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Personal Loans 101
If you have never taken out a personal loan before, you might need some information. Here is what you need to know about getting a loan.
The Quote Process
First, lets take a look at what you can expect from the quote process. It is very straight forward with just a few steps and only minimal information is required.
- Fill In Your Information
Take just a few minutes to enter your information on the quote form above. First, you will select how much you would like, in your case you need 6000 dollars now. Then it will ask you for basic contact information such as name and address. Next, you will need to input your income information.Income does not have to be an actual job, just any money that you receive steadily. Wrap it all up by entering your bank info so that your lender can deposit money in your account. Everything is secure so your information is protected.
- Submit Your information
When you have finished entering your information you will need to agree to the terms. Then, you can submit your information and it is securely sent to our loan network. In most cases, it takes just a minute or two to get your answer.
- Get Your Offer
After a few minutes, if you are approved, you will receive your offer. You will either be sent the offer directly or you will be redirected your lenders specific site. We can not guarantee that everyone will be approved but your odds are pretty good since we have so many lenders in the system.
- Review Your Offer
Once you have your offer, you need to review it thoroughly. DO not simply look at the payment, also look at the total cost of the credit. You need to know what the loan will cost once you have completely paid it off so that you know whether it is worth it for you.
- Accept Your Loan
If you agree with the details of your loan, you can accept the offer. When you do, your lender will begin the process of sending you your money. In some cases, they may need to contact you first or receive some clarification.
- Get Your Money
All that is left is to get your 6000 dollar loan and spend it on whatever you like. You can use your money at your discretion.
Getting $6000 With Bad Credit
Working with bad credit is never easy but it is possible to get a loan if you need 6000 dollars now. The key is to get in front of as may lenders as soon as possible so that you can find one that is willing to work with you.
This is why it is better to go with a loan network over an individual lender when you have poor credit. With our network, your quote will go from lender to lender until one is found that wants to work with you and make you an offer. Since every lender has different standards, this is important.
With direct lenders, if you do not meet the requirements they have set, you are denied and that is it. Your quote does not move on, it just stops.
Spending Your Loan Money
When you have your loan money, you can do with it as you wish. This is because it is an unsecured loan. The lender has no claim or lien on the property that you buy with the money.
This is in contrast to secured loans such as auto loans where the lender has a lien on your property until it is paid off. With a secured loan, you can only use the money on the piece of property stated in the loan contract.
So, what are people spending their money on? Just about everything. Credit card consolidation is a big one. You can take your $6000 and pay off several credit cards and have one payment, hopefully with less interest. Other purchases people make includes things like wedding rings, four wheelers and even puppy dogs.
A Word On Bad Credit
Bad credit is something that many people live with but this does not have to be the case. Getting good credit is not a mystery, in fact it is a formula, literally. Here are the two biggest factors in the credit formula.
On Time Bill Paying
The biggest thing that you can do to improve your credit score is pay your bills on time. If you have a 30 day or worse yet a 60 day slow pay on your credit it can be devastating. Counter this by paying your bills on time and you can start seeing improvements in as little as 3 months.
Low Credit Card Balances
You need to show that you can use credit responsibly. You do this by keeping your credit card and revolving debt balances low. Under 30% is best. 30% is not the magic number though, you can get credit score increases as you lower your balance. If you are currently charged up to 90%, for example, you can get an increase in credit for dropping the balance below 80%. You can get another increase dropping the balance below 70% and this continues.
A good way to lower your balance percentage without even paying any extra money is to ask for a credit card limit increase. If you have a $1000 card charged up, you are at 100%. Get a $500 increase and your balance drops to 75% without paying anything down.
Get the above two things in check and your credit score will increase dramatically. Then, the next time you take out a $6000 loan, you might be amazed at the rate that you get.