FAQs

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

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?

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?

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.

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.

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.

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).