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Credit Score expressed by a chart that uses a numerical formula based on an analysis of an individual’s credit files to assess the creditworthiness of that person from Very Poor to Excellent. Protecting your credit score is important and not doing so will make it difficult or more expensive to borrow money.

Learning the Credit Score You Need for a Personal Loan

April 29th, 2019 by

For many who live paycheck to paycheck and struggle to pay their bills and past debts, taking out a personal loan is an ideal solution to remedy some of their financial woes. However, getting a loan involves a little more than just filling out a form and asking a lender for cash. In addition to other factors, the chances of your approval are dependent on your credit score. Keep reading to learn more about obtaining a personal loan and the credit score you need to do so.

Qualifying for a Personal Loan

Personal loans are offered by banks, credit unions, online lenders and peer-to-peer platforms. Each type has its own set of requirements, interest rates and loan terms. However, all lenders want to be assured that you will be able to pay back the money after borrowing it. This is the main point of the application. You can show your reliability by providing a reasonable credit score and proof of income. With a low credit score, you may be faced with paying a higher interest rate or risk not getting approved at all.

Understanding Your Credit Score

All lenders will review your credit score and credit history when looking over your personal loan application. Every lender has a minimum set of credit requirements, but if you have a low score, you may find it difficult to obtain a personal loan. Scores range from 300 to 850, where a higher number is preferable. Here’s how lenders usually view each score.

  • 300-559 (no or poor credit): Scores in this range usually indicate a damaged credit history caused by defaulted loans or bankruptcy. Applicants with scores in this range are riskier, so loan approvals if approved are offered at a higher-interest rate.
  • 580-669 (fair credit): This range also indicates some past issues with credit history, usually caused by loan defaults or late payments. You will still be able to find a personal loan, but the interest rate will likely be on the high side.
  • 640-739 (good credit): If your score is in this range, you will be able to obtain a personal loan with a decent interest rate.
  • 740-799 (very good credit): Scores in this range can open you up to your choice of lenders and qualify you for favorable interest rates.
  • 800-850 (excellent credit): With excellent credit, you will have your pick of loans to choose from. You’ll also qualify for low-interest rates and be able to borrow larger amounts of money.

Other Factors Lenders Consider

Though your credit score is important, lenders look at a few other factors to get a better idea of your overall financial situation. If you excel in one of these other criteria, a lender may be willing to overlook a low credit score. Lenders will review your income, current debt, repayment history, and any collateral you have to offer.

Businessman Checking Credit Score

How to Get a Personal Loan with Bad Credit

If you have a low credit score, it can seem like the odds are stacked against you. Though you will have a harder time qualifying for a personal loan, it’s not completely impossible. Start your search online to find the best personal loans for bad credit. Compare rates and terms from a few different online lenders so you can find the best one for you.

To learn more about getting a personal loan with bad credit, visit us at GetMoney.com.

Signing the loan application

Mistakes to Avoid While Getting a Personal Loan

April 29th, 2019 by

Getting a personal loan to consolidate debt, pay off credit cards or tackle that nagging home improvement project is a great way to manage household spending. Other types of loans, like mortgages and car loans, are secured loans used to purchase a very specific item while personal loans can be used for anything. This can mean the qualification guidelines are stricter than for other loans, but there are personal installment loans available for people with poor credit. Whether you’re seeking a loan to pay off other debts or to assist with household cash flow, there are some things you should know as you look for the best personal installment loans for you. Here’s a list of common mistakes some loan seekers make.

Borrowing More than You Can Afford

If you’re consolidating debt or paying off credit cards, a personal loan can make repayment easier. In some cases, you may be able to secure a lower interest rate on the personal loan than the rate you’re paying on your credit cards, saving you money each month over the life of the loan. If, however, you plan to borrow money for a home improvement project or a vacation, carefully consider exactly how much you’ll be able to repay. When you apply for your personal installment loan, you may find you qualify for more than you actually need. Experts recommend only taking a loan for the amount you intend to spend on the project and nothing more.

Applying Only at Local Banks

At one time, a bank was about the only place to get a personal loan. If you needed a loan, you popped into the bank on the corner and spoke with the loan officer. There are so many more options today. Most people are familiar with credit unions, but there are also a variety of online tools that can provide personal loans. Online banks are another avenue, and the latest trend in the loan industry, peer-to-peer lending, makes it possible for you to borrow from strangers, similar to the way Uber allows pedestrians to seek rides and Airbnb helps tourists find lodging.

