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THINGS TO DO BEFORE APPLYING FOR AN UNSECURED
PERSONAL LOAN
Before you apply for an unsecured loan, you may want
to consider these alternatives:
home equity loans,
borrowing against your 401k or even a
credit card.
However, if none of these options are available to you,
follow the tips below before you apply.
Get more information about
how unsecured loans work.
Get a copy of your
credit report!
In order to make sure that you receive the best rates
possible for your loan, you need to make sure that all of
your information on your credit report is listed
correctly. If there are errors listed, you need to
dispute them. View a
sample letter of dispute.
Do your homework!
Call up your local banks and find out what the
current interest rates are and compare the different
terms. Find out if the interest rates are fixed or
variable and what the rate cap is. Also find out if their
are any annual fees involved. If you belong to a credit
union, we also suggest you contact them as well. Then
contact Star Loan Services with your findings, we are
confident that we can meet or beat any offer that has
been made to you.
Contact us!
Before you
apply for your personal loan, we invite
you to
contact us! Tell us about yourself and what your
needs are. This will especially be beneficial to those
with bruised credit histories. Allowing us to understand
the reasons for your poor credit will help paint a
picture of what kind of person you are personally, not as
your credit score portrays.
When disclosing your purpose of your loan we recommend
that you be as honest and forthcoming as possible! We may
be able to provide you with a loan option that you have
not thought of. For example, if you are looking to use
your
unsecured loan to buy a motorcycle, you may be able
to use the motorcycle as collateral. Securing your
personal loan
in this manner will also allow you trim down your
interest rate.
Determine how much to borrow!
Use the
personal loan calculator to determine what you can
expect for payments with different interest rates, loan
amounts and terms. This will help you determine what you
can afford.
If you have bad credit or no credit...try and find
someone to co-sign for you!
Having a cosigner will always increase your chances
of approval. Learn more about
loan cosigners.
More tips to follow....
Don't fill out applications all over the Internet.
Every time you get
declined for a loan, you lower your
credit score. Also, filling out applications as several
sources will make you look desperate, all but eliminating
your chances for approval.
It would also be a good idea to check out credit card
rates before you apply. You may be able to get a good
deal on a low rate card. Check out the
Orchard Bank Credit Card. This card is designed for
people with bad credit. Visit the
bad credit credit card offers section.
A good idea would be to try and
save money so that if you
have a need for extra money, you have it available.
More credit tips...
Did you know that
identity theft is the number one
crime in America?! Getting a
copy of your credit report every year will help you
spot identity theft early.
Are you ready to
deal with a financial crisis? Features tips and advice
that will help you through your hard times.
Related Reading:
-Pre-Mortgage
Application Preparation - Tips to follow before submitting a
home loan request.
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