Payday Loans CT About FAQs Contact Loans Credit Builder Loan To improve your credit history, it is easiest to apply for a credit-builder loan. Using the referral service, you will not only be able to borrow a small amount online, but also restore your financial reputation. It will take only a few weeks or months to correct your credit score. What are some major causes of bad credit? There can several major causes of bad credit: you missed the due date and did not use a loan extension service; you took out several loans and could not repay them on time; you repaid all loans, but deposited money out of date; you refused to pay off the debt at all; you took out loans and filed for bankruptcy. The last two categories of clients will be blacklisted. The path to re-lending will be closed for such citizens. Clients who delay payment due to financial difficulties or forgetfulness can easily take out a credit-builder loan. If you delay payment for several days but have agreed on a loan extension option with the lender, the credit history will remain the same. The fact is that MFIs are loyal to citizens who have temporary difficulties and give them a second chance to pay debt. However, there will be no third chance – if you deceived the lender, you will be charged high fines. Is it possible to improve the credit history with loans? To achieve the desired result for correcting your credit history online, we recommend that you follow some rules: get credit-builder loans through our referral service. We partner with companies that transfer information to large credit bureaus; repay your debt on time, avoid early repayment; don’t apply for several loans at once, repay them one after another. Before starting the procedure, it is recommended to contact the credit bureau and a copy of your credit report. It is recommended to repeat the same procedure six months later in order to track the changes. Why choose a microfinance company? If you have a low credit score, there is no point in contacting a bank – large financial institutions are faced with an oversupply of customers, therefore, if you have a poor credit score, you are denied a loan immediately. MFIs treat applicants differently: you can repay the debt at any time, as soon as you get money; if you have problems with repayment, the payment terms can be extended; almost all companies approve applicants automatically using computer programs. All records on the timely debt closure are entered into the credit bureau database, which increases the borrower’s rating among financial institutions. In 6-12 months, the credit score will improve. How to apply for a credit builder loan Instead of applying via different websites, you can use a referral service which has an extensive network of reliable lenders that approve clients with a bad credit history. The procedure for obtaining credit builder loans can be divided into several cycles: Filling out an application; Obtaining approval for a loan; Repaying a loan. Next, you need to use the services of MFIs 3-4 more times. The repeat applicants will be approved much faster since all user data will already be saved in the system. Credit history is a clear indicator of the level of borrower’s financial discipline. The higher the score, the more trust the MFIs and banks have, which increases the chances of getting a large loan. Disclaimer © 2021 www.1stalliancelending.com. All rights reserved.