Question by Mandy: What are the general requirements to get a loan?
I would like to consolidate my car loan, credit card and student loan. I’m sure each institution has different requirements, but I am wondering what the likely hood of me getting one is. A lender recently said they could approve me based on my credit for the required amount. However I have just started a new job, and the one I had before didn’t work out, so my recent employment history looks like this: Most recent job held for one month. Previous job held for 2 months, Previous job held for 1 year. Will this affect my application?
Best answer:
Answer by Mary
It will certainly cause them to worry a little about your ability to repay any loan. The biggest factor that they look for is the ability to repay the loan. If you don’t have a steady job, your ability to repay is limited. You must convince them that you have no problem staying employed.
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