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How to Ensure You are Never Declined for a Personal Loan

Getting denied for a personal loan can be a very stressful and humbling experience.  Every day banks and other financial institutions reject thousands of loan applications, often times due to minor factors that can easily be fixed. 

Below are some of the biggest steps you can take to ensure your application doesn't end up in the reject pile along with the other 85% of people that applied.

1. Have a Stable Work History

When applying for a loan of any type, financial institutions always will consider the borrower's ability to repay the money borrowed.  If an applicant doesn't show stable work history, then this is a serous red flag to that the loan will be high risk and many times will be immediately denied by underwriters.

​Having at least one full year of steady work history is a good sign in the eyes of lenders.  Sometimes proving self-employed or benefit earnings will work as well, although many lenders see this as less stable.  When shopping for a loan, make sure you are consistently earning enough money to be able to pay it back, as lenders will definitely be making this assessment of your personal finances before they say yes. 

2. Have an Active Checking Account

​Having an active bank acount is a good sign to lenders that you are a trustworthy and legitimate borrower.  Not having a relationship with a financial institution is a major red flag for loan providers and most will not approve a loan for a borrower that doesn't at least have an active checking account.  

If you are looking to secure a loan, make sure you go to your local bank or credit union prior to submitting your application and open up a checking account.  If this is not an option for you, there are many other services such as Green Dot that will allow you to open an account with a pre-paid debit card that will have a checking and routing number, which you can use for your loan application. 

3. Improve Your Credit Score

Probably the most important factor when it comes to getting approved for a personal loan is your credit score.  Your credit history is a snapshot of your finaincial trustworthiness and most lenders consider your credit to be a strong indicator of your ability to pay back a loan. 

While some lenders will look at other factors to determine if you qulity for a loan, such as your income and length of time at a job, your credit score will always be a major driving force behind getting your qualified.  

Many times, most borrowers are unaware of negative items that are being reported on their credit reports that are significantly lowering their scores.  An unknown mistake made on your credit report from a year ago could be the reason your application keeps getting put in the reject pile.

Before applying for a loan, it is always a smart move to check your credit score and have any potentially negative items disputed on your behalf.  Once a negative item is disputed, the credit bureaus have up to 30 days to remove that item from your credit report, which would result in an increase to your overall credit score.

Make sure you are always actively monitoring your credit report as negative items can sometimes appear out of the blue and hurt your chances of being approved for a personal loan.  

If you need to improve your credit score by 50 to 100 points in order to quality for a personal loan, call the number below to get your free credit consultation now.

(844) 822-0706

By |October 24th, 2017|Uncategorized|0 Comments

How to Avoid These Top 5 Mistakes When Applying for Personal Loan

Applying for a personal loan can be a great option for someone who is in need of fast cash for an emergency expense or to even pay for monthly recurring bills. While the loan process itself is fairly simple, there are many common mistakes that borrowers typically make.

Below are the top 5 most common mistakes, and the best ways to avoid them.

1. Borrowing too much

A personal loan can be a good option to care for an emergency expense and unexpected financial situation. Many times borrowers are approved for more than what they truly need. This can turn into an overwhelming amount to pay back once interest and fees start to add up.

Make sure when borrowing money that you are only taking what you are comfortable paying back. This will ensure that you don’t stretch your finances too thin and wont put yourself in any further financial risk.

A good rule of thumb is to never exceed 110% of your expense needs, so for example of you need $1,000 for a car repair, then the most you should borrow is $1,100.

2. Ignoring costs and fees

While personal loans can definitely be a life saver in urgent situation, a borrower must remember that there will always be fees and additional costs associated with any cash loan they receive. Many times we can forget that we will have to pay back more money than we initially borrowed once interest accrues.

Be sure to fully read how much you will be paying back in interest and any associated late fees or other costs that may be associated with the loan. If the fees are more than you are comfortable paying, then you may want to find an alternative way to get the cash that you need, which would be more cost effective.

Some lenders may charge in excess of 25% for their loans, which may not make financial sense for your personal situation. Always do the math before you accept any loan.

3. Not paying attention to your credit score

Your credit score will be one of the first factors that lenders will review when deciding to approve your loan application. Although there are lenders that will work with borrowers with lower credit scores if they show other factors of trustworthiness, such as having a stable job and stable place to live, credit will always be an important topic.

Always make sure you are aware of any potentially negative items on your credit report. Many times unknown mistakes will negatively impact your score. If you do discover negative items on your report, many times you can open disputes to have these items removed, which will greatly increase your score.

There are many free services that allow you to monitor your credit report. It may be the best option to hire a professional service to help file your disputes if you are unfamiliar with doing so yourself.

4. Lying on your application

Lying is on a loan application is one of the biggest mistakes you can make. Giving inaccurate information, even small discrepancies can lead to fines or even jail time.

Getting approved for a personal loan is never worth the risk of making false claims on your application. If you are worried that you may not be approved, look for ways to improve your standing by having negative items removed from your credit report (as mentioned above) or possibly look for another way to get the cash you need. Getting fast cash is never worth going to jail!

5. Not understanding the fine print

When you accept a personal loan offer, you are entering a legal contract with your borrower. The terms of this contract must legally be listed in the fine print of the loan.

Always take the time to review these terms and ensure you are ok with these conditions before you accept the loan. You can always apply for a loan first, to see if you are approved then read and agree to the terms before the loan is complete. You are never obligated to take a personal loan just because you submitted your application.

Remember you have the legal right to review the terms first before you accept any cash loan from a lender. So after you submit your application, if you do not agree with any of the terms, you can simply walk away from the loan with no impact. Make sure you are well informed before you sign your name on the dotted line.

Click Below to Apply for a Personal Loan Now
Good Credit is Not Required for Approval

By |September 11th, 2017|Uncategorized|0 Comments