What is a Personal Loan?

A Personal Loan is generally an unsecured loan that can be used to meetany financial need. Since it is an unsecured loan, it generally does not require collateral as security to avail the loan. This type of loan can be used for varied reasons like home renovation, education, travel, electronic purchase, marriage purpose, in case of medical emergencies, and business purpose or debt consolidation.

Documents Required

Here are some of the documents required  personal loan:

Proof identity

• Driver’s license
• Social security number
  State ID
• US citizen

Proof of address

• Utility bill
• Lease agreement
• Voter registration
• Change of address confirmation from the U.S. Postal Service
• Insurance of your vehicle, rental, or home

Proof of income

• Bank statements
• Pay stubs
• W-2 tax forms
• Copies of income tax returns
• Verification from your employer

Proof of income when you’re self-employed

• Bank statements
• 1099 tax forms
• Copies of income tax returns

Eligibility Criteria

Here are the eligibility criteria to avail of a personal loan:

• Have U.S. citizenship, permanent residency, a valid Social Security number, or a long-term visa
• Be at least 18 years of age to get approved for a personal loan
• Meet credit requirements set by the lender
• Show government-issued identification
• Have a permanent address
• Provide requested documentation
• Request a loan for an approved purpose

What do you need to know before you Discover a Personal Loan?

Before you discover a personal loan, you need to know about some common loan terms:

APR: APR stands for annual percentage rate. Every loan comes with an interest attached to it. APR includesboth any lender’s fees to give you a clear picture of the actual cost of the loan and your interest rate. The rate can vary due to different reasons including how much you borrow, fees, terms, borrowing history, your credit score, and your existing financial situation.

Fees: Other than the rate of interest, you may also have to pay fees. Common types of fees include origination fees, late payment fees, or early repayment fees ( in case, you want to repay your loan earlier than the agreed loan terms).

Terms: This is the amount of time in which you will repay the loan. As soon as your personal loan application is approved, your lender will also inform you of the interest rate they are providing.

How to get a Personal Loan

1. Check your credit score

To determine your eligibility as a borrower, lenders will first check your credit history. Hence, it is important to have a good history of your credit score, you an get a copy from all  3 credit bueauros free, we do a soft pull initially (no affect on your credit) the lender will do a hard pull of your credit to verify.

Compare offers & get prequalified

You can compare personal loan offers using our SEARCH from over 30 top lenders and findwhich one is giving the personal loan at the lowest interest rate. Banks/Lenders will verify your credit score, income, and debt-to-income ratio. We will perform a credit inquiry as part of the loan procedure, which will not affect your credit score.

1. Select your favored loan offer

On our site, you can easily compare various personal loan offers and and get an anwer in 60 seconds or less form over 30 top lenders you choose the best oneto meet your needs. No obligationor fees  to take any offer

Why get a Personal Loan from LendingCapital.net

• Our servise is completely free, no fees, no obligation, no origination fees
• Save time and money using our award winning SEARCH program of over 30 top lenders

You can save hundreds/thousands by paying off higher-rate loans/credit cards.

• Easy application process fill out our app in less than 1 minute & get an answr in 60 seconds or less

You can get quick access to funds with our easy & secure online application process.

Benefits of a Personal Loan

LendingCapital.net personal loan provides you with a simple & automated process to get you the money you require fast and efficiently for almost any reason

Discover Personal Loans from Lending Capital

Our process is simple and divided into 7 steps:

• Enter your personal information
• Review your options
• Opt for the one that best fits your needs
• Verify your identity electronically
• Sign in with your bank account
• Accept your offer
• Get your money

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Our Award Winning Service “SEARCH” over 30 top Lenders & Banks for loan offers in 60 seconds

Find great rates without affecting your credit with our “search” on personal loans, home improvement loans, debt consolidation loans, auto loans, student loan refinancing, business loans & more

Free & no obligation

Our service is completely free & there is no obligation to proceed after getting your rate.

Well my last few blogs have been about what happens when you apply for a loan of any kind.

Companies set up algorithms at lets say 680 FICO score and you hit 679…you just got turned down.

2nd problem is they have a limited scope of lenders (like CreditKarma etc.) or just a single lender you applied for, and each time you hit that little “lets see what you qualify for” it uses a “soft” pull. Sounds good right? Didn’t hit my credit report right? WRONG

Soft pulls are recorded in a different credit file than hard pulls, hard pulls show up immediately, most credit inquiries stay on your record for 2 years or more, that includes soft pulls.

What happens it accumulates the “soft pulls” and eventually (the lenders see these) and as you have to many-instant turn down. Generally speaking, only about 10-15% of people get approved and usually not what they requested.

Our award winning service searches over 30 top lenders & banks in 60 seconds without impacting your credit score…that’s one “Soft Pull” to reach 30 plus lenders and find the best matches that you can select from. From personal, student, business, auto, home improvement loans and more.

