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When applying for credit, you’ll find that qualifying for a personal loan can be a challenge. You might qualify for a car loan or a mortgage, but getting approved for a personal loan may not be that easy.
The unsecured nature of personal loans makes them a challenge for many a borrower to avail of. Lenders will be very particular of your credit score and how much your income is before they will grant a loan. This is the reason why even if your credit is fair. Getting approved may still not be a breeze.
Fixing What you Can
Your credit score will be the biggest determining factor for a lender to either grant you a loan or not. Once you have secured a copy of your credit report, pore through all the details included in there and see to it that everything is in order. If there are ever inaccuracies to the entry, file a dispute so they can be fixed.
If you have the means to do so, it would help to get some of your debts paid down. You will want to lower your debt-to-income ratio since lenders will want to compare this against what you are earning to decide whether the personal loan you wish to take out is something you can afford or not. A debt utilisation ration of 30% or less will do wonders to your credit score.
Look Around for the Best Lenders
You’ll find no shortage of lenders in the finance landscape these days so, take the most advantage of this. Find out who are those lenders who can offer the best possible APRs and loan terms. Try to find the ones offering the lowest possible interest and then compare the terms and conditions attached to the loans they’re providing.
Expect higher interest rates and other fees too. Due to the unsecured nature of personal loans, it is understandable that lenders will want to negate their risks by charging more for borrowing.
As always, only borrow what you can afford. The last thing you’d want is to take out a loan you cannot possibly pay back as this would only do more damage to your credit rating.
Refancing a Personal Loan
Refinancing a loan has various advantages such as helping you save money on interest and reduce the loan amount you are paying on a monthly basis; however, it also comes with a few drawbacks. Since it means getting a new loan to settle your existing debt, refinancing a personal loan can hurt your credit.
The good news is: the damage won’t stay in your credit history as long as you settle your debt on time. But before you talk to your lender about refinancing, you have to understand how refinancing a personal loan can affect your credit rating.
Steps Involved In Refinancing A Debt
Below are the three main steps in refinancing a loan and how each can influence your credit scores.
Applying For A New Loan
Whether you’re approved or not, the loan application you’ve submitted results to a hard inquiry, and this influences the decision of the lender. Hard inquiries remain in your credit report for a couple of years or more and may create an impact on your credit remark for the first year.
While it’s true that a hard inquiry stays on your credit report, you can fix the damage by making on-time payments.
Opening A New Account
When you refinance a loan, you’ll automatically make a new account and this can make or break your credit.
If you use your new loan to pay for multiple debts, you can boost your credit rating for having fewer accounts this time.
Refinancing a loan reduces the average age of the loan and this decreases your credit rating.
With your new account, you can increase your credit rating by paying it on time.
Paying Off Your Existing Debt
Once you settle the loan you refinanced, it will be closed. However, these old loans, as well as the bad and good information associated with it, will remain on your credit report, and this can still affect your credit history for a specific period of time.
Choosing The Right Loan
If you are having financial problems, considering a loan might be a good option. However, you need to carefully choose which loan you need before applying for it. Unsecured loans such as payday loans, credit cards, short-term, and other similar types can be great during emergencies. However, keep in mind that unsecured loans may have higher interest rates compared to secured business loans. It is highly recommended for emergency situations but should not be considered for long-term goals.
Ready To Get Started?
Select Your Loan Choose the loan that is suitable for your needs. We have plenty of loan options you can choose. Whether you’re planning to buy a new car or need a short cash to keep your day rolling. we have everything prepared for you.
Provide Your Information After you have selected a loan, visit the lender’s site and complete an online form. You need to provide your details for us to process your application. You will receive a notification once everything is already completed.
Get Your Funds Results are posted in just a few minutes. Once you are approved, the amount that you have requested will be deposited immediately and directly to your checking account. Automatically, the money will be posted and you can use it to pay for online or offline transactions.
Frequently Asked Questions
Got questions? We have answers!
How Fast Can I Get The Money?
You can have the funds in as fast as 15 minutes. All you have to do is to complete an online form and provide your information. Processing your application would take a few minutes or less. Once approved, the funds that you have requested will be deposited instantly to your account.
Do I Need A Guarantor?
If your credit is good, most lenders would be okay with you not providing a guarantor. Unsecured loans are extra risky for lenders due to the absence of collateral. With no other backing aside from the borrower’s creditworthiness, it would be reasonable for lenders to demand extra security. If you currently don’t have a credit history, it would be best to go for a guarantor loan.
What If I Miss My Payment?
There are times that this could happen. We understand that there are circumstances that prevents you from paying on time. If you are having difficulties paying off your loans, you can reach out to your lender to provide you with convenient options. Delayed or missed payments could set you back and cost you additional fees and charges.
What Happens If I Lie On My Application?
Even if you’re tempted to, don’t lie on your application. Once a lie is caught, the lender may void all your application and incur additional fees and penalties. Worse, if you have falsified your documents, you might end up locked in a cell for a very long time.
What Is A Payday Loan?
Payday loans are types of unsecured loans that are easily obtained. If you’re in need of immediate cash assistance, payday loans are your best friend. You can have the funds immediately on the same day of application. Repayment terms are also flexible. You can either have it tied on your next paycheck or pay it in advance.