8 Tips to Qualify for a Personal Loan

Are you thinking about qualifying for a personal loan? Whether you need a secured loan, an unsecured loan, a personal loan or a mortgage, it’s critical to understand what you need to do to make the loan process run smoothly. If you’re planning on applying for a loan, start putting our 8 tips into place and you’ll soon hear those wonderful words, “You’re approved!”

Many find themselves in the position where they are need of a loan. It can make owning your dream house come true or help your family.

Tip #1: Improve Your Credit Score

One of the first things a loan officer does is to check your credit score. While this can make some people feel a little anxious or even let down, do keep in mind that you can always improve this score. There are things you can do right now to improve it, so when the check is run, that rating will be the very best it can be.

Here are the credit rating score scales:

Excellent credit 760+

Good credit 700+

Fair credit 640+

To start, obtain your credit scores from the 3 bureaus Equifax, TransUnion and Experian. You can do so once each year for free, without the request affecting your credit rating. Now if your score is 690, if you can raise it by 30 points then you’ll be much close to having Excellent credit. Make your focus working toward the next score scale.

Tip #2: Review your credit report for any errors.

It can feel a little intimidating when you’re thinking about getting a loan and you see a couple of “dings” on your credit reports. But examine them carefully, are they accurate? If you have any questions, contact the credit bureau about them. Remember there are many people who have the same first and last name that you do, clerical errors can occur and it is best to follow up if you do not recognize something on your credit report.

Tip #3: Make current credit card payments on time & pay off debts

This is something you can do right now. For most of us, this takes at least several months to do. Make the effort to pay credit cards and other debts in a timely manner. When you apply for a personal loan, this will be noted and your previous history will be looked at positively.

Tip #4: Decide what type of personal loan is best for you

Which personal loan you want to apply for often depends on what you will be doing with the money. Some choose a secured loan, where you put property up as a guarantee for repayment of the loan. Others choose an unsecured loan, where no property is required to obtain the loan. If you are buying a new home, you may want a mortgage.

Tip #5: Understand who will be responsible for the loan

If you’ve never applied for a loan before, the bank may require you to have a co-signer. It is best if you think about this ahead of time, so you have one or two people who are prepared to co-sign the loan for you. Most people will not co-sign a loan without thinking about their own finances first, even if you are a close family member or someone they care about deeply. There may be other circumstances where you’ll need to think a bit about who will be responsible for the loan, such as if you are recently married or have just gotten divorced.

Tip #6: Ask family and friends for recommendations for a reputable lender

Today there are more and more options as to where to find a personal loan. Don’t be “sold” by catchy commercials and jingles that you can’t stop singing after you’ve heard them on the radio! You want a lender who has great rating with the Better Business Bureau. One good way to start searching for a lender is to ask family and friends if they could recommend a company for a personal loan. Simply by doing this, you’ll create a list of companies to research and see who you could get a loan from.

Tip #7: Tell the truth

Most people who have applied for a loan will admit they’ve found it a bit intimidating. Why, you hope you are saying the right thing so you will get the loan you need. Just don’t lie on your loan application, or you’ll typically wind up in quite a pickle! For one thing, if you qualify for a loan you logically cannot pay off then this actually gives you a lot more trouble than anyone ever deserves. If you have a question about any of the questions, simply ask your loan officer for clarification so you can respond in the best way to the question.

Tip #8: Be patient & get excited!

Most loan officers will get back to you fairly quickly with the news you’ve been accepted for your loan. Some companies promise they will actually give you the news within days, if not a week! It used to be that customers would typically wait a few weeks for a final decision but those days are long gone. Lone companies now are customer-centered and want to respond to you as soon as possible, so you can get started on buying the home of your dreams, get the car you’ve always wanted or purchase whatever you’ve had your eye on with the help of a loan.

7 Situations a Payday Loan Can Save You Time & Monday

Ever gotten a payday loan before? You should take a look at them. A payday loan is also known as a micro loan. You can borrow enough to cover a bill or unexpected expense, basically to get you to the next paycheck. The typical payday loan is due within 7 to 14 days, the time within your next paycheck is due.

It can be quite frustrating to realize that you need something and just don’t have the cash in your wallet to cover it. If you’ve never had a credit card, have bad credit or are trying to rebuild your credit then a payday loan also offers you the chance to get what you need. Payday loans can relieve a lot of the stress you are feeling.

Here are 7 situations that you might face, where a payday loan can truly make a big difference:

Unexpected travel. There can be both happy & sad reasons for this. Perhaps you got a call from that hiring manager out of state and they are considering you for a terrific job. But you’ve got to pay for your own travel expenses. Or unfortunately you have a sick loved one or a death in the family. Many major airlines will provide you with a bereavement fare reduction of 50%, but this takes place only after you’ve purchased your ticket and have sent in additional details to them to get the refund. To get your original ticket, you need to pay full price. In each of these situations quite likely you won’t want to have missed being there, whether it is a happy moment or a sad one.