Go to https://lendingcapital.net & Start my free search

I know some of this seems redundant from previous blogs I have done, but, it seems I need to repeat some of the highpoints (or low points depending on how you look at it). Here is short summary of what you need to get together.  

Remember this: Almost 90% of all bank loans get turned down. 

• Check your credit BEFORE you apply. Places like www.creditchecktotal.com  will give you all 3 bureaus. 
• CORRECT or explain anything that is negative.  
• Create a marketing and game plan (in writing to present) 
• Create a BUDGET  
• Complete a PFS (personal financial statement) 
• 3 years business and tax returns 
• 3 years personal tax returns 
• Profit and loss statement 
• Cash flow is one of the primary things lenders look for-generally most lenders give around 20% of annual sales 
• List number of clients (lenders like lots of clients-low number of clients means high risk to a lender 
• Get your SBSS score (small business scoring service). You can get this at Nav.com  
• If you are looking for an SBA loan: the requirements are a  minimum score of 140, most lenders will NOT provide a loan if SBSS score is under 160. The range is 0-300 
• SBA loans are difficult to get and can be expensive and take up to 3 months or more to fund.  So, if you are in a hurry look elsewhere that is why we offer short and long-term loans. 
• Personal FICO score-0-840 most lenders want 650 
• D-UN-N-S number (Dun and Bradstreet-100 as the highest a score of 80 is good-free  
• Most secondary lenders (non-bank) have very short terms and require daily or weekly ACH payments form your bank 
• DO NOT apply at several banks or lenders at once or keep applying-every time you do this it pulls down your credit score-you will not get a loan. 
• Most lenders require a minimum of 3 – 6 months in business and do not do startups. 
• Have a website, subscribe to places like Yoast (SEO), Rankcrew.com for backlinks, make sure it is HTTPS (secure) you can have the greatest website but who cares if nobody can find it. 
• Have engaging content-you only have around 2 seconds or so for someone to keep looking or come back to your site (like this-a blog) 

The old bait & switch,” get approved in seconds and get funded in hours”- in lending instant gratification can cost you a lot of money. High interest, short terms, and not as much as they promised or even turned down after they actually pull your credit. 

We hope this helps you, our goal is always to help businesses and individuals who want to start a business. 

We have realistic lending programs from established to start ups-Lendingcapital is a national direct lending platform. 

Regards 

Frank 

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What is a soft inquiry?

Soft inquiries (also known as “soft pulls”) typically occur when a person or company checks your credit as part of a background check. This may occur, for example, when a credit card issuer checks your credit without your permission to see if you qualify for certain credit card offers. Your employer might also run a soft inquiry before hiring you.

Unlike hard inquiries, soft inquiries won’t affect your credit scores. (They may or may not be recorded in your credit reports, depending on the credit bureau.) Since soft inquiries aren’t connected to a specific application for new credit, they’re only visible to you when you view your credit reports.Common Question

Will checking my own credit scores result in a hard inquiry?

Yes it can. Even though this is reported as a soft inquiry, it may not lower your credit score, however, some bureaus report “excessive soft pulls” and will decline as they feel you are looking and being turned down...SO CAUTION on how many soft pills you do. You can check your VantageScore 3.0 credit scores from two major credit bureaus, TransUnion and Equifax, for free at creditkarma.

Examples of hard and soft credit inquiries

The difference between a hard and soft inquiry generally boils down to whether you gave the lender permission to check your credit. If you did, it may be reported as a hard inquiry. If you didn’t, it should be reported as a soft inquiry, again, many soft pulls can cause a lender to decline your application.

Let’s look at some examples of when a hard inquiry or a soft inquiry might be placed on your credit reports. Note: The following lists are not exhaustive and should be treated as a general guide.

Common hard inquiries

• Mortgage applications
• Auto loan applications
• Credit card applications
• Student loan applications
• Personal loan applications
• Apartment rental applications

Common soft inquiries

• Checking your credit scores
• “Pre-qualified” credit card offers
• “Pre-qualified” insurance quotes
• Employment verification (i.e. background check)

Keep in mind, there are other types of credit checks that could show up as either a hard or soft inquiry. For example, utility, cable, internet and cellphone providers will often check your credit.

If you’re unsure how a particular inquiry will be classified, ask the company, credit card issuer or financial institution involved to distinguish whether it’s a hard or soft credit inquiry.

How to dispute hard credit inquiries

We recommend checking your credit reports often. If you spot any errors, such as a hard inquiry that occurred without your permission, consider disputing it with the credit bureau. You may also contact the Consumer Financial Protection Bureau (CFPB) for further assistance.

This could be a sign of identity theft according to Experian, one of the three major credit bureaus. At the very least, you’ll want to look into it and understand what’s going on.

Keep in mind, you can only dispute hard inquiries that occur without your permission. If you’ve authorized a hard inquiry, it generally takes two years to fall off your credit reports.How to dispute an error on your credit report

How to minimize the impact of hard credit inquiries

When you’re buying a home or car, don’t let a fear of racking up multiple hard inquiries stop you from shopping for the lowest interest rates.

