personal loan

Basic Loan 101 : Increase Your Chances of Getting Your Personal Loan Approved

Unlike a business loan, securing a personal loan online can be fast and easy. It may be approved in 30 minutes or within 24 hours. Educate your self before applying for unsecured loans. A lot of scammers will prey on persons that needed money badly. Applying through JNA Financing, secured websites, and dealing with a trusted person will ensure you avail your loan.

Also, Read: Things To Consider Before Applying for a Loan in 2022

Most lenders will evaluate your credit. This will include your payment history, your income, and borrowing history in order for them to determine what they can offer you.

business loan

Do I need Collateral?

Personal loans do not require you collateral to avail loan. However, you might pay higher interest because lenders cant get any collateral from you if you stop paying.

How about my Income?

Most lenders will verify that you have enough revenue or income to know if you can repay your loans. They will ask for your employment payslip and records. By this, they can estimate what they can offer to you based on debt to income ratio.

Credit Worthiness

They will review your credit score or get your credit score to know what is your borrowing history. This will include late payments if there’s any, your previous loans, and any public documents that lender will require you to provide. Also, lenders might review your utility payments and rent as an alternative.

At JNA Financing business loan, we provide you options even if you have a minimum credit score. A score ranging from 500 to 650 or even a minimum. Whether you have recent bankruptcies, we will consider your annual earnings and how long you operate your business.

However, this will result in higher interest on your loans. We provide for business owners. If you are a start-up, we can finance your company to grow your business. We provide a business line of credit to sustain a cash flow gap and securing is easier than other lenders.
business loan approved

We also offer Merchant Cash Advance, Line Credit, Inventory Loans, SBA Loans, A/R Factoring, Equipment Financing and Business Loans backed by Real Estate.

Initial Submission Documents in 4 easy steps

1. 4 Most recent months of business bank statements.

2. 4 Most recent months of credit card processing statements (if applicable).

3. Signed and dated Application.

At JNA Financing, we care for you and your business. If you are ready to secure a loan, head over to our JNA Financing application form to get started.

Latest Business Loan Tips

What happens if I want to pay off my loan early?

What Happens If You Pay Off Your Loan Early?

Although it’s tempting to stick to your monthly payment schedule without fully realizing the interest accrued in the long run, by paying off a loan early, there’s actually a wealth of benefits to reap. And the most obvious thing is, it’ll save money for you. The faster the amount you owe decreases, the less interest you pay. By reducing your debt sooner, it will help to use a loan calculator to see how much interest you will pay over time and how much you will save.

Loan Calculator

Let’s take a step back and shed a light on credit calculators because they are not only free, but they are an extremely valuable online tool that anyone can take advantage of when considering a personal loan to fund a purchase.

In short, when taking out a personal loan, a loan calculator helps you easily crunch numbers and get answers on what to plan for your monthly payments. This affects stuff like the kind of loan you want to secure, your credit score, how much you need to borrow, and what you feel comfortable paying when you repay it each month.

Raising your debt-to-income ratio

Aside from saving money, paying off your loan early comes with more benefits. As lenders decide whether or not to accept a loan for you, they calculate the percentage of your income, known as the debt-to-income ratio, that goes towards paying off debt.

When paying off a loan early, the debt-to-income ratio rises, making you more likely to get accepted for loans in the future and on more favorable terms.

Why You Should Pay Off A Loan Early

Enhance your credit score

Paying off a loan early means rapidly paying off your debt, which has the capacity to raise your credit score. Not only can you prove to be a responsible borrower, but you also expand your capacity to borrow under your credit limits, which can be beneficial if you need to borrow further in the future.

Also Read: Credit Score: How to Maintain a Good Standing Ultimate Guide

Financial Relief

The sooner your debt falls, the sooner you are in a better financial position. All the money you put into your monthly payments will be made available again for other uses and you can start using it instead of interest payments on anything you value.

It doesn’t only have financial benefits to eliminate the debt, it’s good for peace of mind too. It may feel satisfying to pay off a loan early and will also decrease tension. You can’t put a price on gaining financial peace of mind, whether you’re trying to reduce your debt before retirement, tired of making monthly payments, or you hate watching your hard-earned cash go towards interest.

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