Ready For That Offer
So How Does This Thing Work
First, you should know that Loan Monkey is not a direct lender and this is a good thing if you want to get a fast approval. When you work with a single direct lender, you are asking for a loan from one lender at a time. This means that your odds of approval are less compared to working with a network containing lenders that can work with all types of credit. At Loan Monkey, we give you access to a huge loan network which works in your favor.
Getting Your Offer
It will take just a few minutes to get your loan offer for 12000 dollars.
First, you need to enter some basic contact information about yourself and prove your identity.
Next, you need to tell the lenders about your source of income. It does not have to be a job, it can be any money that you get consistently.
Finally, enter your bank information so that your lender can get you the money you are requesting and you are done. Now just hit submit.
Once you hit submit, the form goes off to the network and if approved, you will be directed to the lender making you an offer for the 12000 dollars that you need.
When you arrive at the lenders website, you will be given all of the details of your loan offer. Be sure to review the terms carefully, particularly the total cost of the loan and the APR. Make sure that the terms are agreeable to you and that you can afford to make the loan payment or payments.
If everything looks good, just accept your loan and you could have the $12000 in your account as soon as the very next day. If you do not like the offer, just turn it down because you are under absolutely no obligation.
Getting Your Money
If you accepted your loan, your lender will go about finalizing everything and will get you the money you requested just as soon as possible. This can be as early as the very next business day. Because they will electronically deposit the money in your account, it should be available for immediate use once it reaches your account.
Improving Your Credit Worthiness
If you did not like your loan offer, you need to work on one thing, your credit score. Your credit score is responsible for deciding how much interest you are charged, what kind of job you can get and even how much you pay to insure your car.
Yep, even your car insurance rate can be worse with bad credit, it could be costing your 200 dollars or more in a year.
If you do not know your credit score, the first thing that you need to do is go sign up for a free credit service like Credit Karma or Credit Sesame. They will market at you a lot but they offer a free service that you can check and get an updated score weekly.
Once you check your score, if you are not where you want to be, there are many things that you can do to change it. Here are the top ways to improve your credit so that net time you need a 12000 dollar loan, you save 2000 dollars or more in interest.
Pay Your Bills On Time
This makes up a full one third of your credit score. A single 30 day late pay can seriously tank your credit score. If you have a few late pays on your report, the only thing that can cure it is time. Pay your bills on time from now moving forward and you should start seeing your score slowly climb out of the basement. It might take 6 months for you to start seeing small results, but do not get discouraged, keep at it.
Get Those Balances Down
This is the second biggest player in your credit score. It makes up about 30 percent of the score you see. If you have all of your credit cards charged up you are a bad risk for a lender. Get those balances down just as low as possible. Below 30 percent is the benchmark but the lower your balances, the better your score. Take them from 80 percent to 70 percent and you will see an increase. It is incremental, not an all or nothing thing.
The Little Things
The above two factors reign supreme but there are some other little things that affect your score. Keep inquiries to a minimum, try to have a variety of different credit accounts and maintain those older credit accounts to increase your average age of credit.
Getting a 12000 dollar loan is not terribly different with the help from a loan network like hours. You must be sure that the cost of the credit is worth it though and that you can afford the loan payment. If you can not afford the loan, turn it down. If the $12000 is going to cost you $25000 after interest, consider turning it down.