When you need money quickly, you want to understand how much money on credit you may have available. This is especially true when you have bad credit. In this case, you probably will not be able to count on a large and generally any loan from banks. Therefore, wanting to solve the problem you naturally want to know how much money you can get with a personal loan that allows you to make a request without checking your credit.
What is a personal loan?
Personal loans are usually loans with a fixed annual interest rate and a simplified procedure for processing. Most often, these loans do not involve collateral and offer small amounts of loans starting at $ 500. However, depending on the creditworthiness of the borrower and some other conditions, amount of personal loan available when you apply for a personal loan can reach up to 100 thousand US dollars.
The purpose of a personal loan can be any expenses most often without restrictions, at the discretion of the borrower. They can be used for making small and large purchases, or for paying or combining other loans. Lenders do not limit the borrower in where he will spend a personal loan. Moreover, most lenders who offer personal loans do not even produce a strict credit history check. They rely mainly on the current regular income of the borrower and his overall financial condition to secure a return on credit.
How do lenders determine to whom they should give a personal loan?
The first of the criteria for determining whether to issue a personal loan to an applicant is that he has enough regular income. The next criterion is the ratio of income and debt of the applicant. This takes into account all existing obligations of the borrower. This ratio affects the amount of personal loan available for him and its validity. If the monthly payment does not exceed about 10% of the total income of the borrower, then such a loan will most likely be approved by the lender. Depending on the credit company and the conditions in which the applicant for a loan is located, this percentage may vary.
In addition, the lender takes into account many parameters, considering the request of the applicant for a personal loan. They can include career, education, the purpose for which funds are needed, the condition of the loan, and others.
If you know that you have a bad credit or your credit score will probably not be enough to get a larger amount of personal loan available, then you probably wondered how you can raise your credit rating. Our company specializes in loans, so our experts have all the information about the possibilities of obtaining loans and improving creditworthiness. Thus, we can give you some general recommendations in this situation until we know your specific conditions in which you are. No matter what credit rating you already have, cover your credit card expenses on time to increase your credit score.
In case of an urgent need for a loan use any of your valuable assets as collateral to secure the loan and obtain better conditions, including a lower annual interest rate. Find an opportunity to receive more income, also, close a part of debts to improve the ratio of income and liabilities on loans, utility and other payments. This improvement will increase your credit score and increase your credit worthiness.
Keep your credit under control
In order to keep your credit under control, know your credit rating. You can get a credit report from several credit bureaus such as FICO, Equifax, TransUnion, VantageScore, and Experian. It is free for you and will allow you to clearly understand your current position. A credit score value above 720 is an excellent indicator, which opens up many opportunities for you to get credit when you need it.
But the number of credit points less than 629 is considered as a bad credit rating, so with such a rating it will be difficult for a borrower to get a loan or a fairly good loan condition. In addition to credit score lenders will study your credit history. The presence in it of unpaid bills, overdue payments on loans or a big difference in the balance of credit cards between the credit limit and the residue of the card.
Have a clear idea of your expenses
Making and sticking to a monthly, weekly and daily budget is an excellent, effective tool for monitoring your finances and improving your credit rating. In addition, you will need such detailed information about your expenses when applying for a loan. This will speed up the process of consideration and decision making by the lender, helping him better understand all the nuances of your financial situation.
How much money can I get by a personal loan?
This question can be answered unambiguously when your living conditions, credit history and all the other factors listed are specifically considered. None of the factors we talked about will be ignored by the lender when deciding whether to lend to you. Start comparing loan offers and lenders right now on our website online, filling out a loan application and providing all the information in it. After filling out the application the decision of the lender usually comes in a few seconds.
We work with many credit companies, so within a few seconds you will be able to receive a lot of offers from lenders and start comparing them. To apply for a loan you must be from 18 to 65 years old, you must have a confirmed regular source of income, a bank account and a mobile phone with the ability to receive calls and short messages.
This process will not be difficult for you, thanks to our help, and it will not take long. Our experts are always ready to help you decide on the most suitable loans for you. You can read all the information in our blog or email us and get answers to your questions.