for their borrowers. That is where I am different from these fly-by-night guys and gals. I do make sure to open up options to my clients if on hand I know that they don’t qualify for their interest for a certain type of credit. I will lay down my cards and see if any of them fits the puzzle so borrowers are always glad to find out they have another option in case of quick cash needs.
Loan Borrower
2. Know if you qualify. There are initial qualifications that needed to be addressed. Ask your loan agent about this. It would be useless to ask about the requirements if you did not know if you qualify or not to apply for a certain loan type in the first place. As a loan agent for months now, I have experienced the worse case scenario with applicants and I wanted to share this experience to help my future clients / borrowers avoid mistakes that my previous interested loan applicants have gone through.
3. Producing the documentary needs. After determining that you qualify to apply, the next step is to see if the list of requirements are all attainable and if there are other options you can explore with your agent giving you his or her opinion in cases that you can’t produce one.
Documentary Requirements
You’ll be amazed at the fact that there are always better ways to produce a qualified and acceptable alternative to whatever requirements you cannot produce in the process. As what I’ve always been telling all clients – ask ask ask and ask your agent. Communication is always the best option you have if you really want to have your application approved and pursue in the first place.
Better Options for a Loan
4. There is always something better. True, in every type of loan that a creditor or borrower is interested to apply for, there is always something better to offer. As an agent, I make sure to offer the best choice there is. But I don’t push it hard because as always, what fits best based from the need of the client will always be a good one. Always see to it that your cash need will equate if not surpass the amount you can possibly get in maximum out of a certain type of loan. If you are the borrower and you don’t know what is best for you, then don’t be shy to ask your loan consultant.
Ask About Loan Interest Rate
5. Ask for interest rate, loanable amount and net amount. There is a big difference between the loanable amount and the net amount that you are going to receive in case you are on your way to apply for a loan and get approved. The net amount will most possibly be the total cash you will receive at the end of the approval of your application. Certain amounts will be deducted out of your principal loanable amount. These may be the initial maintaining balance for your checking account, the processing fee and so on. Be sure to ask about these matters to your agent. Otherwise, produce the necessary cashout to fend for these costs so you won’t feel that you’ve been had or so. Remember that these cash outs are necessary and cannot be avoided at any time. As the borrower, you have to produce this amount or else, you have the option to have it deducted to your principal loan. At least with you knowing about it, there is no need to think that what the loanable amount says is not true. Again, these deductions are inevitable, otherwise, you will have to produce it prior to application of any type of loan.
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