Personal loan companies vary widely, so it’s always important to do your research and make sure you feel comfortable before you sign any loan paperwork. Consumer Financial Protection Bureau lists consumer complaints about banks, so that’s a good place to start. Then look up any lenders you’re considering to make sure there are no consumer complaints. Ask for referrals from friends and family who have valid experience with a lender. There are reputable financial companies out there, but there are also predatory lenders who take advantage of people in times of need. The less you borrow, the less you need to repay – and the less interest your loan generates. Smaller loan amounts not only increase the odds of a fast loan approval, they also protect your financial future. By being honest about your needs and not taking out extra cash, you make your application more attractive. Do the math and only take out what you need to borrow – nothing extra.įrom a lender’s perspective, it’s less risky to loan a smaller amount of money than a larger amount of money. Look at your bills, tuition statements or the existing debts you hope to refinance. Understand What You Need to Borrowīefore you complete a single loan application, figure out how much money you really need to borrow. While it might not be possible to make progress on debts before taking out an emergency loan, this is a good habit to adopt throughout your life. This can make you a better loan candidate and also helps you get a lower interest rate. This lowers the amount of debt you’re carrying, which bumps up your credit score. Once you’ve mastered these steps, put more money toward your debt. Stop borrowing money, so you don’t take on additional debt. If you’re trying to get out from under debt, start by making the minimum debt payments on or before the due date. To have a good credit score, you must pay your bills on time and pay down your debt. One in four credit reports contains errors, so you never know what you can find. The better your score, the more favorable loan terms you may receive.Ĭheck for inaccuracies on your credit report and dispute them. While you can still get approved with bad credit, it pays to have good credit. Here’s what will help you get approved when you need fast cash.Īny lender will check your credit score before they authorize your loan. Personal loan approval is usually quick however, there are some steps you can take to make sure you get approved for a loan at a favorable interest rate. Notice: The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract) because all or part of the applicants income derives from any public assistance program or because the applicant has in good faith exercised any right under Consumer Credit Protection Act.A personal loan is a flexible way to access money when you need it, whether it’s for school fees, auto repair, vacation or those unexpected expenses life is throwing your way. If you fail to meet any minimum requirements we will not obtain a Consumer Credit Report as part of this process. If you fail to satisfy any of the minimum requirements for loan eligibility, we will inform you that we cannot move forward with your loan application and state the reason or reasons why we cannot. You must live in an area we provide lending services. You will not be eligible if you are currently in bankruptcy. Our minimum loan amount is $1000.00 and our maximum loan amount is $10,000. Minimum Requirements for Loan Eligibility: You must be at least 18 years old. For more information about payment periods, rates and loan cost, please visit our Fair Lending page or give call your local Time Financing Service ® office for assistance.
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