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Title loans, car loans, home equity loans; all of these types of loans have something in common: they involve putting an asset – something you own that’s worth money – up for collateral in order to secure financing for a loan. If you don’t have collateral, or you don’t want to put something up as collateral, how can you go about borrowing money when you need it? – With a signature loan.
Signature loans, which are also commonly referred to as character or good faith loans, are personal loans that are funded by banks, credit unions, or other financial institutions. Instead of using an asset (your house, car, or anything else worth value that you already own) as collateral, with a signature loan, your signature acts as collateral. Typically, the money secured by this type of loan can be used for anything; however, interest rates may be a bit higher because you aren’t putting anything up as collateral. Additionally, because you aren’t using collateral, financial institutions will usually take your personal information into consideration when determining whether or not you qualify; your credit history and employment history, for example.
If you’re thinking about taking out a signature loan, please continue reading to find out more information.
Signature Loans Online
Traditionally, applying for a signature loan involves visiting a bank, a credit union, or whatever other financial institution you intend on borrowing money from. You would sit down with a loan officer, fill out an application, your application would be reviewed, and, based on the information you supply, your eligibility would be determined.
Thanks to the internet, the process of applying for a signature loan has changed; much like anything else you can do nowadays, you can also apply for signature loans online. In other words, the entire process – from application to approval – is done right on the internet. The primary benefit of applying online? Convenience.
There are several reputable lending institutions that offer signature loans online, including:
• Lending Tree
• Marcus by Goldman Sachs
• Lending Club
Signature Loans Bad Credit
Since signature loans aren’t backed by collateral, financial institutions usually determine if they will lend money based on an applicant’s credit; the better your credit, the greater your chances of being approved for a loan. However, given the fact that so many people are struggling with bad credit these days, more and more financers aren’t weighing credit as heavily when determining whether or not applicants are eligible. Instead, they’re looking at work and income history; the longer you’ve been working with your employer and the more stable your income is, the better your chances of securing a loan.
Some of the different companies that offer bad credit signature loans include:
• Cash USA
• Bad Credit Loans
• Personal Loan
• Lend Up
• Green Day Online
Signature Loans Near Me
While applying for a signature loan online is certainly easier, you may prefer the idea of actually working with a lender in-person. Applying for a signature loan at the actual facility where you will be borrowing money from offers definite advantages. It gives you the opportunity to present yourself, meet loan offers, have any questions that you may have answered, and gives you the chance to receive guidance.
If you’re interested in applying for signature loans near me, consider working directly with your own bank or credit union, as most of these financial institutions will provide this type of financing. If your bank or credit union doesn’t offer signature loans, you can simply search “signature loans near me” on Google or another browser, and you’ll be bound to find several locations in your area where you can apply for this type of loan.
Signature Loans No Credit Check
As mentioned above, many lenders that offer signature loans are no longer weighing credit history as heavily as they once did; however, while it’s easier than ever to get a signature loan with bad credit, you may want to avoid the worry of having your credit checked at all. Fortunately, there are a lot of reputable organizations that do offer signature loans and do not require credit checks. Some of the different companies to consider working with include:
• Insta Loan
• Bridge Payday
• King of Kash
• Lending Tree
• Lending Point
Do not, however, that while there are certainly options for signature loans that do not involve credit checks, you will have to be able to prove that you have a stable source of income; as such, the better your work history is (the longer you have been with your employer), the better your chances of being approved for a loan will be.
Signature Loans Direct Lenders
When it comes to signature loans, there are more options available today than there ever have been before. You can easily apply for these types of loans online, and while there are certainly plenty of reputable companies to work with, many of them aren’t actually the lender you will be working with; in other words, many companies act as a facilitator or a “middle man” of sorts between borrowers and lenders. You fill out an application, the company collects your information and distributes it, and then matches you up with lenders that will most likely approve your loan. While this can certainly be effective, some people aren’t comfortable with it. The idea of having personal information distributed online to various entities can be quite off-putting.
If that’s the case for you, applying for a signature loan with a direct lender may be a better choice for you. With a direct lender, as the name suggests, you work directly with the lender that you will be borrowing money from. Every step of the loan process is completed with the same company; the application, submission, review, approval, distribution of funds, and repayment. Plus, since you’re working with the same entity throughout the entire process, your money can be distributed faster. Some of the organizations that offer direct lender signature loans include:
• Lend Up
• Cash Back Loans
• Bridge Payday loans
• Online Personal Finance
FREQUENTLY ASKED QUESTIONS
How To Get Started?
All you have to do is to click “Apply Now” and follow the instructions provided. You need to provide your details and other required information on the online form. Once you have completed the form, submit it and wait for the results. The application process would only take a couple of minutes. You will receive a notification once results are in.
What Are Unsecured Loans?
Unsecured loans are fairly common source of funds especially if you have no collateral to provide. These types of loans requires no collateral and are easier to obtain compared to secured business loans. It is primarily backed by the borrower’s creditworthiness. Unsecured loans have high interest rates since it is not backed by a collateral.
Do I Need A Guarantor?
Typically, applying for such loans require a guarantor if you have bad credit or thin credit line. Since unsecured loans require no collateral, it would be risky for lenders to have no added assurance. However, if you have established a good credit history, a guarantor is no longer necessary.
How Fast Can I Get The Funds?
Using our online lending solutions, you can have the funds deposited to your account within minutes. Unlike traditional lending processes, you don’t have to visit banks or lending centers to get the funds you need. Once you’re approved for the loan, the funds you have requested is automatically sent to your account. You can have it in as fast as 15 minutes.
Is There Any Complicated Requirements?
No. Since it doesn’t require you to provide collateral, there’s no other document needed from you except a proof of income or employment certificate. There’s no need to provide any complicated documents or requirements for you to apply for a loan.
What Happens If I Miss My Payment?
There are times that people miss their payments. We understand. Some lenders tend to be lenient for 1 to 2 months. However, intentionally failing to make payments can have serious consequences. The lender may demand additional fees or charges. Worse, it can severely affect your credit rating.
What If I Lied On My Application?
Lying on your loan application is not recommended. If a lie is caught, the lender has the full authority to void your loan agreements entirely. You may also face additional charges or fees. Falsifying documents could also lead to serious offenses.
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