Not Knowing Your Credit Score before Applying

Repeated credit checks can negatively impact your credit score. Every time you apply for a loan, your credit will be checked. So, increase your odds of finding the right loan by knowing the qualifications for the loan upfront. For instance, if your credit score is 580, seek out lenders and loans designed for people with credit scores in that range to increase your chances for success. If you only apply for loans designed for those with higher scores, you’re likely to see lots of rejection and dings to your credit just from the credit checks.

business negotiation communication. two women confronting each other in boarding room. office workspace

Failing to Negotiate

You may have room to negotiate, so don’t hesitate to ask for the terms you’d like once you’ve been approved. For instance, maybe you’d like to make fewer payments over a shorter amount of time, or you’d like to increase the loan period, giving you lower payments. Some loan programs will allow you to increase or decrease the life of the loan in exchange for slight changes in the interest rate. So, ask questions and negotiate for the best terms possible for your situation.

If you’re looking for a personal installment loan for poor credit or any other situation, visit our personal loans page to get started today.

Worried couple using their laptop to pay their bills at home in the living room

4 Tips for Requesting a Payday Loan

April 29th, 2019 by

There are situations that inevitably arise where the immediate need for money comes before payday. These situations may include a medical emergency, an overdue bill, or unexpected car trouble. The ability to quickly and easily receive a small loan quickly will allow you to pay this unexpected expense and repay the loan the next time you get paid. Here are four tips that will help you acquire fast payday loans.

1.  Accurately Report Income

Receiving a payday loan is typically pretty easy if you have a steady income from a permanent job. A lender will check your eligibility by ensuring that you can fulfill certain requirements before approving the loan. They’ll specifically want to know how much income you bring in each month. This will provide assurance for them that you will be able to pay back what you’ve borrowed. When providing this information, it’s important to be truthful and accurate.

2.  Know Your Credit Score

Your credit score is less important when applying for a payday loan vs. a larger personal loan; but the lender will still check your score. If you have a higher credit score, this will make it easier to qualify for a loan, as they will be assured of your credit sensitivity and ability to pay it back. However, some services, like GetMoney.com, will still find you a lender to offer even if you don’t have the best credit. Typically, a credit score around 800-900 is “excellent,” a score around 670-700 is “good,” and a score around 580-670 is considered “fair.” Any of these scores should put in a position to qualify for a loan. If you need to improve your credit score, paying down debt and keeping credit balances low will help.

3.  Submit Documentation on Time

When you apply for a loan, there are certain documentations that must be filled out before it can be approved. Lenders prefer borrowers that are easy to work with and provide assurance that they will pay back the money they borrow. Returning the completed required documentation on time will provide this assurance to the lender that you are easy to work with and will repay your loan during the expected period. This can greatly increase your chances of securing the loan, allowing you to pay what expenses are needed. When you receive the documentation, you should immediately check the dates that they should be completed and returned so that you know when you must have them finished.

Happy excited successful businesswoman triumphing with laptop

4.  Request a Fraction of Your Monthly Income

When you request a loan, it’s important to consider how much income you will bring in during any given month. Most lenders will not approve you for a payday loan for more than the amount you earn monthly. The lower the figure you request, the more likely it is that it will be approved, as they will be assured that you’re able to pay it back. It’s recommended that you only ask for a fraction of your monthly income.

You never know when unexpected bills are going to come up. These tips will make it easier for you to obtain fast payday loans so that you can pay that expense and avoid any additional trouble. If you need a payday loan right away, request one through GetMoney.com online today! We welcome all credit types and your loan may be funded in as little as 1 business day.

Poor credit score report on wrinkled paper with pen and calculator

Best Loan Options for Bad Credit in 2019

February 6th, 2019 by

If you have bad credit, you know how hard it is to borrow money. Repairing bad credit takes years to do, but when you need credit now, you don’t have time to wait. What are you to do? Keep reading to learn more about the best installment loans for bad credit.

