Can you transfer a personal loan to another person? MintGenie answers
credit score, you may also think about applying for a loan with a co-applicant or a guarantor. Applying for a joint loan with your spouse, a close relative, or a friend who has a strong credit score can help leverage their rating for approval. Additionally, with the consent of your guarantor or co-applicant, you will need to provide a few signatures and complete KYC formalities for the loan.
Having a co-applicant is likely to improve your chances of loan approval and could even secure you a more competitive interest rate on the personal loan. Failing to repay your personal loan affects your credit scores, adds to your debt load, and makes it challenging to obtain new credit. Consequently, your repayment options become limited, and you may need to depend on financial assistance from friends and family to settle the debt.
This can create additional tension in your relationships. Applying for a personal loan online can save you a significant amount of time and effort since you can do it from the comfort of your own home. Some third-party financial services websites also provide paperless approval, meaning you won't need to submit any documents to the lender for loan approval.
Additionally, the application process is entirely secure. Most banks and financial institutions permit borrowers to select a loan repayment period ranging from one to five years, depending on their preference. Milestone Alert!
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