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If you check your credit score from time to time, then you’ve surely noticed it dip when you apply for a new loan.

Why is that? It’s because lenders do a “hard inquiry” on you when you apply for loans. They do that to evaluate you as a borrow, whether you’re risky or not. A hard inquiry or a loan application will show on your credit reports but whether you got approved or not will not be disclosed.

How can a loan application affect my score?

Lenders uses your credit score as a basis on whether you pay your loans, bills, and debts on time. And that will help them decide whether you are to be trusted with their money or not. After all, a loan is still a business.

Mismanaging your debts, doing risky things like maxing your credit card out – can and will affect your credit score. But why would an application affect your score or is considered risky? Well, statistic shows that people who have one too many loan applications are more likely to file for bankruptcy, putting lenders at risk in losing their money. It also shows the lenders that you are desperate for money, or just bad at managing your finances.

It’s best to give yourself a 15-day window in applying for another loan in any case that you get denied. Doing so will give the impression that you are doing your research and is trying to compare rates other than desperately applying for loans hoping one gets approved.

How to minimize hard inquiries.

There is really no way of avoiding a hard inquiry when you’re applying for a loan. But if you have a great history of managing your debts right, then that dip in getting hard queried will be negligible. What you need to worry about is getting your application denied.

A few things you can do to make the most out of your application.

  1. Ask the lender for their requirements and evaluate whether you qualify for that certain loan or not. Lenders sometimes will offer you or you may ask them to do a pre-qualification in which they will only do a soft inquiry on your credit, leaving no marks.

  2. Double check on the terms, see if it sits well for you.

  3. Avoid getting new loans or any credit for that matter if you have a project or something that needs a funding of a loan within the next 6 months.

Why checking your credit is a smart move.

Make it a habit to check your credit at least once per year. You don’t have to spend anything as major credit reporting companies give you one free credit report annually. Use that to your advantage, see if there are anomalies in your credit report. If you do find one, you can easily correct it with your lender.

Is a Credit Card Necessary?

It depends. Credit cards and bank accounts are standard prerequisites for many lending companies. This is because an individual’s credit history is easier to trace and verify if they have a bank account or credit card. Some people – whether by choice or circumstance – don’t have access to credit cards or bank accounts. Most of the time, they’d be barred from getting loans through regular means. Thankfully, there are still lending companies who are willing to take on people who need loans even without a credit card. Here are some loans options you might want to consider if you need to borrow money but don’t have a credit card:

Collateral-based loans – collateral-based loans allow people without credit cards to borrow money. This is usually accomplished by using an object of value, typically a vehicle that one owns, as collateral. This is the fastest way to get money if one doesn’t have a credit card or bank account. The collateral employed will act as a hedge if ever the borrower can’t repay what they owe.

Guarantor loans – if you personally don’t have a credit card but would like to avail of conventional lending methods, a guarantor loan might be a good choice. With guarantor loans, you ask for the help of a family member or friend who does have a credit card or bank account. They will function as your guarantor and carry the risk of repaying the loan you will receive in case you can’t.

Whichever of these two options you choose, remember that unconventional personal loans charge higher interest rates than regular loans. It can land you in more problems if you’re unable to pay it back.

Payment Method?

Once funds are available, we send it directly to your checking account that is registered during your application. You should be able to receive the funds in a just a few minutes to an hour. No need for complicated documents or extra requirements. We’ll send it right away.

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