According to a recent survey by Lending Tree, 59% of banks have seen the demand for mobile banking increase over the past year, with 60% planning on using this financial tool more in 2019. This is great news for those looking for an easy way to secure additional funding or improve their cash flow. After all, who doesn’t like having more money at their disposal?
However, as with any other loan application, you will need to be strategic when pursuing a mobile loan. In this blog post we’ll review how you can qualify for and increase your mobile loan limit so you can access your funds when you need them.
Conduct A Mobile Loan Self-Assessment
Before you start the process of securing a mobile loan, you will want to do a thorough self-assessment. This includes determining how much money you need and how long it will take to repay the loan. The process of applying for a mobile loan is similar to applying for any other type of loan. You should be prepared with your financial documents, including your tax returns, bank statements, and credit reports. Additionally, you will want to determine if your device is compatible with the mobile application that your bank uses as well as if it’s under contract or not.
Once you have determined what you need and have gathered all of the necessary information, it’s time to apply for a mobile loan with Lending Tree!
Speak To Your Bank Representative About Your Goals
The first step to receiving a mobile loan is speaking with your bank representative. You’ll need to decide what you want the loan for and how much money you want, but before doing so make sure that your bank is open to lending you this amount. If a higher limit is out of reach, then talk about other ways that you might be able to get funding for your project.
If the bank does agree to approve the loan, then make sure that it’s clear what the terms are going to be like. For example, if your credit score isn’t stellar and you want a lower interest rate, then speak with your representative about how they might be able to help you secure a better offer on these terms.
If all else fails, try approaching your local small business association or chamber of commerce for help in securing funding. Your local business development center might even have their own funding options available for people like you who are looking for quick access to capital.
Form An Online Coalition With Friends And Family
It’s important to form an online coalition with friends and family before you apply for a mobile loan. It’s also important that the person or people in your coalition are of high credit quality, since they will be supporting your loan application. If they don’t have good credit, they can still help by referring you to a lender who is willing to work with them on their behalf.
Once you have identified a few potential lenders, it’s best to choose one and target them as the primary lender in your application. This will ensure that this lender gets all of the necessary information needed to process your loan request. If you submit the same application to multiple lenders, some might overlook that fact that there is only one primary lender because they might not see it as an issue.
Once you have completed your application process, review your credit score so you know what you need to do moving forward. Your score should be no lower than 620 and no higher than 680 if you plan on securing a $40,000 loan. If you have questions about how your specific score affects your eligibility for different loans, consult a financial expert at LendingTree for help.
Keep A Track Of Monthly Loan Activity
First things first, you’ll want to keep a track of how active your loan is each month. While some loans are automatically renewed and don’t require renewal notices, most lenders will send out an email or have a link to their website asking the borrower if they want their loan to renew. This is where you can check up on your loan activity and see what month it will be due for renewal. If there are no reminders, and the lender has not called you, then it might be time to start thinking about applying for a new loan.
Ask Other Users For Pre Approval
The first step to qualifying for and increasing your mobile loan limit is by asking other users for pre-approval. This is a great strategy that can help you secure additional funding quickly. After all, you’re not the only one who has been in need of a loan—others have too!
Additionally, this approach will help you learn more about your options and how to navigate the process. So, if you’re approved for a mobile loan, it will make it significantly easier for you to determine how much money you need and what repayment terms would be best for your situation.
A mobile loan is a great way to finance your business without going into debt, but you’ll need to work hard to make sure you qualify for the loan you want.
There are a few ways to increase your loan limit, including conducting a mobile loan self-assessment, speaking to your bank representative about your goals, and forming an online coalition with friends and family. Additionally, asking other users for pre approval can help increase your chances of approval.