Personal Funding
Personal funding offers a convenient way to borrow money when you need to pay an unexpected bill, invest in new cabinets for your kitchen, take a memorable trip to your favorite vacation spot or pay for moving expenses.
Choosing to utilize one can also be a prudent move if you’ve got high-interest credit card balances you’d like to bundle together.
Repaying the funding involves making scheduled payments, including principal and interest. If you’d like to have the flexibility to make one or more purchases outside of your usual spending range, using this financial tool may be what you need.
Collateral Usually Isn’t Required
Utilizing personal funding usually doesn’t require you to put up collateral, which means you won’t have to worry about losing your house, a vehicle or priceless family heirloom. However, having the convenience and privilege of using this type of loan can have severe penalties if a default occurs.
Neither you nor your lender wants to see this happen, which is why a thorough analysis of your ability to make scheduled payments will be completed.
Doing so helps ensure you’ve got the capital needed to pay for your expenses and still have a comfortable way to repay the loan over a scheduled period.
Requirements Needed to Qualify for Funding
Having a good credit history and steady income are two requirements you’ll need to qualify for funding. This helps ensure you’ve got a way to make payments comfortably and a history showing your creditworthiness and ability to correctly follow payback terms.
Your Repayment Schedule Is Predictable
One of the advantages you’ll have by obtaining the cash you need with this method is the ability to make predictable, scheduled payments. After funding is approved, the amount you’ll need to repay will be clear. You won’t find this transparency with financial tools like credit cards or revolving credit lines.
They only keep the monthly payment due date constant, which requires you to keep a steady eye on the amount of credit you use. Knowing you’ve got a regular personal funding payment to make should help create a routine, making it easier and more efficient to pay back.
Pre-Qualifications Are Done With a Soft Credit Pull
You likely understand how important your credit score is in the financial world. This program is for well-qualified customers who have a credit score of around 680+. Our pre approvals are completed in approximately 24 hours by using a soft credit pull. Using this method allows us to gather the appropriate data without affecting your credit score.
If you’re approved for a funding amount between $25,000 up to $500,000 and decide to pursue this option, more documentation will be required. Typically, this may involve pay stubs, tax returns, and utility bills.
Offers an Excellent Way to Avoid Prepayment Fees
Choosing to use this method to obtain the money you need is available without having to burden your wallet prepayment penalties. If you’d like to make any additional payments on your funding, it will go toward paying accrued interest first and then the principal balance.
Otherwise, you’ll need to pay the interest and principal balances, which are based on the rate and term you utilize for your funding.
Apply Now & Choose the Best Online Personal Funding Option For You.
Allows You Time To Pay
One big problem you’ll find with some financial tools, such as payday funding, is the inability to spread payments over time, which allows you to pay back the money owed comfortably.
Personal Funding isn’t as restrictive in this respect, which can enable you to take the time needed to make scheduled payments without having to feel burdened by the money you’ve borrowed. More resources and an in-depth explanation of how personal funding work can be found here.
When your costs are broken down into manageable, small allotments, it allows you to take care of your needs in the short-term without having to feel pressured in the future.
If you are looking for a Startup Business Funding, the credit requirements as the same as the personal funding. Our funding consultants are here to help you, call us and we will love to answer any questions you may have before applying.