R10000 personal loan is a payday loan that is intended to assist individuals with instant cash. It can be obtained even if you have a bad credit history. The amount offered in the loan will be determined by your income. You are approved for the loan once you submit all the required documents to the lender.
The first document that needs to be submitted to the lender before he offers you the loan amount is your latest pay slip. It shows your current income and also includes your expenses. The loan officer will go through this document with care to ascertain that you have sufficient funds to meet your immediate needs. Any additional assets will not be taken into consideration. Your pay slip should be original and not photocopied.
In case you have a bad credit history then you can approach banks for a personal loan but it would take longer time for your instant online loans application to get approved. There are many banks that offer such loans at competitive interest rates. However, you need to be very careful as there are many fraudulent firms operating on the internet that claim to offer you a loan amount at attractive terms. They convince you that you have no other option but to accept their loan offer.
If you are offered a loan amount that is way beyond your requirement then don’t accept it. This is where your sense of negotiation comes into action. You should try to find out whether you were being shortchanged.
Most of the people who avail personal loan have multiple needs. For instance, they may have bought a car for the first time, they may want to go on a vacation or even buy a house. If you have been assigned with a large task and you don’t have the requisite amount then don’t accept it. Ask the lender to provide you the amount on the day you are supposed to receive it. Try convincing the lender about the repayment plan. If you don’t succeed then you can always refuse to pay back the amount.
The main reason why you are being offered personal loan at low interest rate is your bad credit history. So, if you are planning to apply for this loan amount then make sure you improve your credit score. You can do so by taking up a home improvement course, borrowing money from your relatives etc. However, this will take some time and you may not be able to repay the loan amount in time. Therefore, the best way to improve your credit score is to borrow money from reliable financial institutions and then repay your loan in time.
After successfully repaying the loan amount, you can ask the lender for an interest rate reduction. Don’t forget to bring a proof that you will be able to repay the new loan amount at low rate of interest. It is always better to negotiate for a lower interest rate. This is because a person with a good credit score always finds it easier to get a loan at a lower interest rate. There are many financial institutions and banks that provide this facility but it is advisable to use the facilities offered by a well-known bank or financial institution.
One more important point is that always get quotes from various online sources. Personal loans can be easily available on the Internet. You should compare the personal loan quotes offered by different lenders. This is the only way to get the best deal. If you follow these simple tips, you can easily secure a personal loan at very low interest rate.