How to get a higher loan amount after the first loan

Have you ever needed a loan urgently and approached a lender, only to find that you are eligible for a much lower amount than what you require? The feeling of finding yourself in such a desperate situation with seemingly no other options is indescribable. Perhaps you have avoided getting into debt your entire life and this is your first loan application as you need to make your first large purchase or you find yourself in urgent need of money.

In order to be eligible for a high loan amount, you would need to meet certain criteria such as:

  • Regular income level
  • Any outstanding lines of credit (this includes current loans or credit cards)
  • Past credit history
  • Assets as collateral

How to increase my loan value?

How to increase my loan value?

Unfortunately, the reality is that your first loan will never be of the magnitude that you dream of, whether it is a secured loan or an unsecured loan. You might be able to reach that level if you put up substantial assets as collateral and go for a secured loan, but when it comes to unsecured loans where you offer nothing by way of collateral, you will only be eligible for a very low amount.

Here are the steps you can take to ensure that you are eligible for a higher loan value in future:

Steps to ensure to get a higher loan value

Take out a new loan, even if it is low-value

Even though the idea of getting into debt when you don’t really need to might seem foolhardy to you, having previous loans on your credit history shows that you are a good debtor and will make lenders more willing to offer you repeat loans of higher value in future. If you have no loans on your credit history, lenders might be averse (and justifiably so) to taking a chance on you as, seemingly, no one has been willing to lend you money in the past. If you wish to take out a quick loan visit

Pay off your new loans perfectly

Make sure to pay off your new loans without any unnecessary delayed payments or any similar unpleasant issues. Having a track record of loans that you have recently paid off successfully will not only strengthen your overall credit score but make you eligible for larger-value repeat loans in future.


After you settle your first loans successfully, you will find that you can get repeat loans of a higher value than your first loan. Each time you take out a new loan and settle it in full, your repeat loan value increases as you prove that you are able to pay off larger values. While this might not seem valuable to you now, it might prove to be extremely beneficial for you in future.

Why is this necessary?

The above debt cycle seems to be extremely unnecessary, especially if you have not yet applied for your first loan. However, those who have gone through the loan process before understand that having a large line of credit available for you is invaluable when you need to take out loans quickly. Whether you are applying for a secured loan via a bank or an unsecured loan via online loans, having a strong, lengthy credit history makes it far easier for you to get approved and get the cash to your hand. This is actually quite understandable from the lender’s point of view as they are taking a risk when giving money to you, even more so when applying for unsecured loans. When you apply for online loans (arguably the quickest and most convenient loan facility available today), the lender has almost no guarantee that you will be able to pay back your loan apart from your credit history. Even if you have a strong credit history, online loan facilities will most likely increase your loan only after multiple transactions with them.

Applying for your first loan seems like an extremely scary process, especially when you are in a distressing situation where you really need cash. However, if you’ve taken the necessary steps to ensure that you have a good line of credit available to you should you need it, this process should not be too difficult to navigate. Quite often, online loans can be your saviour in times of need, and by keeping up a successful track record of repeat loans with them, you will never find yourself needing money and not having any. If you wish to obtain a quick cash fix you can navigate through to and avail yourself a payday loan.

Even so, the above criteria is for secured installment loans, from a bank or financial establishment, where the process is long and arduous with a good chance of being rejected for the loan altogether. If you do get approved, it might be for a lower amount than you need. In this case, if your need for a cash loan is dire, you would need to turn to unsecured loans where they really only consider your income level and credit history.

However, even when applying for a new loan from an unsecured loan lender, you might find that you are eligible for a lower amount of money than you need. Therefore, it is highly advisable to take preemptive steps to build up your credit history to make you eligible for a large value of money in future, should you ever need it. No matter how averse to debt and loans you may be, if the day comes that you find yourself needing money urgently, you don’t want to have to rely on the generosity of others and would much rather prefer to take care of your business by yourself.