Instant personal loans are alternatively called as online short term loans, and they can be availed at great ease. The best features of these loans instant approval, multi-purpose and unsecured loans have made them best credit selling products across Australia today. These loans are boon in disguise for the people who are looking for instant cash assistance by availing loans.
As any asset pledging does not back these online personal loans, the lenders have strict regulations on the approval of the loan. These loans come with high interest rates when compared to other loans to compensate for the risk of their unsecured nature.
Out of many eligibility constraints that lender looks while approving the loan, multiple loan applications stands to be a criterion too. The lenders may give a check when you have applied for your last personal loan. The frequency of loan applying may also turn to be a point for your loan rejection because it will show your greed for instant money and lender may suspect your repayment capacity.
Though there is no rule of thumb to dictate the ideal frequency of applying for a loan, it is advisable to keep it minimal. You should take advantage of Instant Personal Loans only when emergency knocks your door. You should at least give a gap of 6 months before applying for your second personal loan with the online lender.
Applying for the loans with the multiple lenders at the same time also can because of your loan rejection. Instead, you approach third-party credit lending service that takes your loan application to multiple lenders in the network with a single click submission of the application and improves the chances of loan approval.
If you encounter multiple emergencies that have to be addressed before your personal loan gets closed, the lenders always will look at options to consider your second loan application based on your repayment capacity before rejecting it.