The first step into obtaining a loan is to run a credit check on yourself which can be purchased for 30 from either TransUnion, Equifax, or Experian. A credit score ranges from 330 to 830 with the higher the number representing a lesser risk to the lender in addition to a better interest rate that may be obtained by the borrower. In 2016, the average credit score in the United States was 687 (source). Once you have obtained your full credit history you may now use it to entice prospective lenders in an effort to receive funds.
Step 3 Secured or Unsecured. Depending on the credit score the lender may ask if collateral is needed to approve the loan. Secured Loan For individuals with lower credit scores, usually less than 700. The term secured means the borrower must put up collateral, such as a home or a car, in case the loan is not repaid. Therefore, the lender is guaranteed can a payday loan affect your credit obtain an asset of the borrower in the event they are paid-back.
Unsecured Loan For individuals with higher credit scores, 700 and above.
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