Getting a loan may seem straightforward, but many people make mistakes that either lower their chances of approval or increase the cost of their loan. In this article, we will outline the five most common mistakes applicants make before applying for credit. Issues such as a poorly prepared application, requesting loans from multiple banks at the same time, or mismanaging your debt-to-income ratio can negatively impact your application. We will provide tips to help you avoid these pitfalls and increase your chances of securing a loan on favorable terms.