PERSONAL FINANCE BLOG

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unsecured personal loan
5 May 2018

Let your Credit Score Work for You: Unsecured Personal Loan

An unsecured personal loan can be a great asset when you need a little extra monetary support. Many personal loans are secured with assets or proof of income. Unsecured loans are best for people with higher credit scores. The application process takes your credit rating into consideration, and it contributes heavily to the lender’s decision.

Bonsai Finance takes the information you give us and matches you with lenders that are likely to be content with your income and credit score. An unsecured loan can offer a greater amount of money, and an attractive interest rate.

Your Credit

It is important to be realistic when applying for an unsecured personal loan. If you are not sure of you credit score, use an online resource to find out where you stand. You can also receive your report directly from the credit bureaus free each year. A good or excellent standing with the credit bureaus should indicate that an unsecured application is a good match for you. Successful monthly payments on your loan can also help to improve your score even more.

Bonsai Finance only suggests this type of loan for individuals that are eligible. We aim to make a match that works for each individual situation.

Benefits of Unsecured Personal Loan

An unsecured personal loan has many benefits for both the lender and the borrower. There is a larger amount of trust that goes into this type of agreement. Secured loans depend on income and assets. It can be very freeing to know that you do not have to provide the title to your car are several paycheck stubs. This type of loan is usually very quick to process. Return payment schedules may be preset, so let the lender know if you need to work around your pay schedule.

Lenders are often eager to work with individuals with high credit scores, as they feel more secure in the avoidance of a default. Interest rates may also be lower your loan. This is a common benefit for most lending situations when your credit has improved. Bonsai Finance can help you start enjoying these perks, today.

Stay in Good Standing

A loan is often necessary when people fall upon hard times. This can make repayment hard to fit into your budget. When dealing with the lender, be sure to mention you repayment expectations. Creditworthiness may get you the loan, but repayment keeps your credit in good standing. You do not want to compromise the credit score you have worked hard to maintain. Mention your financial difficulties, pay rate, and current bills. This can help your lender form an agreement that ensures your success. There is no need to make things more difficult, lenders often have several repayment options to choose from. Interest rates may vary, however, if you extend the loan further out. Your credit can easily stay intact with proper planning and effort on your part.

When it comes time to receive a loan, your credit can be your best asset. When you maintain a high credit score, there are often more choices when it comes to lenders. An unsecured personal loan is something that only gets offered to those with qualifying credit ratings. These loans are beneficial to lenders, because they reduce risk. They help recipients by offering higher amounts, less interest, and a credit boost. Log into Bonsai Finance to start the process, today.