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If you have any assets that you can use as collateral to secure the loan, you will most likely get a better interest rate. The downside to this is that if you default on the loan, you are putting your personal assets at risk . This is another reason it is important to be certain you can afford the loan payments.
A startling number of loans are rejected every day simply because the applicant did not provide all the required financial documentation. Even worse, the loan underwriter may charge you a higher interest rate because he or she did not know your complete financial picture. Be sure to gather important paperwork like tax forms, checking account statements, deeds, title and everything else that the lender requires. Do not submit an incomplete application.
Applying for a personal loan can be a little bit stressful, but getting a loan can be a huge help when you need it. Even though you may feel like you are at the lender’s mercy, you really are not. You are the consumer and if a lender wants your business bad enough then that lender will work with you to come up with a good loan deal. Just be wary of lenders who use high-pressure sales techniques. Be certain to base your borrowing decision on facts that make good financial sense and not on a sales pitch.
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We are really working on making our credit score PERFECT for when we buy our house. Every little thing helps!
I would add that you should be very aware of your own cash flow situation. You want to make sure that you have enough income in order to repay the loan on time.
If you’re going to be applying online for loans, or anything that requires your social security number, make sure the site is reputable. Check backgrounds and make sure the link on the bottom is the correct site.
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I feel like a bad pf blogger – I still have not gotten around to looking at my credit report/credit score. :S Brian has though!
now is as good a time as any! I would be worried about errors, because fraud you would have been warned otherwise.