Financial complexities raise many questions in your mind and it is necessary to get a timely reply for them. In the FAQ section, we solve all your queries and confusions with the most suitable reply. The questions cover all the aspects of loans very professionally. Whether it is about the eligibility criteria, application procedure or a doubt about a specific loan product, none of your questions remains unanswered. We respect your concern and want you to express it. Select a topic from below and we are right there with the most appropriate answer.
Well, sorry to say but banks have set rules of lending that does not go in the favour of bad credit borrowers. In fact, a good credit performance is the first thing they look for, before processing a loan application. This is because your credit ratings tell a lot about your financial behaviour and bad credit means you have no credit worthiness. To be precise, no, you cannot borrow money from a bank with bad credit.
Certainly, you can. Debt consolidation integrates all your debts into one loan for which you have to pay single monthly instalment. Debt consolidation does not close your credit card account or affect the way your credit card works. You can keep using your cards even after consolidating your obligations.
The loans that you repay in several installments are known as installment loans. This is in contrast of the loans that are fully paid off on a specific date. These loans can span from a few months to several years depending on the other factors like eligibility of the borrower and loan amount.
By applying to an online lender, you can get the loan with no credit check. The online loan market facilitates funding that prevents the credit records of the applicant from search footprint of credit check. You need to specifically search for 'no credit check lenders'
There are several options of the online unemployed loans where you can apply for funds. However, for that, your recent financial status should be good. This is how you prove your repay capacity to the lenders. Surety of timely repayments is the biggest relief for a lender and once satisfied on that part, approval comes to the applicant effortlessly.
The loans that organise your multiple debts into one debt are called the debt consolidation loans. For instance, if you have multiple financial obligations of debts, credit cards, store cards, or even overdrafts, you pay various repayments on varied interest rates. These rates keep fluctuating, and it becomes difficult to manage the monthly payments. Debt consolidation integrates all these debts into one loan and you get a single, affordable installment on a fixed rate.
The new age lending allows you to borrow funds despite bad credits. However, if you want to avail funds for the second time in bad credit situations, then two things are important. FIRST is your payment record of the previous loan. If you are paying it on time, then there are good chances that you get the approval. SECOND is the ratio of income and outgoings. If your expenses and obligations dominate your income, then there may be denial. But otherwise, you can get the loan. Before you apply, check these two things and if you think you are promising in both the situations, then you can apply for the loan and get the funds.
No certainly not, the lending procedures in the online loan market are always speedy and smooth. Documentation, filling, faxing, physical verifications are not the part of the lending strategy of the online loan market. Even if you are unemployed, the process is swift. You just need to show the repay capacity through the recent financial status. If you are good on that aspect, availing funds is easier. Also, if you have the offer letter of your new job, then mention about it while applying or attach a copy of it. This improves your chances and helps you qualify for the loan.
Although, all the loan products come with the vital feature of customisation, you get personalised deals according to your affordability. However, if you still have some expectations to get relaxation, then the only way is to look more and more promising on the financial part. Your income status, salary slip, additional income, anything that you can present to prove yourself financially strong and worthy can help you get the desired rate quote. The repayment capacity is the biggest factor in the lending market, if you have that, affordable deals are easy to achieve. Also, a good payment history is a very important factor.