The realm of personal loans can be confusing and overwhelming. Here we will give you the incites to clear up common confusions many have about personal loans. Here at Loans General, we make the process easy for you so sign up today!
What Do You Need To Apply For A Personal Loan
When you need money, a personal loan might be the best option. This type of loan is offered by banks and other lenders, and it can be used for a variety of purposes. Whether you are consolidating debt, making a large purchase, or covering an emergency expense, a personal loan can give you the funds you need.
What You Need to Apply for a Personal Loan
At Loans General our lenders will not hold your money from you for days if you are approved it will go to your bank account in as little as 15 minutes to 24 hours. To apply for a personal loan, you will need to provide some information about yourself.
Income: The first thing that you will need to provide when applying for a personal loan is proof of income. Lenders will want to see that you have a steady stream of income coming in.
With the addition of, an active checking account, and a Driver’s License or another government-issued ID. Finally, before you decide to fill out the loan application make sure you are 18 years old or older.
Be prepared with this ahead of time so the process is as smooth as possible. Most people think that applying for a personal loan is difficult and time-consuming, but it doesn’t have to be! If you are armed with the right information, the process can be quick and easy.
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The Importance of Your Credit Score For a Personal Loan
When you apply for a personal loan and you are approved you will know what your monthly payments are. Worried about a bad credit score? Not to worry our lenders also offer unsecured personal loans in addition to our secured personal loans. Give it a shot with us if past institutions have let you down. During the personal loan application lenders will review your credit score so be sure to glance at it for any irregularities.
A personal loan offers relief to your situation if you are approved, so what are you waiting for? Sign up, NOW! A personal loan can be a secured loan or an unsecured loan it just depends on the interest rate and other factors. The best way to find what you qualify for is to apply.
Secured Personal Loan
What is a secured personal loan? A secured personal loan is a loan that is backed by an asset (our lenders do not do this), such as a car, boat, home equity, or savings account. Once you have the funds, you can use them for any purpose.
Personal Loans with Loans General
When you fill out your information with Loans General our online lenders look for a multitude of loans that best fit your needs. Plus, there is no need to put your precious vehicle down as collateral for the loan unlike what other lenders will do.
Maybe you have a few smaller loans and want to do a debt consolidation loan. If you are approved for the personal loan you can do whatever you want with the money from the personal loan.
Your Credit History Matters For A Personal Loan
Loans General gives you general loan offers, unlike a traditional financial institution that will most likely only give you one option. Our loan application is straightforward and can be done online.
Your credit history will be rummaged through when your credit reports are pulled for the personal loan.
Your credit score is what will be looked at first and foremost along with your personal and financial information. If you have a high credit score, you are in better shape. Our online lenders give you options as opposed to the credit union’s option of showing you solely one interest rate and monthly payment.
Credit Therapy For a Future Personal Loan
If your credit score is on the lower end, there are still options for you to get a personal loan with Loans General. Most personal loan lenders take into account more than just your credit score when we determine what kind of loan you potentially qualify for.
Believe it or not, 16% of Americans have bad credit according to recent credit bureaus studies.
Reach out to us today so you can get your financial score back on track.
Frequently Asked Questions:
Are personal loans the best options for me?
This answer largely depends on your financial situation and what you hope to gain from taking out a personal loan. Some people use personal loans for debt consolidation, which can save money on interest payments and simplify monthly budgeting.
Does my gross monthly income affect my chances of getting a personal loan?
Your gross monthly income is one of the primary factors that lenders look at when considering you for a personal loan. This is because your monthly income gives lenders insight into your ability to repay the loan. Lenders will also consider your employment history and current financial obligations when determining whether or not to approve your loan.
Should I check my credit report before having my credit pulled for a personal loan?
Yes, you should always check your credit report before applying for any type of loan. This is because your credit score will affect the interest rate you are offered on the loan. The higher your credit score, the lower the interest rate you will be offered. Checking your credit report will also allow you to identify and correct any errors that may be
Do all the personal loans offered by our online lenders have an origination fee?
No, not all of the personal loans offered by our online lenders have an origination fee. Some of the lenders may charge an origination fee, while others may not. It is important to compare the terms and conditions of each loan before you apply to ensure that you are getting the best deal possible.
Will the personal loan lender check my pay stubs and bank statements?
When you apply for a personal loan, the lender will check your credit score and credit history. They may also request access to your bank statements and pay stubs to verify your income and employment status.