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Signature Loans and How You Get Them

Categories: Finance Online
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Woman applying for a signature loan

Woman applying for a signature loanFinancial freedom is very difficult to attain these days, especially if you are working on minimum wage. Even if you do overtime or extra shifts to get a few more bucks, it does not seem to be enough for your monthly commitments.

Whatever your circumstances may be, a signature loan in Utah you can get from firms such as may be the solution for you. Signature loans require only your signature for your collateral, but would usually have higher interest rates.

They only give this loan to individuals who have a relationship with the lender, good credit, existing low debt, sufficient income, and a permanent address. There are cases that the lender requires a co-signer for the debt.

However, they only sign a promissory note and aren’t called unless a primary borrower stops his payments. Here are some tips to get approval for a signature loan.

Be prepared

Lenders will not lend to individuals with bad credits. If you do not have such, better think about your situation. If you do, prepare your documentation like proof of your employment history, tax returns, and W-2 forms. Make sure to bring documents that cover two years of employment history.

Educate yourself regarding the loan

Make sure to educate yourself about the loan. Make sure to know about the risks involved. Haggling for interest rates without collateral or having no relationship with your lender would put you on a bad side of your lender.

Have more than what is required

If there is a document that you feel is needed and can help your case, bring it. One example is your bonus history. It may not be certain that you will get it, but you can show your lender how earned it and how you are on the track of earning it again.

Your documentation is key. Make a repayment plan right away. Show your lender that you can repay the principal and the given interest over a given payment scheme. This fact-based plan will help build the lender’s trust in you.