WHAT IS A PERSONAL LOAN AND WHAT IS IT FOR?

Have you ever wondered how you can access capital to purchase a property? Or to make real estate improvements to your properties? To start a business? Or simply capital to pay off a debt? A personal loan could be your solution.

If you identified with any of the above scenarios you will be interested to know that obtaining a personal loan is not that complicated, there are even options that allow you to put nothing as collateral. That's right, you won't have to put up your house, your car, machinery, or any other asset to secure the payment of this loan.

WHAT FACTORS DETERMINE THE APPROVAL OF A PERSONAL LOAN?

A personal loan is based strictly on the applicant's credit behavior, how good you are, and were, at repaying the loans you have had during your credit history.

Credit behavior is checked against your credit report, which determines your history of repayment behavior.

In this case, for a personal loan lender, not only a 3-digit number is important, but also the longevity of your credit history is taken into account, that is, how much time has passed since you started with your first credit. Similarly, another very important point to consider is that in order to obtain a personal loan you should not be in bankruptcy or have open collections. This can be a bad sign for lenders.

In general, a personal loan is, as its name indicates, a loan that takes you as an individual as a reference to access capital. This means that the credit behavior that you have formed over time will be the main factor that will determine how much you can access, how much the cost of this capital (rate) will be, and how long you will have to pay it off.

Now that you know that your credit behavior is the determinant for you to obtain this capital, it is also important that you know your personal income can also help you obtain a personal loan, since demonstrating that you have the capacity to pay will make lenders feel confident that their money will be returned without any problem

Here are the most common requirements for obtaining a personal loan:

If you would like to learn more about how to access a personal loan, please leave your information in our pre-qualification form. We will be happy to contact you.