To get a loan, you need to find out your credit score, save for a down payment, save for closing costs, and have enough income to afford the monthly payments.

The first step is usually to find out your credit score. You can do this by requesting it from each of the three major credit agencies or buying it from another company that specializes in this type of service.

You need to prepare for your loan before applying. This includes the following:

  1. Make sure you have a stable and sufficient income source

  2. Have a good credit score

  3. Have no previous defaults

  4. Have money in savings and/or investments

  5. Have property that can be used as collateral

  6. Make sure you don’t have any pending balances and with collection agents, if so clear its ASAP.

  7. Make sure you have less debit on your credit card; this will impact more than personal loans or other loans.

Another point is to identify how much money you would like to borrow. The more money you borrow, the higher interest rates will be and the larger your monthly debt repayment will be.

In addition, if your income can not cover all your debt repayments, for example, if you do not have a stable job or don't make as much as expected, then it would be better to apply for a smaller loan amount.

The preparation before applying for a loan includes checking your credit score and identifying how much money you want to borrow. The more money that you want to borrow, the higher the interest rates will be and the larger your monthly.