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HOW CAN YOU GET FAST ONLINE LOANS?

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Fast loans are borrowed in case of emergencies or other short-term borrowing needs. If you ever need to get a fast loan online, do not get panic, as Silons is the trusted name that will help you out in your financial need.

Introduction to Silons:

The company is a proud lender of online payday and personal loans to the people. At Silons, a person can get the cash as fast as in an hour. The professionals at Silons take the shortest time to cater to your need for money.

The company provides fast and short-term loans to all the citizens of the United States, United Kingdom and Canada. The online lending company offers fast online loans with minimal interest rates for:

  • Mortgages
  • Car/vehicle loan
  • Cash loan

How much fast loan a person can borrow?

You can apply for a Payday loan up to$ 1,000 and personal loan up to $ 5,000 instantly.

How to get a fast loan online?

The incredibly fast system does not take much of your time with a process that is remarkably simple:

  1. Fill the online application– the loan application is a two-step form.
  2. Get approved– the approval process is easy as every 4 out of 5 loan applications gets approved. During business hours, the deal is especially done quickly.
  3. Get cash– you can receive the cash in the account number decided in the form within 1 hour.

GET FAST ONLINE LOANS

The company believes in making people’s lives easier in the time of financial crisis. Silons delivers excellent customer services along with the best experience. 

If you are in need of fast loan online but have some doubts and questions, you can contact the company any time at the company’s official website and get your queries answered quickly.

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Top 5 Reasons Why Banks Reject Loan Applications & How You Can Avoid Them When Reapplying

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Top 5 Reasons Why Banks Reject Loan Applications & How You Can Avoid Them When Reapplying

Personal loans are a source of emergency funding for many people. But loan seekers must remember that applications for personal loans may get rejected. There are many reasons for loan rejection, and it is good to know them before applying. A personal loan rejection does not necessarily mean that you are not creditworthy. Understand the reason why you were refused credit loans, and you can easily avoid loan rejection when reapplying.

Here are the most common five reasons for loan rejection –

  1. Poor Credit History

Individuals who borrow and repay loans on time have high credit scores based on their history of repayment. If you have never borrowed before or have defaulted on a loan in the past, this will reflect in your credit score and may get you a loan rejection.

  1. Low-Income Level

Lenders analyze your income records to determine whether or not you will be able to afford the monthly installments. If the bank or the lender cannot verify your income with the information you have given or if they think that your income is insufficient – it may lead to a loan rejection.

  1. Debt to Income Ratio

A high debt to income ratio means that you are already spending a large part of your income in paying off your current debts. This is important, as it helps lenders determine whether you can take on another loan payment or not. People with low debt to income ratio are never refused credit loans.

  1. Living in a Location Where Defaults are High

It may surprise you to know that banks and lenders mark geographical locations where defaulters live. If your address reflects a location where many defaulters live, you could face a personal loan rejection.

What Should You Do Before Reapplying?

In case your loan application gets rejected, don’t worry. For refused credit loans, lenders are obligated to send a notice of adverse action informing the applicant about the reasons for denial of the loan. Here are a few simple steps you should take before reapplying.

  1. Take a Look at Your Credit Reports: Obtain your credit reports online for analyzing your credit history and score. Reviewing your credit reports will help you identify the problems such as late payment or defaults that led to your loan rejection.
  2. Evaluate Your Debt-to-Income Ratio: Taking a look at your current debts vis-à-vis your income will help you understand if you have sufficient income to repay the loan you had applied for. Creditors usually look for a debt-to-income ratio lower than 36% for good creditworthiness.
  3. Discuss the Loan Rejection with Your Lender: After analyzing your credit reports the best thing to do is to talk to your lender. They will guide you about the right reason why your loan application was rejected and how long you need to wait before reapplying.

Author Bio:

Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.

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