• What is a credit score?
It's a numerical value of person's creditworthiness.
• What is a good credit score?
670/700 and above is considered as a good credit score.
• My score dropped unexpectedly. What should I do?
First, you might want to check your credit report through one of the credit report monitoring services. Make sure you don't have multiple hard credit score inquiries. Check your current credit card balances to ensure some of them are not over the limit. Make you don't have late payments.Finally, if no issues were found, you may always file a dispute.
• What is Vantage Score?
Vantage Score is a credit scoring model that was introduced by the main credit bureaus.
• What is credit report?
The credit report is a detailed report of individual's credit history and current financing activity.
• Are credit report and credit score the same?
No, they are not. The credit score is a value of creditworthiness based on individual's credit report.
• My credit reports don't match. What do I need to do?
It is most likely because some lenders do not report to all three credit bureaus. As a result, credit reports may vary depending on a credit report companies.
• How do I choose and a credit card?
First, check the interest rates, including interest rates for different transactions. Next, learn about credit card fees. Some of them may be very costly. Finally, check for possible cash back bonuses and other incentives.
• Can I apply for multiple credit cards?
Yes, you may. However, keep in mind that too many credit inquiries may affect your credit score.
• Do I need to have a checking account to qualify for a credit card?
You don't need a checking account to qualify for a credit card.
• Is my personal information secure?
Yes, credit card and credit monitoring companies use top IT protection methods to secure our personal information.
• What is a credit card?
It is a plastic card with a line of credit issued by a financing institution to a borrower for purchasing goods or services.
• Why should I get a credit card?
It might be a good idea to have a credit card if you don't have the money to purchase a product or pay for services at the moment. Keep in mind that you need pay back the amount with interest. Therefore, a responsible approach might be even a better idea after all.
• Is there a difference between secured and unsecured credit cards?
Yes, there is a difference. Secured credit cards usually require an initial deposit while unsecured ones don't.
• Can credit cards affect my credit score?
Oh yes. Big time. Usually spending over the credit limit or missing monthly payments may significantly affect your credit score.
• Do all cards have rewards and bonus points?
Not all credit cards offer bonuses. Please check the credit card features before applying.
• I have bad credit, can I still apply for a credit card?
Yes. Secured credit cards might be a good solution in case of low or even bad credit.
• What happens if stop making payments?
Most likely your debt will be sent to a debt collection agency, and a credit report will be forwarded to all credit bureaus.
• Can I have someone else use my card?
Not a good idea. Besides the possible implications with identity theft and credit card fraud, it often breaks the terms of contract with credit card issuer. You can always order an additional card for your spouse or a partner if needed.
• How do I improve my credit score?
Make your payments on time. Keep your credit card balances low. If you have a low credit score, get a secured credit card to start building or rebuilding your credit history.
• How does BestLoan4You.com connect me with a lender?
We try to find a lender based on the provided information.
• What do I need to qualify for business financing?
Each type of small business funding has specific requirements. The requirements may vary based on revenue, time in business, and credit score. There are also standard requirements such as U.S. Citizenship and having registered company with valid contact information.
• Is BestLoan4You secure?
Yes, it is absolutely secure. We protect your information.
• Does the request form affect my credit score?
No, it doesn't. We are not a lender. We sent you information to a provider who will check your credit before approving a loan application.
• How long does it take to get funded?
It depends on a type of funding. Some financing options like SBA loans may take up to several months. MCA (Merchant Cash Advance) and Account Receivable funding can be available within a few business days.
• Is BestLoan4You a lender?
No. We are not lenders. We work hard to connect merchants with many respectable small business funding providers out there.
• What is Merchant Cash Advance?
It is a financing option available for small businesses. Although it is usually a lot more expensive than traditional loans, businesses may use MCA to cover their cash flow deficit quickly.
• What is Account Receivable financing?
This type of funding is provided towards account receivables. Merchants often prefer AR financing to improve the cash flow.
• My business is located outside of U.S. Can I find a financing option through your website?
The funding opportunities are available for U.S. businesses only.
• Are there any states that your service does not cover?
Our service covers the entire country. We have reputable lending partners in every state.
• What is a personal loan?
A personal loan is an unsecured consumer loan with a fixed interest rate and term. A personal loan is repaid in monthly payments.
• Why is it called unsecured?
Personal loans are often called unsecured because they require no property collateral. Lenders qualify borrowers based on their credit history and personal financial conditions.
• What can personal loans be used for?
Generally, there are no restrictions on what personal loans can be used for. People can use personal loans for home and car repairs, vacations, medical bills, and debt consolidation.
• What amount can I qualify for?
It depends on various factors such as debt to income ratio and a credit history. The higher the requested amount is the more risky it gets for a lender. Most of the lending institutions offer from $5000 to $35000. There are top lenders that may offer up to $150000.
• How do I qualify for a personal loan?
To qualify for a loan, you need to choose one of the presented top loan options on our website, feel out a loan request form, and meet lender's qualification requirements. Please note that each lender may have specific requirements and options.
• What information do I need to complete a personal loan application?
You need to provide your contact and employment information. There are also some general questions such as your current FICO score and financing purpose.
• Is there an application fee?
BestLoan4You never charges for its referring services. Please be aware of scammers who ask for a compensation.
• After requesting a loan, am I obligated to accept a lender's offer?
No, you are not obligated to proceed with your loan request. You may stop the application and approval process at any point.
• What if I have a low credit score?
Although it is easier to qualify for a loan with a higher credit score, some lenders do offer loans to people with lower credit scores.
• I am not a homeowner. Will that affect my chances to qualify?
You don't need to be a homeowner to qualify for unsecured loans and no property collateral is required.
• Will lenders contact my employers?
No, there is a confidentiality policy, and no information can be provided to anyone without your consent.
• When will my first payment be due?
Typically, the first loan payment is due next month after loan contract has been signed.
• I am not a US resident. Can I apply for a personal loan through your website?
We evaluate only US personal loan providers. Therefore, the loans are available for US residents only.
• May I ask for an extension on a monthly payment?
The payment policies are typically included in the contract, and they may differ depending on a lender.
• What will happen if I miss my monthly payment?
Missing a monthly payment without prior notification may result in penalties or default.
• I have an existing loan. Can I qualify for another one?
Yes. You may be eligible for another loan if your ability to pay it back can be demonstrated.
• Can I apply with multiple lenders?
Yes, you can shop around. However, make sure you don't receive too many hard credit inquiries as it may affect your credit score.
• Can I pay off my loan any time?
Yes, just ask for a payoff quote.
• Can the amount I ask be less than what I qualified for?
Yes, you may ask for a lesser amount.
• After the loan contract is signed, would the money be available to me right away?
Yes, usually funds are provided shortly after the contract is signed.
• What paperwork do I need to provide when qualifying for a loan?
Lenders may ask for verification documents such as employment confirmation and bank statements.
Frequently Asked Questions
FAQ ABOUT PERSONAL LOANS
FAQ ABOUT BUSINESS LOANS
FAQ ABOUT CREDIT SCORE