Considering applying for a loan for the time in your life? This can often be overwhelming to new applicants, as they might not have all of the information they need to be able to decide how much they should apply for or what kind of loan is right for them.
To help set your mind at ease, you can check out some of the questions most commonly asked by people in your position who are also looking for loans for the first time.
Is it possible to get a loan with a bad credit score?
It is possible, but it becomes a lot more difficult with a lower credit score. When you are looking for a loan through your bank with a low credit score, you will often have to go the route of secured loans, where you offer something for collateral in exchange for the loan, or use a co-signer who has a higher credit score to vouch for you.
Will paying off my loan improve my credit score?
Yes! The biggest majority of banks out there will report your loan payment activity to the three major credit bureaus (TransUnion, Equifax, and Experian), which will show up on your credit history. Successful, on-time payments could work wonders to help bring your score up.
|701 N Wood Ave, Linden|
|NJ 07036, United States|
|Phone: +1 908-925-1111|
What are the benefits of applying for a loan through my bank?
There are a few potential bonuses to applying for a loan through your bank instead of another type of lender. Existing bank customers might qualify for larger loan amounts or even the benefit of being able to apply without actually visiting the branch in person.
If you have any further questions that were not answered here, don’t hesitate to ask someone at your bank for assistance. Loan professionals like those at Columbia Bank Linden are very knowledgeable about the loan process and would be happy to help you make sure all your questions get answered.