Defining Bad Credit

First, it’s important to understand what having bad credit means. Some people who don’t have perfect credit scores or have a lot of debt assume they have poor credit. The FICO model for credit scoring rates credit on a scale from 300 to 850. Most people have credit scores that fall in the middle. The average credit score, according to Governing magazine, is 687. FICO considers a credit score of 580 to be poor.

What does a lower score mean for you? First, it means that you won’t qualify for those coveted zero-interest credit cards or loans. However, it doesn’t mean you won’t qualify for some credit. People with low credit scores need to do their homework to find the best installment loan for bad credit, but it’s not impossible.

Clear Payoff Schedules

When searching for installment loans online for bad credit, look for loan products that offer clear payoff schedules. These loan products differ from a personal line of credit and credit cards because they require the loan be paid in full within a certain time frame. Once the loan’s paid in full, the account is closed. The borrower doesn’t have the option to access the credit again unless they apply again. These loans are great for borrowers who need money to pay for unexpected expenses like car repairs, medical expenses, etc.

Receiving money Or other business expenses.

Small Loans

People with poor credit scores who need to borrow money often fare better looking for small installment loans. If you have a credit score that falls below 580, it’s unlikely you’ll qualify for a large installment loan. Larger loans often require excellent credit or collateral. Therefore, if you need cash fast, consider applying for an installment loan that doesn’t exceed $1,000.

Choose a Company that Specializes in Bad Credit

Often, people can’t find a lender because they’re trying to get a loan the traditional route. When you have a low credit score, you can’t go into your local bank and apply for a loan. These products aren’t for you. However, that doesn’t mean you don’t have options. Stick with companies that work strictly with bad credit.

There are numerous reputable companies that want to offer you a low-cost, low-risk installment loan for poor credit. These companies often offer a variety of products that include personal installment loans when you need a larger sum of money and smaller payday loans when you need a little help until payday.

When working with lenders who specialize in bad credit, do your homework. People who do their homework and choose lenders with a reputation for providing great loan products and outstanding customer service not only get the money they need but have a pleasant experience.

Do you have bad credit and are looking for an installment loan? Contact GetMoney.com today to learn more about payday loans, business loans, and personal installment loans for bad credit.

Personal loan

How to Find a Genuine Payday Loan Online

December 28th, 2018 by

Finding easy payday loans online is easier said than done. There are plenty of scammers and frauds out there who are trying to earn your business without looking out for your best interests. Payday loans can be incredibly helpful when you need help funding a financial emergency, so you need to ensure your loan is legitimate in order to avoid legal issues down the road. If you’re in search of an easy payday loan, keep these tips in mind to find a genuine payday loan provider in your area.

Do Your Research

The surest way to determine whether an online payday loan is legit is by researching payday loan lenders in-depth. You’ll first need to establish your timeline and how much you need. If you don’t have time to go through a lengthy bank loan process, then an online payday lender is a good go-to source for quick funds. To select the best venue for requesting a loan, read what people are saying on the web about certain companies, as customer testimonials can be extremely revealing when it comes to a business’s ability to provide stellar services.

Confirm Legitimacy

A legitimate payday loan provider that operates under the legal requirements of each state is essential if you want to avoid potentially severe financial risks and headaches down the road. Lenders need to conform with your state’s regulations regarding payday loans and be transparent with the fees, interest rates and terms of the loan. If an online deal seems too good to be true, it’s advisable to avoid them. Your lender must be willing to take the time to explain the loan in detail and more importantly, the explanation must match the documents they provide you.

Speak with Someone Directly

Having trouble finding enough information about a lender online? Contact the company and communicate with an associate directly to learn more about their services. A legitimate lender won’t hesitate to answer any and all questions you have, so don’t hold back. The quickest way to contact a lender is through the contact form or a live chat if they offer it on their website.

Loan

Personal Loan vs. Installment Loan: A Comparative Study

December 26th, 2018 by

Whether you’re in need of some money to help cover your new car, home, or something else, a loan can help you pay for costly expenses without plunging you into a cycle of never-ending debt. With so many different types of loans out there, you’ll have to do your research and learn which type of loan best suits your personal needs. When you’re applying for a loan, you need to be sure you’re working with a legitimate lender who’s working with your best interests in mind. Personal loans and installment loans both provide immediate funding, but have many differences that you ought to consider before applying. Let’s take a look at personal loans versus installment loans to help you decide which type is the best for you.

What is a Personal Loan?

A solid source of quick cash, personal loans can be taken out for any number of reasons. From paying for a wedding to covering the costs of a car repair, a personal loan provides you with quick and legitimate money. Your personal circumstances will influence the type of personal loan you eventually qualify for, so you need to be familiar with the varying types of personal loans and how they differ from one another and their pay-back periods. Most importantly, you’ll only want to apply for a personal loan that will lighten your financial load without creating money problems down the road.

What is an Installment Loan?

An installment loan is simply a larger personal loan paid back over a pre-defined period of time. Personal loans vary in repayment terms, interest rates, charges or fees and are categorized into secured personal loans or unsecured loans. Installment loans can be both secured and unsecured. They are normally paid off over an extended period of time with a lower monthly payment vs a short-term loan that helps balance finances without exposing you to high degree of financial risk. Online installment loans are normally based on the individual’s personal needs and credit history.

If you’d like to learn more about personal loans or installment loans, contact the experts at GetMoney.com to be connected with a trusted lender.

Loan Application

3 Good Reasons Why You Should Get a Personal Loan

December 14th, 2018 by

You open up your credit card statement and realize you spent way more than you thought last month. The prospect of paying off your balance is daunting, and the interest rate is way higher than you’re comfortable with. While rummaging through your other mail, you find a medical bill that you didn’t plan for and start wondering how you’ll be able to pay these bills off. Rather than pulling from your savings, one of the best options out there is getting a personal loan online. Here are 3 good reasons why getting a personal loan online may not be such a bad idea.

Consolidating Your Debt

Debt consolidation is one of the best uses of a personal loan. When a personal loan is used for debt consolidation, all other debts are paid off with the single personal loan. This enables the borrower to pay back the personal loan over time, which is often simpler and easier. Usually, this option is less costly month-by-month versus the insanely high credit card interest rates that are keeping many families stuck in perpetual debt.

Paying Off Unexpected Expenses

As we saw in the example given at the beginning of this article, one of the most common reasons for a personal loan is to pay off an emergency expense. Home repairs or medical bills that need to be paid off immediately can be thanks to personal loans. Simply use the money from your loan upfront and pay it back over time.

Vacations or Get-Aways

It’s safe to say that we all need a break sometimes, so why not use a personal loan to finance your vacation? This can be a great option for people who desperately need to get away but don’t have the money available for it right away. Just use the personal loan to fund the vacation now and pay it back later. While certain self-proclaimed finance moguls may frown upon this reason to get a personal loan, by our estimation your mental health is just as important as your physical health and taking a break could spell the difference between a mental breakdown and time to relax. Be calculated with this decision, but don’t disregard it completely if you feel it’s necessary.

Learn the Facts About Personal Loans

As you can see, personal loans have a wide range of uses. Two different types of personal loans that most lenders provide are secured and unsecured loans. A secured loan requires collateral, but the unsecured personal loan, sometimes called a signature loan, does not. For the unsecured loan, the lender is only concerned with your credit and income.

If you want to learn more about your loan options, contact the experts at GetMoney.com. Finding the best online personal loans is easier than you think.

Man With Money

An Overview of the Types of Personal Loans

December 11th, 2018 by

As you’re searching for ways to get easy payday loans online, you’ll likely come across many different types of loans. While quick payday loans might be best for you, it wouldn’t hurt to know about some of the various options out there.

Co-Sign Loans

If you don’t have much of a credit history and can find someone who has a good credit history, that person can co-sign for you. That means that he or she will repay the loan if you can’t which makes it more likely that you’ll get the loan.

Personal Line of Credit

This is actually like having a credit card. You simply borrow from this as you need to rather than all at once and then pay the interest on whatever money you borrow.

Credit Card Cash Advance

Your credit card itself can give you loans through a bank or ATM. You should be aware, though, that the interest rates are usually high for these.

Debt Consolidation Loans

If you have borrowed money from more than one company, this process can combine them all. This way, you only have to send out one bill instead of keeping track of several. It can get complicated if you have multiple loans going at once, so if possible, you should avoid doing this and only get one loan to start off with such as quick payday loans online.

Fixed and Variable Rate Loans

These terms describe whether your loan will have one consistent interest rate throughout the loan period or whether it will fluctuate based on benchmark interest rates. Variable rate loans generally come with lower interest rates, so these are generally better if you’ll be paying back the loan soon before the rate has time to change too drastically.

