Memo template for microsoft word 20079/24/2023 ![]() ![]() Once you have obtained your full credit history you may now use it to entice prospective lenders in an effort to receive funds. In 2016, the average credit score in the United States was 687 ( source). A credit score ranges from 330 to 830 with the higher the number representing a lesser risk to the lender in addition to a better interest rate that may be obtained by the borrower. The first step into obtaining a loan is to run a credit check on yourself which can be purchased for $30 from either TransUnion, Equifax, or Experian. Step 2 – Obtain/Provide Your Credit Score Student Loan – Provided by the federal government or privately in order to pay for academic studies at a college or university. ![]() ![]() Personal Loan – Between friends or family.PayDay Loan – Also known as a “cash advance”, requires the borrower to show their most recent pay stub and write a check from the bank account where they are paid by their employer.Home Equity Loan – Secured by the borrower’s home in case the funds are not paid-back.Requires the borrower to purchase insurance in the chance of default. FHA Loan – To purchase a home with bad credit (cannot be below 580).Car Loan – Used to purchase a vehicle usually with a term of 5 years (60 months).If the business is new or in bad financial shape a personal guarantee by the owner of the entity may be required by the lender. Business Loan – For expansion or new equipment. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |