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Planning For A Loan

Whether you’re planning to buy a brand new car or starting a family, you will need funds to make this into a realization. There are plenty of bumps you have to go through to make it possible. If you’re planning to apply for a loan, there are many things you need to consider before starting.

First, you need to check your credit. If you’re going to apply for an unsecured loan, you might want to check with your credit and credit history first. Whether you qualify for the loan or not, it all boils down to your creditworthiness. It would also determine the interest rates.

Having a bad credit limits the opportunities available for you. But that doesn’t mean you will no longer be able to apply for a loan.

Learn more on how you can take control of your credit.

How Will My Application Work?

The application process is simple and easy. It can be done as fast as two minutes, from start to finish. Here’s how it works!

Secure Process

We take the application online. Fill up a form on the lender’s website to get started. Your information goes through a secured platform to ensure your data is fully secured. There’s no need to go to the banks and fall in long lines just to get approved.

Convenient, Fast, and Easy

You can apply anytime and anywhere. Our platform is open 24/7. You don’t have to beat the traffic to get to the nearest bank before it closes. You can do it in the comfort of your homes. The best part is, the application takes no more than a few minutes.

No Credit Checks

You don’t have to worry about having a poor credit. Even if you’re blacklisted or without any history, you are still eligible to apply for a loan. Our lenders do not do credit checks. As long as you can pay the loan on time, that is good enough.

When your credit is really bad, it would be hard to convince traditional lenders ad banks to lend you money. They’d generally think that the risk of you not being able to pay the loan back is really high. So expect that they will likely decline any attempt on your part to secure credit. 

How to Get Approved For A Loan While Having Bad Credit

There are specialist lenders, however, that may consider taking a risk on you and offering you a loan despite your current financial circumstances. However, these loans generally come with a price. Normally, you will only be allowed to borrow a smaller amount for a much shorter term but at interest rates that would be considerably high. Below are some loan options you can consider tapping if your credit is really bad and you need a loan. 

Tap on your home equity

If you’re a homeowner, you can always tap into the equity of your home in order to get approved for a loan. Lenders will be more lenient to borrowers with really bad credit when there is security involved which makes this a really ideal option for you. However, do know that you are at risk of losing your home if you cannot pay the loan back. 

Find a guarantor

Loan approval is also very likely when you can present a guarantor. Lenders will see you as less risky knowing that there is somebody that can be made responsible for the loan payments of you will be unable to make it. A guarantor has to have a good credit standing though and should be employed in order to get approved by the lenders.

Sign up for a payday loan

If you need cash fast, a payday loan is something you might consider. Available for smaller loans and meant to be paid by the end of the month, it can be a great tool if you need something to tide you over until you get your regular cash source. Payday lenders charge very high interest rates though so exhaust other options first before taking out this loan.  

How To Acquire Such Loans

Looking for a way to have extra money to cater to your necessities or in times of emergencies or for whatever personal reason? Then a personal loan is for you as it has the lowest interest rate compared to credit cards, thus making it a great for one-time expenses. According to the Federal Reserve, the average interest rate on a two-year loan is 10.70% compared to credit card rates of 17.69%

Whether you want to borrow from a bank, online lender, or a credit union. The process is more or less the same.

Run the numbers – Make sure that you have the ability to pay the loan you took out. Find out what your monthly payment would be.

Check your credit score – Your credit score shows how much are you likely to pay your loans. Having a fair or good credit score will give you lower interest rates.

Weigh and consider your options – Depending on whatever credit score you have, you need to consider your options on where to get your loans.

Look for the best rates – Setting for the first offer may not always be a good thing. Make sure to choose the best interest rate that you can handle as to not affect your credit score.

Things to Consider

Choose a lender and apply, and also have the proper documentation – After you have done your research and weighed the best option, you can then start the application process. Every lender requires different information but these are the most common ones. Must be 18 years or older, a valid Social Security Number, U.S Citizen, and is employed or is receiving a monthly income. Most lenders require you to have a checking account to receive the loan

Pay out the loans – After getting approved, you’ll be presented with the terms. Once done, it can take two days to a week for you to receive your loan. You must be diligent in paying your loans as to avoid pile-up and also having a bad credit score in the future.