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How Your Credit Score Affects Your Loan Chances
Have you ever wondered what affects your chances of getting a car loan, home loan or a personal loan? One of the biggest factors is your credit score. So what exactly is your credit score? Here, we will explain the important role that a credit score plays in determining your loan approval chances.
How are unsecured personal loans obtained?
Under unsecured loans, also known as signature loans, no collateral is needed. The loan amount varies depending on how creditworthy you are. The better your credit score, the better the rate. In order to apply for an unsecured personal loan you normally need proof of income, residency in the United States, and a Social Security number.
How does APR work? Are interest rates and APR the same thing?
- The interest rate charged on a personal loan is referred to as APR, or annual percentage rate. The APR numbers can differ, but they will always have a maximum of 35.99%. APRs usually range from 5% to 30% with online personal loan lenders. Different factors like credit score, income, and financial history will determine the APR of your loan. The quoted APR includes any related fees.
- You pay interest if you borrow money from an online lender. Since the APR includes all fees as well as the interest rate, the APR is an accurate representation of the cost of the personal loan.
What are the effects of personal loans on your credit score?
Loans for personal use generally don't harm your credit score. The credit score can actually be improved by a personal loan as long as you make regular payments and pay within the loan's terms.
Would a personal loan be available for investing?
You can do that, but maybe not for the best. Borrowing money on a personal loan is already incredibly risky in its own right. It takes a long time to get to the level of skilled investors who take loans out on personal terms. Sometimes even these people don’t succeed.
Could I receive a personal loan quickly?
Occasionally lenders allow you to apply by a certain cut off time, and your application may be approved the next business day instant. This may delay the process a few days if extra verification is needed or if you are required to visit a branch location. Usually, the lender will let you know the turnaround time upfront.
For my personal loan application, what do I need?
It's much easier than you'd think to apply for a personal loan. The applications usually do not require much information about you and require just a couple of minutes to complete. Typically, loan applications ask for your name, address, phone number, AND basic information about your credit history, your income, and your financial history.