PERSONAL LOAN TIPS

The information below should be examined prior to applying for a personal loan with our company. This material will help ensure that you satisfy your cash needs with the most appropriate source. In addition, if you feel that a personal loan is your best option, you will be educated on what you can do to ensure that you get the best rates and terms for your financing.

If you have any questions, please contact us. It is also important that you review the section related to effective loan shopping.

If you are borrowing for the first time, read more about advice for first time cash borrowers.

Alternatives to borrowing without collateral
Unsecured loans are a great source for satisfying cash needs. However, there are very viable alternatives to unsecured financing that can save you money. For example, homeowners should explore mortgage products. Interest rates associated with home equity loans are typically lower than personal loans. Also, refinancing an existing mortgage should also be considered. Rates are at an all time low. If you have never refinanced before, it is very likely that you will be able to obtain a lower rate that will allow you to save money on your monthly payment, as well as get you the cash you need. You can get a free mortgage quote for one of our mortgage products without having your credit checked.

If you need to borrow a few thousand dollars, and you have bad credit,  consider applying for a credit card. Getting approved for an unsecured loan is not easy for some people. Even if approval is achieved, interest rates may be very high. There are a variety of credit card offers that are designed for people with poor credit that will help you satisfy your cash situation.

Have you been contributing to a 401k? If the answer is yes, consider borrowing money against your 401k. This is a great solution if you intend on paying the money back in a short period of time. If you do not anticipate quick settlement of your debt, borrowing against your 401k is not a wise decision. 

If you are looking to consolidate debt, but have bad credit, explore your options. Learn how an unsecured debt consolidation can be disastrous if not used carefully.

Getting a copy of your credit report
Before applying for any type of loan or credit, it is crucial that you get a copy of your credit report. Any sort of negative or erroneous information can not only lead to your application being denied, the terms and interest rates you receive will likely be unfavorable even if approval is achieved. You can get a FREE copy of your  credit scores. This type of report will provide you with a complete analysis of your scores as reported by all three major credit reporting agencies.

Avoid multiple applications
If you have already been denied a personal loan from more than one source, stop applying! Having multiple inquiries on your credit report in a short period of time is going to adversely affect your score. The best thing to do is to wait one or two months before submitting your request again. During your waiting period, try and improve your credit score.

Save money for emergencies
The intent for many personal loan requests we receive are for emergency purposes. The best way to avoid having to deal with these types of situations is to develop a small 'emergency fund'. This would entail putting a few dollars away every month in a savings account.

If you have a poor credit history, you should familiarize yourself with the process of getting approved for bad credit loans.

Related Reading:
Being a Wise Borrower
Personal Loan Scams
Online Loans - Are They Safe?
Requirements for Borrowing with No Collateral
Cheap Personal Loans
Personal Loans for Getting Rid of Bad Credit
When Refinancing a Loan Makes Sense
Loan Calculator
Dangers of Debt Consolidation Loans
When Are Personal Loans a Bad Idea?
Loan Aspects to Avoid
Consequences of Defaulting On Your Loan


 

 




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Types of Personal Financing Opportunities Offered:
Unsecured Personal Loans - Bad Credit Personal Loans
Consolidating Debt with Personal Loans

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