By “personal loan,” we don’t mean borrowing money from your rich uncle, or anyone else you know “personally.” The term refers to loans that don’t require collateral or a guaranty of some kind to obtain them. Such loans (called “unsecured loans”) come with interest rates and terms based on the borrower’s credit score, and are to be repaid in the short term, which generally means within a few months or years.
Once approved, you’ll be qualified to receive a loan anywhere from $15,000 to $250,000. We’ll negotiate the best rates to lower your monthly expenses, raise your quality of life, and restore your financial peace of mind. How good will it feel to live without debt? Get pre-approved and find out!
There are many reasons for obtaining a personal loan, whether it’s to consolidate debt, make home improvements, or to cover a sudden expense. But just because you might want or need a loan doesn’t necessarily mean you should get one.
Since collateral is not required to obtain a personal loan, you must first meet a lender’s credit and debt-to-income ratio requirements. A low credit score may render you ineligible to qualify for a loan, or yield a loan offer with such a high interest rate and repayment terms that taking on the added debt proves counterproductive.
In the absence of a strong enough credit score, or low enough debt-to-income ratio to qualify for a personal loan, it’s usually best to focus on rebuilding your credit score before taking on new debt.
With a credit score below 670, you might want to strengthen your credit before applying for a loan.
Begin by assessing your on-time payment history, and the amount of credit you use relative to your credit limits. These are the biggest factors affecting your credit score.
Buttressing your credit score can give you a better shot at obtaining the best terms possible on a personal loan. For more insight into improving your credit score, review the eight ways to build your credit score fast, as suggested by NerdWallet.
A personal loan can help relieve your debt load and cover unexpected costs. But carefully consider your options before choosing a lender, which means finding the lowest rates, borrowing only what you need, and promptly submitting your payments.
And if a personal loan proves to be less than a perfect option, don’t panic. Level Financing offers a powerful alternative.
Even with less than perfect credit you can still maximize the advantages of a personal loan, particularly when your goal is to wipe out your credit card debt.
Level Financing’s unique Debt Consolidation-Settlement Loan,™ combines the advantages of a personal loan with the traditional debt settlement process, lowering your total debt amount and allowing you to pay it off in a single, lump sum.
This hybrid solution leaves you with only one monthly bill to worry about, and empowers you to become debt-free in just 6 to 12 months. Find out if you qualify.
Since 2009 Level Financing’s experienced credit counseling experts have helped more than 20,000 people climb out from under the oppression of credit card debt.
Our fully accredited debt relief experts are here when you need us, offering customized debt relief solutions and personalized customer service to help guide you toward achieving the debt-free lifestyle you deserve.
Call us at 888-619-1770, or simply click below to begin your journey to financial freedom.