Bad Credit Loans Blog

Great Tips and Advice for Managing Your Money

How To Better Qualify For A Loan?

What would you say is the most nerve wrecking part of applying for a loan?  Submitting the application?  May be, if you try to answer questions on the application in a way that you think will increase your chances of being approved.  But reading the mind of the people who will approve or decline your application is not realistic.  How about providing documentation such as bank statements and pays stubs?  No likely stressful, but, more like just plain work.  How about this one, waiting for a decision to be made based on your credit report?  I think most people find this the most mentally painful as the ways by stressing over a loanwhich credit reporting bureaus determine our credit scores are not always clear to understand.  For example, in our company, America’s Loan Company, we have found people with credit scores at 700 who have one car loan and nothing else.  Yet we find others with more lengthy unsecured loan and credit card credit histories who have slightly lower credit scores.  Although there are several factors that we would look at, all things being equal, we may find the applicant with the good unsecured debt credit history better qualified for a loan.  As far as keeping you credit score good keep this points in mind:

  • It will always help to make you debt payments on time. This shows that can are responsible.
  • Keep older accounts current. In this way lenders can see that you can handle debt long term. 
  • Use less of your available credit. Maxing out you credit limit is not viewed positively.   

But is credit score and credit history the only thing that lenders look at when determining eligibility for a loan?  No.  Looking at income is also a factor.  A borrower who can proof that they have a steady proof of income will have a preferable decision.  If you can prove that you receive a steady monthly, biweekly, or weekly income it makes the lenders less worried about the payments being paid on time.  If you don’t have a steady income, a cosigner may be required.  However, beware those of you who may decide to be a cosigner for someone else.  If the main applicant fails to pay that loan, then the cosigner has joint liability to pay that loan in full.  Our recommendation is that you don’t agree to be a cosigner for a loan unless you are ready to pay for that loan yourself.  Another factor related to income is time of employment.  Obviously, someone who has been with an employer only 3 months may have a more difficult time getting a loan as compare to someone who has been two years with the current employer.

Looking at your bank statements may also determine eligibility for a loan.  For instance, if a bank statement is flooded with nonsufficient funds fee, it will put in doubt that your finances are kept in order.  It makes you look like more of a high risk to loan money to.  But, even if the bank account is kept clean of nonsufficient fund fees, if the bank statements show mostly very low daily balances, like under $20, that may indicate to a lender that there is not much disposable income available to pay another debt.

credit historySo, credit history, credit score, a steady income, length of time with current employer, how you keep your bank account, all can be factors used by lenders to decide whether to trust you with a loan.  If you decide to apply for a loan, please, realize that lenders are not trying to be mean to you.  They are just trying to be responsible and make sure you can handle dealing with a debt.

Affordable Bad Credit Loans

6 Mos. to 5 Yr. Terms

We Report Your Credit

Fast Approval


bbb long 300 Google Reviews

America's Loan Company - Notice

Customer Notice: Personal loans, title loans, and car loans have terms 6 months or longer. There are no early payoff penalties. We currently report to one of the 3 major credit bureaus, TransUnion. However, many factors affect your credit score. Therefore, we can't promise that your credit score will improve while having a loan with us.

Requirements: We are able to service Ohio residents only. Approval depends upon meeting legal, regulatory and underwriting requirements. America's Loan Company may, at its discretion, verify application information by using national databases, including but not limited to Teletrack and any of the national credit bureaus. America's Loan Company may take this information into consideration in the approval process. Due to state and verification requirements, not all applicants for loans may be eligible for approval by America's Loan Company. You may be required to submit additional documents due to state law and qualification criteria.

Products & Services: Products and services offered to customers may vary based on customer eligibility and applicable state and federal law. Actual loan amounts vary. The availability of loans and extensions may vary. Auto loans and secured personal loans are subject to minimum auto value requirements.

Further Personal Loan Disclosures: For qualified customers, America’s Loan Company offers bad credit personal loans with terms of 6 months to 5 years, with APR under 35.9%. As an example, you may borrow $1,500.00 over a 24 month period, with a $10.00 credit investigation fee, $100.00 loan origination fee, and $452.32 in interest, for a total payment of $2062.32, with an APR of 32.6514%, and monthly payments of $85.93.

More information can be found on the America's Loan Company Privacy Policy.

Bad Credit Loans by America's Loan Company

Copyright ©2018 America's Loan Company 127 E. Main Street, West Jefferson, OH 43162. All Right Reserved. 
Seeking bad credit installment loans? We offer affordable online personal loans. Ohio based direct lender. Start improving your credit today!

Toll-Free: 877-380-2639 - Ohio: SM.501641.000 CI.550000.000 - Company NMLS ID: 315276


Another Design By:
LDR Interactive Website DesignsLDR Interactive Technologies