Personal Loan in Kuwait

June 10, 2021

A personal loan in Kuwait can be a great method to acquire your needed cash to consolidate debt. Such loans are an unsecured form of credit that is popular to meet immediate requirements.

It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more.

A personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured.

Here is what you should take into consideration when applying for a personal loan in Kuwait

Documents you need when applying for personal loan

1- Personal identification.

2- Proof of income.

3- Proof of residence.

Eligibility

1- You’re aged 18 or over.

2- You’re in paid employment or have a regular income.

3- You haven’t had a request for credit declined in the past month.

4- You don’t have a history of bad credit, such as bankruptcy.

 

Check your credit score

Most lenders will run a credit check to determine how likely you are to repay your personal loan.

Most of the personal loans in Kuwait require that you have at least fair credit, but good and excellent credit will give you the best chance of getting approved with a good interest rate.

The following is what affect your credit score:

Payment History

Payment history represents 35% of your credit score and refers to your record of on-time monthly debt payments.

Credit Utilization

Credit utilization makes up 30% of your credit score and refers to how much credit you’re using compared to your overall total credit limit.

Credit History Length

The average age of your credit makes up 15% of your credit score. Consumers with older credit histories may have higher credit scores than those with more recent accounts.

For more info about credit score check this article from forbs.

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