Frequently Asked Questions

How is ZeoLiteFunds different?

You may need a loan for your personal finance or business purposes. It may be your need or desire, but a loan has become mandatory. Finding a loan may not be possible, or you may need perfection. This is where the role of a loan broker comes in. Here, ZeoliteFunds can be a reliable name where you can try and test our commitment.

We have gained enough experience introducing relevant loan deals from reliable loan providers only. We have a network of more than 100 lenders for each loan product. Our services include a wide range of loans like personal loans, bad credit loans, installment loans, wedding loans, debt consolidation loans, home improvement loans, and small business loans.

Once you apply here, you will always have the chance to get instant loan quotes involving affordable rates. Remember, we do not ask for any fees from you.

What disqualifies you from obtaining a personal loan?

Multiple reasons are responsible for your disqualification from a personal loan. However, do not worry too much because the lender will inform you before the rejection. If you have been denied a personal loan, these may be the possible reasons:

  • Your credit score is too much low and lender feels risk in funding you;
  • During an emergency, you tend to apply for too many loans at a time;
  • Your income is unable to show your affordability;
  • You have maintained a higher debt-to-income ratio;
  • Something is missing in your loan application

What are the disadvantages of a personal loan?

Personal loans are the widely used funding product everywhere in the USA. Still, you cannot miss out its possible disadvantages, which may include:

  • A personal loan may add more to your debts, which increases the necessary financial burden;
  • If you miss the repayments, there will be damage to your credit score;
  • You may have to pay origination fees or pre-closure fees as per lender’s norms;
  • Personal loans particularly the unsecured ones involve higher interest rates

Do you have to disclose your purpose for applying for a personal loan?

A personal loan can be used for any financial purpose, but revealing it in front of your lender is unnecessary. The loan companies do that because they mainly aim to earn interest rates from the borrowers. The lenders we suggest at ZeoliteFunds will provide these loans for any of your financial purposes. However, we expect you to use the borrowed sum only for genuine financial needs.

What questions should you answer before availing of a personal loan?

Preparation is vital to get the right credit from relevant loan deals if you want to apply for a personal loan. Here are a few questions that you should be on your list before applying for the loans:

  • Why do you need a loan?
  • What should be the loan term and amount?
  • What is your credit score and how have you maintained it?
  • How much interest rate can you afford?
  • How do you compare deals from various lenders?
  • What documents should you submit alongside the application?
  • Is an unsecured personal loan better or a secured one?
  • Should you apply with a single application or go for a joint personal loan?

What factors should you consider before taking a business loan?

When you decide to take out a business loan to fund your projects, preparation is vital. As a responsible business loan broker in the USA, we suggest you think about these factors before applying:

  • Decide the total loan amount you need as per your affordability;
  • What are your personal and business credit scores?
  • What alternatives do you have on a small business loan?
  • What are your regular cash flow and return prospects?
  • Do you have the company's assets to use as collateral?
  • Do you have all the required documents, particularly of financial statements?

How soon do you have to repay a business loan?

A business loan is an installment loan. Even if the borrowing sum is small, the payments could be easily spread across a few months. Even the smallest business loan takes at least six months to get cleared. If you take out a business loan from ZeoliteFunds, you must make fixed monthly installments. This will make payments manageable and help boost your business credit rating.

What are the disadvantages of taking a business loan?

Although business loans have ample advantages, they also have some disadvantages. Here are some:

  • You could face trouble making payments if customers don’t pay on time.
  • The lender may seize the asset pledged as collateral on a secured business loan in case of default.
  • It requires detailed paperwork and documents like- recent tax returns, bank statements, business plans, etc. Thus, it may be a time-consuming process.

How can I obtain approval for a business loan with no money?

Getting start-up funding can be tricky, but there are more options now than ever before.

  • Explore crowdfunding platforms to raise smaller amounts from backers.
  • Seek grants for specific causes like supporting female entrepreneurs or advancing green technology. Research your options.
  • Consider business credit cards which provide a line of credit based on your plan, not personal credit history.

The key is crafting a compelling and detailed business plan highlighting the purpose, target market, operations, and financials of your venture.

What credit score do you need to have for a business loan?

