Writing a resume is a staple for anyone applying for jobs. In a fast-paced market, your resume often has more sway on success than your interview. This is where potential employers get a feel for your skills. By comparison, the interview is more about perceiving your general manner. It’s no surprise that many of us go on resume writing courses, and spend hours over this before applying.
When it comes to applying for a loan, the situation is somewhat different. There’s less pressure to impress, and you aren’t going up against hundreds of others. What’s more, loan meetings are a lot less like being in the firing line. For the most part, a loan advisor will work with you to determine what’s right. They certainly shouldn’t make you feel as though they’re putting you to the test.
Still, job and loan applications do have some things in common. In both situations, your focus is on getting people to take a chance. As such, we thought we would look at your loan resume. This is something few people consider, and that often leads to failure. Of course, you don’t need to take a piece of paper containing your financial history. That would seem a little strange and probably wouldn’t help your cause. Still, it’s worth considering the following application-based pointers regardless. The chances are they’ll ensure any loan advisor sees your potential.
A good history
During employment, history is crucial. This shows both that your experience, and the fact you’re reliable enough to hold down a position. History is important when it comes to loans, too, but in a different way. A loan company is unlikely to show interest in your employment history for the most part. Still, they’ll do some delving. Namely, they’ll want to see what’s happened with your credit rating over the years.
Hence, you should do what you can to build good credit which proves how well you can handle money. This is one of the leading and best reasons to take out a credit card. Nothing works better for showing how reliable you are at keeping on top of payments. Even if you have made mistakes in the past, it’s essential you do what you can to improve things. Most loan companies will overlook past mistakes if you manage to pick yourself up.
If you do have a poor credit rating as it stands, apply for a bad credit credit card. Companies like Bonsai Finance offer just this, and you can find it here. Or, you may prefer to do your own research. Either way; work on building a credit rating which dazzles any loan company or bank. All the better for sealing a deal the moment you apply.
The right references
References are another crucial aspect of the job application process. Without these, there’s little chance of getting past the interview stage. And, loans are no different. The majority of loan lenders require someone to vouch for you. More often than not, that person will be your employer. Admittedly, the questions asked will be less personal than those during a job hunt. Most lenders only look to learn how much you earn, and how long you’ve held your position. As such, you want to hold down jobs for as long as you can.
Constant changing can damage your chances here, as can a short stint in your current role. More often than not, anyone who’s been employed less than three months will need to come back down the line. To save effort and time, make sure you’ve been in your job role for a significant period before applying. It’s also worth making sure that your current salary allows for the loan you’re seeking. Those earning low amounts, for instance, may not qualify for high-rate loans. Remaining realistic is your best chance at meeting with approval. Bear in mind, too, that your credit rating can help you here, as well. What better reference is there than the state of your finances? As such, it’s worth referring back to the above pointer to get this right.
Dress to impress
Of course, it isn’t all about what you put on your resume. As mentioned in the intro, an interview is also necessary to judge your manners and outlook. More often than not, job interviewers look at physical markers like outfits and body language. And appearance matters during a loan meeting, too.
On the surface, you may not think clothes matter much here, but step back and consider this. Would you put your financial faith in someone wearing ripped jeans and a hoodie? Didn’t think so. Remember that the purpose of this meeting is to show that you’re a reliable individual worth taking a punt on. And, dressing smart can only help towards that goal.
You don’t need to go mad with this, but it is worth paying some attention to your outfit. While a suit may not be necessary, a smart dress or shirt-tie combo won’t go amiss. Even something as simple as freshly washed hair and a clean-shaven face could work in your favor. All the better for showing you’re taking this commitment seriously.
Along the same vein, it’s also worth noting that you should arrive for your meeting prepared. This is a given in the job market, where knowledge about a company can take you that extra mile. Admittedly, the bank won’t care if you know about their founder. But, they will care if you don’t provide the necessary paperwork.
In fact, this is essential if you want to secure a cash loan. Even if you gain approval without prep, you’ll seriously slow the process for everyone, including yourself. Make sure it doesn’t happen by either asking what you need to take or researching ahead of time. In most cases, lenders require three month’s worth of payslips, as well as utility bills and proofs of address. Take all that, and there’s no reason you won’t get the job. Or, was that loan?
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