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HOW TO GET UP TO $250k in UNSECURED PERSONAL & BUSINESS CREDIT

An unsecured loan is a personal loan that is solely based on the borrower’s credit score. Unsecured loans will not require collateral such as a car or house to get approved. Lenders will base loan approvals on your credit history, income, and outstanding debt owed. This means that unlike a home or car the lenders will report any missed or late payments to your credit file rather than repossessing any of your personal belongings. The value of unsecured loans is that you can use these personal loans to pay for anything and it helps you move forward financially without adding more debt that is difficult to manage.

Various Unsecured personal loans that lenders offer

Lenders offer unsecured lines for multiple purposes such as home improvements, weddings, and discretionary and unplanned expenses like vacations in which you can receive lower interest rates as opposed to credit cards. Typically these unsecured loans will range from $1,000 to $100,000 and paid back in installments from two to seven years, Qualifying for these unsecured loans is based on your Fico score and a high credit score can get you access to the lowest rates and larger amounts to borrow. Unsecured loans can rage from 6% to 36% interest and the APR for borrowers with a high credit score from 720 to 850 is between 11,2% and 25,3%.

HOW TO QUALIFY FOR UNSECURED PERSONAL LOANS

The lenders will base your approval on your credit history so it is important to know the requirements before applying. It is important to properly to form and position a lend able entity in order to get up to$250,000 in unsecured personal and business credit by preparing your credit file. Review your credit file and if there are any negative items on your report they can be removed on your personal and business credit sometimes as quickly as 30 days. Our credit repair experts will review your credit report and put together a strategic plan to increase your credit score typically within 30-60 days. This will allow business owners to get access to hundreds of thousands of dollars in unsecured business credit with no collateral and 0% interest for an average of 12-18 Months.

Where to access Secured Personal and Business Loans
Banks Offer secured personal and business loans at larger amounts and lower interest rates although the requirements for qualifying is more extensive.

Online lenders will require you to apply online by submitting information in which they normally pre-qualify you within 48hrs. They do a soft credit check and the requirements will be less extensive than going to a bank although the interest rates may be higher. Credit Unions are nonprofit organizations so you can get better interest rates, and higher limits in which the APR will be at 18% unless you are applying for a short-term or small limit to borrow.

Benefits

• You can get a pre-approval within 48 hrs and in, most cases receive money in 7 business days with some additional documents that may be required such as car title etc.
• You personal belongings or properties cannot be taken away from you although if payments are not made your credit score will be effected
  

Disadvantags

• Unsecured loans have higher interest rates because they are riskier for lenders.
• Defaulting on your unsecured loan will negatively affect your credit and sold to a collection agency that may attempt to sue you and won’t stop pursuing the debt until it is resolved.