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There may come a point when you’ll need extra cash and you’ll have to turn to lenders or the bank to get it. The idea of borrowing money for the first time might seem overwhelming. So, it helps when you have an idea what the whole process is like before you start sending in your loan application.
Understand that getting approved for a personal loan is not going to be easy. Financial institutions and lenders have put in place rigid screening procedures to ensure that you can indeed afford to pay the amount back. This is why it helps when you’re aware of the factors that will likely help you get approved.
Your Credit Score Matters
Lenders will always look into your credit record first before deciding whether to grant your loan application or not. So if you have no credit history or if your rating is bad, expect that it is going to be a little difficult for you to get the lender’s approval.
However, you may still get approved for a loan despite bad or no credit if you can present collateral to secure the loan. Another option would be to find a guarantor.
Loan applicants are usually required by lenders to be at least 18 years old. To qualify for a loan, you’ll need to meet the minimum income requirements set by the bank too. In addition, they will consider your debt-to-income ratio to assess your capacity to pay back the loan. Requirements do vary from one lender to the next so it is best to do your research ahead of time.
How Long to Get a Loan
Planning to get a loan can consume your time especially if you need to get funds immediately. So if you want to know if how long you have to wait to get a loan then the answer is it depends. There are various types of loan and there are also different ways and policies for releasing funds depending on the lender you will choose.
If you want to get funds easily then you can go for some research through online. When you get a loan through online it will be more convenient for you since the whole process of your application will be done through the internet like the filling up of your loan application, your submission of requirements, your approval, and also the releasing of your funds. You just need to have your bank account remain open at all times. You can get your money in online loans for just 15 minutes or within the day. But, it still depends on the lender and also they usually don’t take long processes unlike from non-online lenders.
The scenario for banks and other financial institutions are quite different. They take longer process because they need time to evaluate your application, your credit history, and also the funding. Banks are usually strict with loan application because they have to make sure that the borrower will be responsible with repayments. So for you to get your funds easily, make sure you have prepared all the requirements needed for your loan application. Usually for personal loans, it takes 7 days for the whole process but it may take longer for various reasons of the lender. If you have low credit score then it could be one of the reasons why your loan application takes longer. So there is no definite way to know if how long will it take for you to get your funds if you will apply a loan through non-online lenders.
If you have a good credit rating, you’ll find that your choices on loans and lending products are going to be the widest. Lenders assess the risk of their borrowers based on how good or bad their credit is. Needless to say, there will be more lenders who would be happy to assist you when you can establish that you have been a responsible borrower in the past.
If you want to take out a loan, below are some of the places that would be able to assist you.
These are lenders that are often exclusively operating online. If you are looking to get a loan with a faster approval period, this is the place to go. These lenders rely on modern technology and algorithms to assess and review a loan application with better speed. They are known for releasing the loan funds faster too, usually within a 24-hour period after a loan has been approved.
These providers are also known for catering to borrowers with bad credit. Often, they look beyond a borrower’s credit rating and instead focus on his current income to assess if he has the means to pay a loan back.
Known for offering loans at rather lower rates, these places are most ideal for borrowers that want to borrow a small amount while enjoying a very competitive interest rate. These lenders are known for catering to members only though so there may be a need for you to be a part of them and to save with them for a period of time before they will consider extending you a loan.
They are the most popular option for people in need of a loan. They’ll likely require you to have good credit though before they will approve the application. But it is often easier to get approval if you are already an existing customer. They are also known for the stringent regulations and requisites they place on loans too. They tend to have a wider variety of lending options for borrowers though, which makes them even more ideal.
Frequently Asked Questions
What Is Payday Loan?
If you need cash on the same day, payday loans is the right choice. Payday loans are unsecured loans with convenient and easy payment method. It’s a small cash loan that allows you to get the funds instantly. Repayment options can be tied to your next paycheck or if you wish to pay in advance, that works too.
What is Guarantor Loan?
For those who doesn’t have good credit, applying for a guarantor loan is recommended. Guarantor loans, as the name suggests, requires a guarantor before the loan is approved. The guarantor takes over if in case the borrower fails to meet the repayment terms.
How Fast Can I Have The Money?
Applying for a loan won’t take you hours. As a matter of fact, you can have it done in as fast as 15 minutes. All you need to do is to complete an online form and have it submitted. In just a few minutes, you’ll get the results and the money is automatically deposited to your account.
Do I Need Good Credit?
No. You are eligible to apply regardless of your credit line. Most lenders would prefer borrowers with good credit but it is not a requirement. You can apply for a payday loan and use it to slowly build your credit.
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