Personal loans that finance something other than your home or car can become an important part of your credit history. Here are answers to some of the most common questions Experian receives when it comes to personal loans.
How Will the Lender Determine My Loan Eligibility and Terms?
They’ll base that decision on your credit report and credit score. Such reports gauge the statistical risk of lending to you based on a set of weighted variables. In addition to your regular credit history, the reports may include your payment of mobile phone accounts, gas or electricity accounts, and medical bills, as well as whether you’ve been subject to financial legal judgments.
How will My Income Affect the Lender’s Decision?
Your income won’t be the most important factor. The lender will verify whether you have sufficient income to repay the debt, but will more closely consider your history of repaying debt.
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