Secured and Unsecured Loans

Calling something a secured or unsecured loan is a way of saying whether the loan is backed by collateral or not. For instance, getting a loan from a pawnshop is a type of secure loan. If you get quick payday loans, that’s one type of unsecured loan, but you would usually repay this loan on the next payday instead of gradually over time. This is a good idea for a small loan, since it means you won’t be in debt for a long time. If you need a loan like this, contact GetMoney.com today so that they can help you get started.

Personal loan

Payday Loans vs Bank Loans: An Insight

December 8th, 2018 by

Payday loans and bank loans are not the same thing, and it’s important to be aware of their differences. Before you sign anything or agree to a loan, you should be aware of what it entails and what options you have available.

Payday Loans

A payday loan is both a short-term and high-cost solution. The effective annual percentage rate (APR) of a payday loan can be nearly 400 percent. That’s significantly higher than any personal loan that you might receive from a bank. Typically, a payday loan has to be repaid within weeks or months. Payday loans are designed for people that are cash-strapped and need money right away. If you don’t have a credit card or savings that you can dip into, a payday loan may be your go-to solution, but it’s not the only choice that you have. One possible benefit of a payday loan is that your credit often isn’t checked, so it may not impact your credit rating.

Bank Loans

Many people think of banks when it comes to giving out home loans or business loans, but there’s much more that a bank can do for you. Personal loans are frequently used for emergency expenses, and the interest rates are significantly less than a payday loan. Most short-term personal loans have a fixed interest rate and repayment period. The bank will check your credit history, and it could impact your credit score. As a rule, any negative affect on your credit score should be quite minimal.

Your interest rates will be largely determined by whether your personal loan is secured or unsecured. Secured personal loans have collateral, so the borrower enjoys a lower interest rate. Unsecured personal loans don’t require collateral. The result is that they have higher interest rates, which commonly range from 5 percent to 36 percent. As you can see, even those rates are significantly below 100 percent, much less the 400 percent of some payday loans. You can also borrow much more with a personal loan, making it a much better option for most emergency expenses.

If you want more details about personal loans, contact the financial experts at Get Money. There are many installment loans online for bad credit. You should be able to find something that suits your needs.

Personal loan. Calculator, dollar bills and pen.

Repaying Old Loans with a New Loan: A Detailed Analysis

December 7th, 2018 by

Digging yourself out of debt can seem like a daunting task, but luckily, you have a lot of options at your disposal when you try to work your way out of past mistakes. Keep in mind, however, that working yourself out of debt requires some smart decision making. If you misuse the tools at your disposal, you can undo your efforts to improve your situation and make things worse.
So how do you make personal loans work for you instead of against you when you’re trying to pay your old loan? Simple: take advantage of good situations when they arise and take the time to make the right calculations. Here are a few tips to help you do exactly that!

Know Your Interest Rates

Failing to know an interest rate is a common mistake people make when trying to get themselves out of debt. But when you’re dealing with similar sums of money, the interest rate is vital to deciding which loan you should pay off first. If you ignore a larger interest rate, you’ll end up paying more in the long run.
By the same token, if you have a loan of $10,000 at 6 percent interest and you can reduce it to 4 percent, you can save yourself a few hundred dollars over the remaining life of your loan. But if you don’t know what interest rate you’re paying, you won’t know if you can save money with a new offer!

Borrow a Little More

When you take out a new loan to repay an old loan, it makes sense to borrow a little extra to make sure that you can cover any fees. Some loans have prepayment penalties or other fees attached, and if you don’t borrow enough to cover them, you’ll find yourself a few dollars short of paying off your old loan. Having to make two different payments isn’t an ideal situation, and it’s best to avoid it if possible by knowing what you need to pay and borrowing slightly more than enough to cover it.

Borrow What You Can Repay

Being honest with your finances can help you avoid compounding past mistakes. Make sure that you borrow only what you’re sure you can repay over the course of the loan. If you’re not certain about your finances, refinancing might not be right at this time.

Achieving financial success isn’t something that happens overnight but using personal loans responsibly can speed up the process. By knowing the facts and being honest with yourself, you can make a loan work for you and help you get out of debt, permanently!