Personal credit scores still matter when it comes to business loans, but minimum scores vary greatly, lender by lender. Generally, most want to see at least a 600+ personal credit score before considering an application. However, some alternative lenders look more closely at the business versus just the owner's financial history.

Rather than get caught up on a specific score goal, put energy into shoring up your report. Pay bills on time, lower other debt obligations, and avoid new credit inquiries whenever possible in the 12 months before seeking financing.

Building your profile steadily now makes for better loan options when needed! Stay positive, be prudent with each dollar, and know that your standing will continue to rise.

How do you get a business loan without collateral?

Getting a business loan without collateral can be challenging, but it is not impossible. You should have a strong credit history, and your business must earn good revenues to qualify for a business loan without collateral. Alternatively, you can also bring personal guarantee to convince the lender. ZeoliteFunds can help you get a business loan without collateral at a very competitive interest rate.

Is it hard to get a debt consolidation loan?

A debt consolidation loan helps merge all your existing loans into one personal loan that you use to pay off your current debts once and for all. Although qualifying them seems easy, they might not be, as you will need a strong credit history. However, ZeoliteFunds will help you be eligible for these loans at the most competitive interest rates if you struggle to consolidate debts because of your poor credit history.

What are the key questions to ask for debt consolidation?

The loan applicant usually has some common queries to make sure that getting these loans is safe and sound for them. Some of them are:

  • What should be the ideal amount to borrow?
  • What is the process of taking out these loans?
  • Are there other ways to consolidate debts than these loans?
  • Will it help me to save money and time in the long run?

Can I use a debt consolidation loan for any financial purpose?

No, debt consolidation loans typically can't be used for anything you want.

These personal loans are intended to consolidate multiple debts into one new loan with better rates. This makes lowering debt easier by cutting the total interest paid. Common uses are paying off several credit cards, past-due loans or utility bills, unpaid medical costs, or other costly debt. The new consolidated loan money then gets transferred by your bank directly to your creditors and accounts. Using them for new purchases, vacations, or other non-debt expenses is prohibited.

What are the requirements to consolidate debt?

Consolidating various debts into one overall loan can simplify payments. To qualify:

  • You typically need a minimum credit score of around 620-650
  • Having a steady income from employment or other sources is also important
  • Most lenders want to see that your regular cashflows are enough to handle the proposed consolidated payment amount. They may ask for pay stubs, tax returns, or bank statements to verify.
  • Low debt-to-income ratio, longer credit history, and showing good payment behavior on current accounts also help approval odds.

Can I apply for an installment loan without a bank account?

Many creditors in the USA prefer to have active bank accounts of the applicants and they make it mandatory. However, we know a few loan providers that can accept loan applications even if applicants do not have bank accounts. In that case, the loan amount will be smaller, and a doorstep cash facility may be provided. Besides, higher interest rates will be there.

What if I am self-employed or have an irregular income?

There is nothing to worry about because our recommended lenders are open to funding those with self-employment. They provide specialized self-employed loans, which you can consider during the extreme needs of funds. Even if you have irregular income, they still agree to fund your financial requirements. You can get approval on your part-time or government benefits if you are receiving them.

What loan sizes does ZeoLiteFunds handle?

We are the modern-day loan broker in the USA. We can handle any type of loan from short-term loans to long-term loans, offering sufficient amounts like $3000, $10000 or $50000. Our wide ranges of loans include wedding loans, bad credit loans, installment loans, business loans, personal loans, student loans and many more. We have a huge panel of lenders offering these loans at affordable interest rates and repayment terms.

What types of businesses and industries do ZeoLiteFunds work with?

We are a specialist business loan broker, helping different types of businesses operating in the USA. If you are managing a small business or a large enterprise, you can seek our help in finding and comparing loan offers from top providers. As far as industries are concerned, our lenders provide loans to companies belonging to retail, real estate, construction, education, healthcare and many more.

What is the minimum credit score for a personal loan?

A personal loan is a widely used funding source helping people of every age. The best part is that different individuals with different credit scores apply for them. However, it depends upon the lender what minimum credit score is required to get a personal loan. Some lenders prefer only those with good (740-799) or excellent (800 and above) credit scores. On the other hand, some loan providers do not mind giving funds to people with bad FICO scores (579 and below).