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How much can new customers borrow? Up to $5,000 No fees, ever!
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Everything You Need to Know About Hard Money Loans – Loancapita

Pre-approved personal loans are offers from a bank or a lender stating that they are willing to consider a borrower’s loan application. While this seem to have positive implications among borrowers, it is important to understand that it does not guarantee approval. It is just a means that the loan application will still be subjected to full approval.

Pre-approval happens when the lender provides a borrower an unofficial loan offer. Full approval is still pending though, so this does not guarantee that you really do qualify for the loan. What it implies is that you have met the basic legibility requirements that the lenders expect. It also provides you of the possible loanable amount, terms, rates, and the necessary monthly repayments that you might be qualified for. While this is often available for various types of loans, they do not really guarantee funding.

Options you can get from a hard money loan are also flexible. You can simply type you’re preferred hard money loan with the appropriate keywords. Examples are as follow:

hard money loans for real estate
hard money loans for bad credit
owner occupied hard money loans

Hard Money Personal Loans: When to Know You’re Pre-Approved

When lenders think that you might be a good candidate for a personal loan, they will send out a notification telling you of the pre approval. This is quite common in online loan applications where borrowers are extended a pre-approved offer or a denial.

This is often based on your credit score and your current financial status. Once you’re pre-approved it is common for the lenders to get in touch with you to get the loan finalised and decide whether you are fully approved or not. Some lenders might even send unsolicited emails to encourage customers to borrow money.

How to Get Pre-Approved for Hard Money Personal Loans

To get pre-approved for a loan by a lender, all you need to do is fill out the preliminary loan application form for the lender of your choice. The lender will review the application and then you get pre-approved or denied. The lender will get in touch with you to confirm the details you have provided.

Generally, it will take them a day or two to finalize the process. If you are doing the application online, it might be faster and will only take a few minutes. Just remember that on-the-spot pre-approvals still will not guarantee funding.

hard money loans

Hard Money Loans: Benefits of Pre-Approved Loan

Getting pre-approved for a loan often lends more confidence to your decision especially if you are deciding between different loans. With a pre-approval you know which of the lenders you’ve sent an application for you’ll have a higher chance for getting approved since you’ve met their basic requirements.

Imagine this situation: You took out a personal loan and still wasn’t enough. Now you’re planning on getting another one, but wonder, how many personal loans can you have at once?

Yes, you can. But things get even more complicated if you take out more than one payday loans. Lenders allow you to get another loan once you’ve paid off your initial balance, and prove yourself as someone who pays on time.

When getting another loan, you may not get the best terms and rates anymore. The amount you’ll be able to borrow is lower, based on your debt-to-income ratio. Since you’ve recently taken out a loan, your credit score might have been affected after getting hard queried, making lenders think that you are a risk.

But that is not the only thing you should be worrying about. There are other things that you need to look out for in getting another loan.

Hard Money Loans: Beware of Over Borrowing

This is something that you need to think about when planning to get another loan on top of your already existing loan: Over borrowing. Over borrowing will cause you to have even more monthly payments, and more interests, making it more difficult for you to pay your loans. This might result in a debt cycle which is pretty tough to get out of.

Things you need to consider when getting another loan.

  1. You might have a hard time getting another loan in the future – Your credit reports won’t look that good if you apply for another loan and see all the inquiries made on your credit or your existing loans.
  2. It might be that you need on managing your money – if you see yourself taking out loans regularly, then it might be that you are having problems managing and budgeting your money.
  3. You’ll pay more each month – Having multiple loans means you have multiple payments per month.

Things you can do to get another loan application approved.

  1. Check your credit report
  2. Make repayments on time
  3. Pay off as much as you can on your other debts.
  4. Know how much you can afford.

So in conclusion, you are allowed to have multiple personal loans at once, but you run the risk of damaging your credit making loan applications in the future harder.

Visit these considerate websites that offer some self-help options to people who wants to maintain their credit in good shape.

Federal Trade Commission
American Consumer Credit Counseling, Inc.
USA Gov

Frequently Asked Questions

You have got some Questions? We have Answers

Do I Need A Guarantor?

If you have bad or no credit at all, most lenders would require a guarantor as an added security. Since unsecured loans doesn’t require a collateral, it is extra risky for lenders. However, if your credit is good, most lenders would be okay without a guarantor.

Is There Any Complicated Requirements?

No. You are only required to provide your personal information, a checking account, and proof of income or employment verification. There’s no need for other extra documents or any complicated process.

How Fast Can I Get The Funds?

The application process is extremely easy-to-use. It would only take you at least 15 minutes to complete the application from start to finish. You will receive a notification once you are approved for a loan. Immediately, you will receive the payment directly to your account.

What If I Miss My Payments?

It could happen. We understand that there are circumstances that causes you to delay your payment. You may reach out to the lender if you have difficulties paying back the loan. Delayed or missed payments could result to additional charges or fees.