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How to Borrow Money With a Personal Loan

The two major things that lenders check before approving your loan are your credit score and debt-to-income ratio. Your credit score can put you in a vantage position as you will be seen as being creditworthy if you have a good credit score and your DTI is how well you can keep your debts in check in relation to your earnings.

The lower your DTI, the higher your chances of being considered and approved for a loan. It shows that you are responsible for your spending and you earn more than the debts you have running.

The rates and credit scores required by lenders vary. Most times, interest rates on personal loans are lower than rates on credit cards. As soon as you are approved for a loan, you will get a fixed rate from your lender.

Your rate doesn’t go up and down and remains the same monthly. This is not so for credit cards as they can go either up or down.

One other benefit of a personal loan is that it has a fixed term, you have a preset time to pay off the loan you get on a monthly basis. If you want a loan that will not offset your budget if you are someone who sticks to a budget, then a personal loan will be right for you. The monthly payment amount is fixed, and you have a plan for your other expenses and you can easily manage your finances this way. The life of a personal loan can run for a year to five years, and payments are made monthly.

How to borrow money

  • Pay attention to your credit score

Get to know what your credit score is. You can check your credit scores on sites like Credit Sesame,, and Credit karma among others. To check is free on most of these sites. You don’t need to have a perfect credit score of 850 to qualify for a loan. However, having a good score can help your chances because lenders consider borrowers with a good credit score as being trustworthy, credit-worthy, and responsible in their finances

Hence, the higher your credit score, the better your chances of getting approved for a loan.

  • Tidy up your credit report

Your credit score is an accumulation of your credit-related activities which include how often you pay debts, utilities, and other responsibilities. This score is put together in three-digit with those with scores above 800 being considered as having a good score. The Federal Trade Commission stipulates that you are entitled to a free copy of your credit report yearly from the three major credit reporting companies in the United States of America.

When you get your credit report, you will be able to check for errors and see where there are payments not captured. Do well to ensure all errors noticed are fixed and properly documented so that you can have a better chance of getting a personal loan from lenders.

  • Improve your credit score before you apply

Before you apply for a personal loan, try as much as possible to boost your score. There are a lot of things you can do to improve and boost your credit score. You can check to take care of bills that are overdue, pay down credit card balances, and look if you can get a more reasonable interest rate on an existing loan you are servicing or look around for a lender that offers a lower rate. The interest rate you get from your lender depends on your credit score. So if you can boost your credit score before applying, then you will be able to get a loan at a lower rate.

  • Know your debt-to-income ratio

The debt-to-income ratio is the amount of your monthly income that is required to cater to recurring expenses like a car loan, mortgage, rent, and other personal bills. You can make use of the online calculator on the website of your lenders to know your debt-to-income ratio.

If you have a debt-to-income ratio below 35%, then that’s a healthy one. However, if getting a personal loan will make your debt-to-income ratio surge to around 45% to 50%, then your lender might not approve your application.

  • Put together all necessary documents required

When you apply for your loan, make sure you have all the required documents in order. Avoid typographical errors in your application and provide all documents as required. Some of the documents required include your Date of birth (DOB), Social security number, your contact details, employment status, and a payslip. These requirements may vary from lender to lender.

  • Get quotes from at least two lenders

Make sure you look around to get lenders that are licensed, and credible. Read reviews and ask people who have used these lenders in the past to know what their experience was so you can be better informed. Title loans are always another way to get funded in less than 24 hours.

Narrow down the number of lenders based on what you have read or heard about them and then request quotes from these lenders. From the quotes decide which of them you will deal with.

With the tips highlighted here, you can easily get approved for a personal loan as long you adhere to the strategies mentioned.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan locally in your area, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.


DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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