At Smart Money Station, we want to help you make wise loan decisions based on hard facts and knowledge of the terms. At the same time, we don't want to make any assumptions about your current credit knowledge.
Below we have carefully listed the four steps you need to go through to properly prepare for applying for a loan. Simply follow the steps below to learn about loans before applying.
IMPORTANT! Before Proceeding ...
You can skip the learning below and go directly to our Loan Categories.
CHECK YOUR CREDIT REPORT.
This step is important, especially if you are concerned that you have a poor credit rating or credit score and might not qualify for a loan. Simply applying for loan will appear on your credit report, so you'll want to know that you'll qualify before actually applying for a loan. This way you'll know ahead of time that you meet their credit score minimum requirements.
Even if you think have a good credit score, it’s always a good idea to check your credit report before applying for any new credit. You can detect any problems or errors on your credit report before being denied credit due to an error, which will also affect your credit score. If you have bad credit and are trying to improve or repair your credit rating and credit score, you'll want to be careful with your payments and closely monitor your credit report and score regularly.
Learning what loan is best for you starts with analyzing your current credit position and how you plan on using the loan. Different loans serve different purposes. There is no sense applying for a loan without knowing first that it’ll suit your needs since that can affect your credit score. There are so many loan offers out today, and it's easy to be convinced to apply for a loan simply because the offer looks good. By learning a few things about loans and shopping around a little, you'll save time and money in the long run.
Let's start with where you are today. Why do you need the loan?
Consolidate debts to pay them down?
Build your credit history and improve your credit report or credit score?
Purchase a car or buy out an existing car lease?
Obtain a loan secured against the equity in your home to use as needed?
Obtain a loan secured against the equity in your home for home improvement purposes?
Replace an existing loan with a new, lower interest rate loan?
Obtain a personal loan, unsecured or secured, for use as you wish?
KNOW THE TERMS.
The terms and conditions are other factors that may affect your choice of loan. It’s very important to understand them because they can affect things like the amount of interest you pay over the loan term.
Interest Rate: Are you looking for the lowest rate possible, or are you willing to pay more interest in exchange for preferred terms?
Loan Amount: Different loans offer different amounts, with some, such as payday loans, that may only allow a loan up to a couple thousand dollars. Knowing how much you need will help you narrow your choices.
Repayment Term: The length of time you take to pay the loan back will determine the monthly payment. The longer the term, the lower the payment, the shorter the term, the higher the payment.
Suitability: Do you have bad or no credit? Are you looking for quick cash for use in the event of an emergency? Are you a business owner looking for a loan? Have you been refused credit elsewhere? Are you unemployed? We will do our best in each category in Step 4 to indicate which loans are best for each purpose.
SELECT A LOAN CATEGORY.
To help narrow your search, we have categorized all of the loans currently available into six categories. Choose one from below that best suits your needs, and take your time to review the terms of each.