Medical bills. Today there are quite a few of us who see medical expenses that are not completely covered by insurance. Or perhaps you’ve seen a healthcare provider who isn’t covered by your insurance at all. Medical copays for some medicine or medical tests can be pricey too. If your doctor ordered a test and you need to have it done right away, then a payday loan can be quite helpful. It can make the difference between getting the test taken care of or not providing the doctor with the information that they need to diagnose you.

Car repair. Sometimes it seems like your car magically knows how to break down, just after you’ve run out of money from your latest paycheck! With car repairs, if you don’t get the car fixed it can affect so many areas of your life. You won’t be able to get to work, to medical appointments, to take the kids to school and you won’t be able to get to the grocery store. So taking care of that car repair can truly impact every area of your life in such a positive way, with a very simple payday loan. You can easily pay it back with your next paycheck and life can get back to its everyday pace.

Home repair. Everything can seem fine and then suddenly the sink starts to leak. Or the refrigerator starts to make a clunky noise. Especially if you have a family, you’ll want to take care of home repairs as soon as possible. Not just for everyone’s comfort but also for their safety.

Do something important for your child. Moms and Dads know that unexpected expenses can come up for kids, no matter how old they are. Your kid can get invited on a school trip to Washington, D.C. and they really want to go. Or they join the football team and need money for the uniform and team fees. Or you’ve decided they are old enough to have a cellphone, but they break the one you’ve bought them so you have to buy them a new one.

Buy a new computer. This is a great purchase to make because it can help with school and work. But if your computer broke suddenly, you may need to replace it quickly! Getting a payday loan helps you move faster than you otherwise would be able to.

Payday loans offer you great options. They let you improve your life in so many ways. Aren’t payday loans terrific? Yes, they are!

Your Guide to Understanding Unsecured Personal Loans

These days more and more people are starting to take out unsecured personal loans, and there are a number of reasons to do so. If you need to get some extra cash for whatever reason, you will definitely need to possess and full and complete understanding of these loans. Those who actually take the time to learn about these loans will be very glad they did.

The basics

An unsecured loan is one that does not require any sort of collateral to be put down to secure the loan. This means that you won’t have to risk losing your home, car or some other valuable asset if you are unable to pay back the money you borrow. It is important to consider that if you do not pay back your unsecured loan, your credit will definitely take a hit. But one of the best things about these loans is that no collateral is required at all.

Lenders always take more of a risk with unsecured loans because there is no collateral involved, which is why the interest rates can be a bit higher. People also typically need to have better credit to get an unsecured loan than a secured one. Just because you don’t have excellent credit doesn’t automatically mean that you won’t be approved though.

Types of Unsecured Loans

You will find that there are a number of different types of unsecured loans that you will need to know about and explore before you decide on one in particular. Credit cards are by far the most common type of secured loan that you can get. When you use a credit card, you have a pool of money that you can spend. You do not get a lump sum at the beginning of the loan, as you might with a signature loan. Instead, you will be able to borrow whatever you need whenever you need it. This is a very convenient sort of loan, but it can be dangerous if you are irresponsible with it.

Student loans are also unsecured, and they are designed for the specific purpose of educational funding. If you are a student, they can be a great choice because student loans have features that you cannot find anywhere else. They have flexible repayment options as well as grace periods and interest subsidies. With some student loans, it doesn’t even matter if you have good credit. The only catch is that you must be a student.

If you have bad credit

While it certainly isn’t impossible to get an unsecured loan if you have bad credit, it can be difficult. The best thing you can do is to strengthen your credit by borrowing and repaying loans. Even taking out a small loan and repaying it can make quite a bit of difference when it comes to improving your credit score.

Finding the right Lender

It is crucial that you take the time to find the right lender to get an unsecured loan from, because there are quite a few of them out there. The last thing you want to do is rush into this sort of decision, because you will likely regret it. There are so many different lenders that you will need to make a point of searching for the right one to borrow from. Choosing a shady lender can mean paying way more than you really need to for your loan. The more time and effort you put into researching your lender options, the better your chances will be of getting a great overall deal.


An unsecured loan can be tremendously helpful for a lot of people for many different reasons. Whether you need money for education, an emergency expense or something else, you will need to look into getting this sort of loan right away. The whole process for getting an unsecured loan is pretty simple and straightforward, though it will depend which specific type of loan you want to get. There are many benefits associated with unsecured loans, including the fact that no collateral is needed. This means that you can get the money you need without having to worry about losing your house or something else of great value.