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Saturday, July 25, 2009

Requirements For the Signature Loans

Signature loans are unsecured loans that are given solely based on your signature.These loans do not require any assets to be placed as a security.Less risk is involved for the borrower but the lender is taking high risks by giving away these loans.These loans are also available for people having a poor credit history.But a major disadvantage of these loans is that the rate of interest will be high because of poor credits.Many people might not be interested in the signature loans after knowing about their high rate of interest.The advantage of these loans is that they can also be used to raise the credit score.Loans can be obtained from the regular lenders after raising the credit score.The credit score plays a vital role in many types of loans.Credit report plays a significant role in almost all loan approval processes.

Requirements for the Signature loans :

1.One of the main requirements to qualify for the signature loan is that you should not have defaulted on a loan.This will raise the lender's confidence on your repaying abilities,

2.You should have a job and a steady income for at least six months.You will also be required to show the income proof.Pay stubs might be needed by the lender,

3.A decent credit score will strengthen your chances of getting qualified for the Signature loan.It is always better to have the score close to 650.

Signature loans can be used to fund student debt consolidation,college loans or home remodeling.There are many lenders offering these loans through the internet.Internet makes the process quicker and easy.Signature loans are the best solutions for people who do not have any collateral.The repayment time for these loans might range from 5 to 20 years.Make sure to pay the debts so as to raise the credit score.


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