The key to maintaining a good credit score after getting a personal loan is to make your loan payments on time, every time. Late or missed payments can have a significant negative impact on your credit score. Also, try to keep your overall debt levels low, as high levels of debt can also hurt your score.
What Other Factors Do Lenders Consider Besides Credit Score When Approving a Personal Loan?
Besides your credit score, lenders may also consider your employment status, annual or monthly income, debt-to-income ratio, and the purpose of the payday loan proceeds before they extend credit. They use these factors to assess your ability to repay the loan and will impact loan terms, loan amounts and loan cost
