A trusted lender always prioritises the credit history of applicants over their salary when approving loans. Indeed, it is quite obvious that qualifying for a personal loan is easier with a good salary. But the reality is that in the finance world, two things matter the most-credit score and report.

When checking your credit report, a loan provider will clearly understand your loan repayment history. How fast the lender will approve your loan application depends on your creditworthiness. So, their priority is always to consider the credit history of an applicant rather than the paycheck size.

The main question a lender has when you request a loan is whether you can pay it back. Your credit history shows your willingness and dependability to repay, while your current salary shows your ability to do so.

A low wage with a spotless record of on-time repayments is significantly less risky. A lender may not approve your loan even if you earn a high wage with a missing payment history. So, be well aware of the personal loan eligibility requirements of a loan provider beforehand.

A financial institution or an online lender will develop a clear idea about your financial behaviour by checking your credit history. You will find a meticulous record of your payment history in your credit report. It contains detailed information regarding your previous and current credit accounts.

Responsible debt management and timely repayment can positively impact your financial behaviour. Loan providers carefully evaluate the information while reviewing the history to understand whether you are financially disciplined. It is easier for an experienced lender to grasp if you prioritise financial commitments.

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