FICO gives you a 30-day grace period before certain loan inquiries are reflected in your FICO® credit scores. And FICO may record multiple inquires for the same type of loan as a single inquiry as long as they’re made within a certain window. For FICO scores calculated from older versions of the scoring formula, this window is 14 days; for FICO scores calculated from the newest versions of the scoring formula, it’s 45 days.

Similarly, the VantageScore model gives you a rolling two-week window to shop for the best interest rates for certain loans. “That way, they only impact your credit score once,” the company says.

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Bottom line

Your credit scores play a big role in your financial well-being. Before applying for credit, take time to build your credit scores. With stronger credit, you may improve your chances of being approved for the financial products you want at the best possible terms and rates.

To help you keep track of hard inquiries that may influence your credit scores, check your credit reports from TransUnion and Equifax . While one hard inquiry may knock a few points off your scores, multiple inquiries in a short amount of time may cause more damage.

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An Update from the California Department of Business Oversight

 

Do Your Homework In light of recent events, the Department of Business Oversight (DBO) urges consumers and investors to be alert to scams and unlawful activities in the investment and other financial services industries. The DBO encourages investors to carefully investigate any potential investment opportunities at a time when unscrupulous actors will likely try to exploit heightened economic anxieties. Consumers and investors can submit complaints to the DBO at https://dbo.ca.gov/file-a-complaint/. Loan Modification and Foreclosure Scams  Homeowners facing foreclosure should be aware of these common scams: Deed-Transferring to Third Party – Scammers have told homeowners that by transferring the deed to their home to a third party, they will no longer be responsible for their mortgage payments. This is NOT true. Transferring a title does not relieve a borrower from their mortgage payments. Scam artists often ask for up-front fees to make the deed transfer and promise to rent the house back to the homeowner until the homeowner can afford to buy the house back. If you are facing foreclosure, investigate payment options with your mortgage servicer and do NOT sign your property away. Intentional Default – Scam artists urge homeowners to not pay their mortgage in order to get a loan modification. While there is no right to a loan modification, the terms and standards for a loan modification are always determined by the mortgage loan servicer – no one else. If you are having difficulty making mortgage payments, you should contact your mortgage servicer directly or contact a HUD certified counselor (888-995-4673) for help. Banks, credit unions, and mortgage lenders and servicers also have agreed to allow homeowners impacted by the COVID-19 pandemic to delay or reduce their mortgage payments for up to three months. See the DBO’s COVID-19 Updates page at https://dbo.ca.gov/2020/03/25/covid19/ Lending Scams Advance Fee Scams – The DBO encourages consumers in need of cash to avoid advance fee scams in which fraudulent companies promise loans if a consumer pays a substantial up-front fee first. Do NOT pay anyone asking for upfront/advance fees for loan modification services or mortgage forbearance services. Contact the California Department of Real Estate (DRE) immediately at 877-373-4542 or at Ask.DBO@dbo.ca.gov. Advance fees for loan modifications are NOT legal in California. In addition, collecting late fees is prohibited while a loan modification application is under review, a denial is being appealed, or a borrower is making timely payments. Potential Investment Related Scams The DBO encourages investors to be wary of investment schemes promoting cures in connection with the current public health emergency, or other investment opportunities related to the economic downturn. Schemes may attempt to convince investors to liquidate their savings or sell their current holdings to purchase overvalued assets, assets that come with very high fees or assets of uncertain or questionable value, such as cryptocurrencies or precious metals. Pension Advances – The scam involves investors who provide funds to make cash advances and pensioners who are willing to turn over future pension payments in exchange for an immediate lump sum cash payment. Opportunity Zones – An Opportunity Zone is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. These types of investments are available only through a Qualified Opportunity Fund (QOF). A QOF may invest in property or a business located in an opportunity zone. Investors considering these investments should consult with their qualified tax adviser because of the complex tax implications. Just because the property is located within an opportunity zone does not automatically make it a good investment. To the contrary, opportunity zones are economically distressed areas which pose additional risks. Check Before You Invest The Department of Business Oversight encourages consumers to check the licensing status of companies prior to transacting business. California consumers should contact the Department to check on the licensing of companies offering loans, investments, or other financial services. This can be done by visiting the Licensee listing on the DBO website or calling the Department’s toll-free Consumer Services Office at (866) 275-2677. How to Protect Yourself: ·         Before investing in any investment, ask questions about the risks and fees involved. Conduct your own independent research or seek the opinion of a financial professional who is registered with your local securities regulator. ·         Never invest in something you don’t fully understand. Do not agree to participate in a general partnership or joint venture if you have no specific experience, knowledge or education in the type of business and would have to rely on others’ expertise. ·         Beware of sales techniques that include repeated phone calls, cold calls, or high-pressure sales pitches hyping the profitability of the deal or promising a sure thing. ·         Do not be fooled by professional-looking websites boasting current productivity levels and profits and featuring photos of new production sites. Https://lendingcapital.net