Whether you need cash for a business start-up or need to fund your children’s college education, you may be thinking about applying for a secured loan. However, before anyone ever thinks about applying for a secured loan there are two basic requirements that he or she will have to have in order to qualify and eventually get approved.

1. Steady Income – Most of the time a bank, credit union, or other lending institution will not lend to individuals who don’t have a steady job and stable income. In order to qualify for a secured loan many banks require at least a 6-month minimum at one’s current place of employment. You would probably be surprised at the number of individuals who try to apply for a secured loan having only a part-time job for one or two weeks.

2. Credit Rating – Another important matter when qualifying for a secured loan is one’s credit rating. Even though the stipulations vary from bank to bank about sufficient credit history, a solid reputation of paying bills on time and getting debt paid off is something that will help tremendously in qualifying for a secured loan.

A good credit rating, sufficient payment history with creditors, and a stable job will all go a long way in helping you qualify for a secured loan. If it’s money that you need for some noble purpose, make sure that you meet those two basic requirements before requesting that a bank loan you a large sum!