Personal loans for good, regular and affected loans
There are online companies that help people obtain necessary cash when they have no other means of financing. People often need quick money for repairs or unexpected expenses. If your credit rating has been affected by previous financial problems, you may not qualify for traditional financing.
For example we have the company CrediterLoans that offers an alternative for those applicants. The company gives people with regular or bad credit an opportunity to prove their ability to repay a loan and rebuild their credit rating while providing the funds they need.
The entity offers three types of personal loans online : installment loans, bank loans and peer-to-peer loans. Installment loans come from other financial companies and lenders, while a bank loan is financed by a traditional financial institution. Peer-to-peer loans are financed by individual investors or companies.
Personal loans online up to $ 35,000
CrediterLoans offers loans from $ 500 up to $ 35,000. Not everyone will qualify for the maximum amount, which is based on income, credit score, and other factors. The APR also varies depending on your credit, the loan you choose, as well as the amount you wish to borrow. Due to the fact that the company CrediterLoans connects you with specific lenders that match your criteria, the APR for which you will qualify can vary a lot. The percentage, generally fluctuates between 5.99% and 35.99%.
One of the benefits of CrediterLoans is the flexibility of terms. The loans can be set from six months to 72 months, depending on the specific loan, the borrowed amount and the applicant’s credit history. There is no advance payment penalty and the reimbursement can be made once or twice a month. Origination fees vary between 1% and 5% per loan, depending on the type of loan you receive.
Profile of the borrower
As a borrower, you must be 18 years of age or older and a US citizen or permanent resident. You must also have a social security number and a regular income. This can be employment, self-employment, retirement or disability benefits. A valid checking account is required from most lenders, since that is the way the funds will be transmitted.
Although CrediterLoans is designed for people with lower credit scores, however, you may not have had any account with delayed payments for more than 60 days or a recent bankruptcy. No recent charges or collections are allowed and you should not have a pattern of late payments.
Other specific requirements vary depending on the type of loan you obtain. For a peer-to-peer loan, for example, you need a credit score of at least 600 with $ 2,000 or more in verifiable income. A credit score of 580 or higher is necessary for a installment loan, while a personal loan from a bank requires the same minimum credit score, but at least $ 3,000 in monthly income.
Although a bad credit score may be the result of previous problems with credit, lenders want to see that these problems have been overcome and that they are now making their payments on time. Even when you improve your payment habits, your low credit score can stay with you for several years. CrediterLoans reopens the door to credit for many borrowers looking for a personal loan with bad credit.
Loan application process
When submitting an application, the first step is to determine what type of credit you have. You fill out a simple form on the company’s website, indicating how much money you need, the reason for the loan and how your credit is. In addition, you will have to provide personal information about where you work, your income and banking information. This includes your social security number, employer and other details.
Once the loan application is received and paired with several lenders, the lenders review it to determine its approval. Normally an initial approval is given in a few minutes. The lender verifies the information in your application to make sure it is accurate. If something differs, they can ask for clarification or they can deny the loan. The whole process usually takes less than a day.
If you are matched with a lender, you will receive a loan agreement, which details the terms. This comes directly from the specific lender that actually provides the funds for the loan. In this agreement you will see how much you have been approved, the term for the reimbursement, your monthly payment amount, as well as the interest rate.
After accepting the terms of the loan and signing the agreement, the funds are deposited into your bank account. You can then set up an online account in the account center (The account that I created with them when registering). You can log in to the account center and update the information and review your payments and other data. You can even request a new loan in the account center with your information that is already on the list.
Once it is approved
The funds are deposited in your bank account within one to five business days, depending on the bank’s process and how quickly you sign the agreement. Because CrediterLoans is a matching service instead of a direct lender, fees and charges charged for late payments and other situations vary depending on the lender. You can expect to pay some fines if you are behind in making a payment or if you have a returned payment. Each of the lenders allows payments to be made through electronic funds transfer or through online payment.
You can also pay by phone. Most payments are established monthly or bimonthly, but other arrangements can be made through the lender directly.
Instead of lending money directly, CrediterLoans connects borrowers with lenders. This allows you to have more options and without having to apply with each lender individually, saving time and hassle. It also allows you to find out for what type of loan you can qualify much faster than approaching different types of lenders one at a time. Since CrediterLoans offers three types of loans, they can approve a greater number of applicants. Each type of loan has its own requirements, and if the person does not qualify for a loan, they can try for a second type.
History of the company
CrediterLoans is a service that matches people with lenders and provides different financial products to their users. Consumers may qualify for a peer-to-peer loan, a installment loan or a bank loan. The company handles the requests and compares them with the lenders that can meet their needs.
Before taking out a personal loan
Before accepting a loan from CrediterLoans or any other lender, you should think about your decision. It will have an impact on your budget and life for several months, if not years. Accepting a loan is an important decision that should not be treated lightly. Remember, it is a commitment to return what is owed. Start by following these quick tips.
Make sure you need the money
Before choosing a loan, you must first decide if money is an absolute necessity. If you can find another way to get the money, such as borrowing from a family member, it may be better than taking a loan. If you can postpone the purchase until you have cash, that is an even better alternative. Only if you absolutely need the funds now for an emergency is it a good idea to take on more debt in the form of a loan.
Get the best available offer
Do not settle for the first offer for which you are approved. Take the time to review the multiple offers and compare the details. For example, compare APR and terms, as well as the monthly payment amounts. Consider the total cost of each loan, as well as how much you can pay each month to determine which offer is best for your situation. Make sure you understand the difference between a private loan (Peer to Peer), a installment loan and a bank loan to determine which option is the best.
Continue working on improving your credit
Obtaining a loan with bad credit is possible, even if it is a bit more difficult, especially since you will pay a higher rate of interest than someone with good credit. Once you obtain a loan for bad credit, you must work to improve your credit rating. Make payments on time each month and add other positive information to your credit account. As you earn new positive accounts, it will help improve your score. This allows you to qualify for better interest rates on loans in the future. In some cases, you may be approved for a lower interest rate on a loan that would allow you to repay your current loan. The result is to save money in the long term and reduce your monthly payments.
Getting a personal loan should be a well thought out decision. Determine if you need the money now or if you can wait for your credit to improve. Review your options and make the right choice on the best loan for you. Always make sure you do not take on more debt than you can afford or it will only make things more difficult later along the way. By continuing to improve your financial situation, you will have more financing options to finance with the best rates and terms in the future.