1. Apply for debt consolidation and set for auto deduction.

Consolidating all your debts into one to save on high interest rates actually makes sense. When you have multiple debts with high interest rates, it will put a strain on your finances. You may opt for a debt consolidation service and negotiate with your credit company to put your repayment on auto deduction. With only one loan to pay for, you can have a more structured and manageable finances.

You may contact us for more information on debt consolidation.

2. If you have overdue loans, settle that first.

There is no other way to tackle overdue loans. Make it a priority to settle your arrears as this will improve your credit record tremendously. What you can do is to reduce unnecessary expenses, meaning cut off pricey coffee, gadgets, branded clothes, and many more.

3. Establish an extra income source.

Many people work a second job nowadays. It is always good to increase your income, so why not have an extra income source to settle your debts? Earn extra income with a side hustle whenever you have free time. Things you can do: dropship, freelance, or even affiliate marketing.

4. Restructure your loan repayment.

If you are unable to pay your monthly loan repayments on time, discuss with your respective banks or credit companies on restructuring or refinancing your repayments instead of missing out on them. Most banks and credit companies allow refinancing when you are in a pinch.

Takeaway: The main contributor to an excellent CTOS and CCRIS record is paying your credit card bill and loans on time. That’s why it’s important to keep track of your monthly expenses and increase your income to fund your lifestyle. With a good repayment record, applying for a loan is as easy as counting 1-2-3. Read this article to know how you can increase your chance of getting loan approval.