Getting a personal loan can be a great way to cover unexpected expenses, consolidate debt, or finance a major purchase. However, qualifying for a personal loan isn't always easy. Several common mistakes can hurt your personal loan eligibility, making it harder to get the funds you need. Let's explore these mistakes and how to avoid them.



1. Poor Credit Score

Your credit score is one of the most important factors that lenders consider when evaluating your personal loan application. A low credit score can significantly hurt your personal loan eligibility. This score reflects your creditworthiness and your ability to repay debts. To improve your credit score, make sure to pay your bills on time, reduce your credit card balances, and avoid taking on new debt.