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Your 7000 Dollar Loan – The Loan Process – Other Money Sources

Personal Loan Information

If you have never taken out a personal loan before, you might have questions that need answering. Take a minute to read the information below and satisfy your curiosity about getting a loan when you need 7000 dollars or more.

Getting Your Loan Quote

When entering your personal information online, your first concern should be security. You want to make sure that your information is secure. According to Javelin Strategy and Research, over 16 million people were victims of identity fraud in 2017.

This is why you need to deal with websites that take your security seriously. Notice the lock in the address bar of this website. It means that the website is secure. The loan form also uses 256 Bit SSL Technology to protect your data. All of this means that we care and our lender network cares about your security.

Step One: Enter Your Information

Now that you know that the site is secure, you can enter your information on the form above. It just asks for some very basic information. First, the amount that you would like to borrow and then your contact information, income information and finally your bank account (so your lender can deposit your money). Double check your information before submitting the form to make sure that it is all correct. Inaccuracies could delay your loan.

Step Two: Submit Your Information

Once the form is complete, you can agree to the terms and submit your request to the loan network. The information will then securely go to the loan network for consideration.

Next comes the big benefit of using a multiple lender network instead of a direct lender. The quote form will go from lender to lender until one is found that wishes to make you an offer. With a single direct lender, one denial and your all done. With our lender network, after a denial, your info just goes to the next lender. This happens quickly and automatically making this method the fastest way to get an approval.

Step Three: Review Your Offer

If approved, your lender will send you the information on your loan offer. Be sure to pay close attention to the details of the loan including the payment, loan term and total cost of credit. All loans must come with this information whether you are borrowing $400 or borrowing $8000 or more.

Take all of that information into account before you decide to accept it. If the loan fits into your budget and the cost is something that you are willing to pay, accept it.

Step Four: Accept Your Offer

If you have determined that the 7000 dollar loan offer will work for you, accept the offer. Your lender will then finalize the loan. They may require further information or they may begin processing your loan right away.

Proceeds from a loan can often be deposited directly into your account as soon as the very next business day.

Other Money Options

You may have other choices besides a personal loan for $7000. Before committing to a loan, why not look at other ways to get the money.

401K Loan

If you have an employer retirement account, you may be able to borrow from it. If you choose this route, the payments on the $7000 loan will be smaller than a personal loan and the interest will be paid back to yourself. It is a great way to get money to pay for an emergency or other large expense.

The downside to a 401K loan is that you are limited by the amount that you have in the account. If you have only been with a company for a few months, this option may not be available to you.

Another drawback is that it can take a bit of time to get your money. You have to work with your account administrator and they do not all work quickly.

Finally, if you lose your job or quit your job, the entire loan becomes due. You will have to pay it back within 60 days in that case.

Selling Property

Most people will not have seven thousand dollars just sitting around in the form of property but you might. An unused car, boat or utility vehicle can yield you thousands of dollars. If you have such property, consider whether you truly need it or could do without.

Even if the sale of property does not yield you the entire 7000 dollars that you need, it might yield you a portion of it. That could reduce the amount that you need to borrow. A $5000 loan, for example, would be a lot easier to qualify for with bad credit.

Borrow From Friends

Not the most desirable option in many cases but if you can swing a free loan from a family member, it has a lot of advantages.

Mainly, you will avoid all of the fees and interest that come with a traditional loan. If you have bad credit, these costs can be very high so if you can avoid them, by all means do so.

If you do decide to borrow from friends, just be careful to keep your friends feelings in mind. Pay the money back just as soon as possible.

Improving Your Credit

A final option, if you can wait is to improve your credit before you get a loan. There are several things that you can do to greatly improve your credit in as little as 6 months.

Make On Time Payments

Accounting for about a third of your score is on time payments. If you have some slow pays, start paying your bills on time now and your score will gradually improve

Lower Your Credit Card Balance

You want your credit card balance to be below 30%. If you cant reach that level, you will get incremental benefits as you lower your balance. Lower your balance from 90% to 80 %, for example, and you will get a benefit.

Dispute Inaccurate Information

If you have bad credit, some of this could be a result of inaccurate information. Pull your credit report and dispute anything that is not supposed to be there. It will take about three months to see the result of a dispute.

Pay particular information to the status of accounts. If you have paid one off, make sure that it is marked as such. Also look at your inquiries. These stay on your report for 2 years but affect it for only 12 months. Still, if any are there that you did not authorize, dispute them.