Tips on How to Get Approved for a Personal Loan

When it comes to getting approval for a personal loan application, there’s no one-size-fits-all solution. There are, however, some factors that all lenders consider. And if there’s one thing that all lenders want – it is to get paid back, meaning they’ll only approve borrowers whom they know can meet their requirements.

To increase your chances of being approved for personal loans in Murfreesboro, TN, here are some tips from Hometown Finance:

Work on Cleaning Up Your Credit

Your interest rates and loan terms largely depend on your credit report. If there are negative items on your report, the lender may consider raising your interest rate. This means it may be harder for you to pay down the loan, which is why it’s essential to do what you can to improve your credit.

The more responsible you are with your credit, the better your chances of getting approved for a loan. Focus on paying your bills on time and taking other steps to keep your credit score in good standing.

Make Sure You Have a Good Debt to Income Balance

The debt to income ratio measures how much of your income goes to paying off debt. This includes your car loan, student loan, credit card payments, and other debt obligations. Your lender may consider this ratio as a way of determining if you can afford the personal loans.

Don’t Ask for an Amount That’s Too High

If you’re not able to pay off large amounts, you might want to consider a short-term small amount personal loan for your needs. Lenders will always approve the lowest amount possible for you. So, if you want to avoid being denied, don’t request a higher amount of money than you can realistically afford to pay off.

Think About Getting a Co-Signer

If you’re self-employed or otherwise don’t have excellent or stable credit, a co-signer can help you build a better credit history. A co-signer is someone who agrees to pay the loan off if you can’t. This can help you be approved for the loan despite not having the best credit history.

Find the Best Lender for You

Not all lenders are the same. Some may have higher interest rates, higher fees, or stricter requirements. Some lenders specialize in loans that don’t require a lot of paperwork. Carefully review your financing options to determine which lender is the best fit for you. It is a good idea to get the recommendations of people you trust and of course, to check reviews of past and existing clients of the lenders you are considering.


While there is no single sure way to get approved for a personal loan, following the tips shared in this post can help increase your chances of approval. Of course, your goal should be to get approved, but also to find a lender that can give you the best terms and rates for a personal loan.

Finding a lender that can offer you personal loans in Murfreesboro, TN, needs not be difficult as Hometown Finance is here to provide you with loan solutions that meet your needs.

You don’t need to look any further if you want fast and tailored services as we offer same-day loan approval. Hometown Finance welcomes loan applicants with less than stellar credit history. Call 615-890-2511 today and speak with one of our loan experts to know about ,personal loans in Murfreesboro, TN, and how we can help you!