{"id":38071,"date":"2020-03-21T10:24:22","date_gmt":"2020-03-21T02:24:22","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=38071"},"modified":"2020-03-21T10:24:25","modified_gmt":"2020-03-21T02:24:25","slug":"does-the-industry-you-work-in-affect-your-chances-of-getting-a-loan","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2020\/03\/21\/does-the-industry-you-work-in-affect-your-chances-of-getting-a-loan\/","title":{"rendered":"Does the industry you work in affect your chances of getting a loan?"},"content":{"rendered":"\n

Loans are an essential part of modern life, helping most of us achieve the cornerstone purchases in life \u2013 buying a house, funding a wedding or starting a business to name but a few. Towards the end of last year, the UK\u2019s outstanding lending and consumer credit debt closed in on the \u00a31.5 trillion mark<\/a> \u2013 a rather incomprehensible number but a solid indicator of the prevalence of loans in today\u2019s society.<\/strong><\/p>\n\n\n\n

If you\u2019ve researched alternative funding methods<\/a>, you\u2019ve probably already looked at making an application, and the factors that can affect that application. One of those factors is your job status, but does your line of work impact your ability to get a loan?<\/p>\n\n\n\n

To better understand this, it makes sense to look first at what lenders want to see and what you can show as a potential candidate.<\/p>\n\n\n\n

What are lenders looking for?<\/strong><\/p>\n\n\n\n

There are two primary things lenders are interested in: your credit rating and your borrowing power.<\/p>\n\n\n\n

Your credit rating is essentially your financial report card \u2013 a score to represent how well you manage your money and your financial obligations. Things like the timeliness of your bill repayments, management of your credit cards and extent of your credit history all play a factor. If you\u2019re not clued in on credit scores and how they work, researching this<\/a> should be your first port of call.<\/p>\n\n\n\n

Your borrowing power relies on a variety of things. Your sources of income, savings, current debts, investments and spending habits are considered here, with the lender looking to calculate how capable you are of repaying your proposed sum of debt. Within this, comes your current job status and earnings, but more on that later.<\/p>\n\n\n\n

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There are two primary things lenders are interested in: your credit rating and your borrowing power.<\/em><\/figcaption><\/figure><\/div>\n\n\n\n

How can you boost your application?<\/strong><\/p>\n\n\n\n

There are plenty of ways to boost your application:<\/p>\n\n\n\n