Unsecured Personal Loan: No Collateral & Bad Credit
Mar 13, 2023 · An unsecured personal loan allows you to borrow money for just about any purpose without requiring you to put up collateral. That means you won’t need to secure the loan with your home, your car, or any other asset. Instead, lenders for these loans look at your creditworthiness to determine how likely you are to make your loan payments on time.
Guide to Personal Loans Without a Bank Account - Lantern by SoFi
Pros and Cons of No Bank Account Personal Loans. Getting personal loans without a bank account has pros and cons you should consider before applying. Pros. Cons. • These loans can provide you with access to cash quickly. • Many of these loans can have extremely high interest rates. • A bank account is not required.
What Happens if Your Bank Account Has a Negative Balance?
Jan 31, 2023 · A negative bank balance occurs when the account holder pays out more money than they have in their account. As a result, the balance drops below zero. This is known as an overdraft. Sometimes the bank will process a transaction even though the account has a shortfall. If this happens to you, the bank pays out whatever funds are in your account ...
What Are Private Lenders & How Do They Work? - Lantern by SoFi
Oct 23, 2023 · Private lenders are individuals, professional investors, or nondepository financial institutions that offer loans as a nonbank operation. Borrowers can go to private lenders for a variety of financial products, including mortgages, personal loans, and small business loans. Unlike banks, credit unions, and thrift institutions, private lenders ...
What to Do if You Can't Pay Back Your EIDL Loan | Lantern by SoFi
Feb 3, 2023 · Select the appropriate loan number and request the Hardship Accommodation on the Loan Info page. If your loan amount exceeds $200,000: To apply, contact the COVID-19 EIDL Servicing Center at 833-853-5638 or [email protected] (and include “Hardship Accommodation Plan” in the subject line).
Using a Car as Collateral for Personal Loan | Lantern by SoFi
Jan 9, 2023 · You must have equity in the car to use it as collateral for a personal loan. Equity is the difference between the value of the car and what you still owe on it. For example, if your car’s resale value is $12,000 and you owe $2,000 on your car loan, you have $10,000 of equity in the car. The more equity you have in the car, the lower the ...
What Is a Consumer Loan? | Lantern by SoFi
Mar 12, 2023 · A consumer loan is any financial lending product that provides you with funding or credit for personal, family, or household purposes. Financial institutions can offer consumer loans as open-end credit or closed-end credit. Personal loans, student loans, lines of credit, home mortgages, and car loans are examples of consumer loans.
Guide to Personal Loans With No Income Verification
Jan 26, 2024 · Personal Loans With No Income Versus No Income Verification. Some lenders will offer no-income verified assets (NIVA) loans. With this type of loan, the applicant puts up assets for collateral and the lender verifies their value before loan approval. The benefit of a NIVA is that it allows a consumer to get loan approval without income.
What Is a Finance Charge on a Car Loan? | Lantern by SoFi
Sep 3, 2024 · A finance charge refers to an amount you pay to borrow money. In the case of an auto loan, a finance charge is what you pay to borrow money to purchase the car. Finance charges include interest and other types of fees that lenders impose. For example, the lender might charge a paperwork fee or an origination fee, or they might simply combine ...
What Are International Personal Loans? | Lantern by SoFi
Jun 26, 2024 · Read more about our Editorial Guidelines and How We Make Money. A personal loan is a type of loan that allows you to borrow a lump sum of money with few restrictions on how you must spend it. In return, you pay back the loan in monthly installments with interest. If you are not a U.S. citizen, you can still get a personal loan in the U.S.