How Do I Qualify for a Loan?
If you want to find out how to qualify for a loan, you’ll first want to understand a little bit more about each of the different types of loans you can get. The qualification process can vary by type of loan. If you’re looking to get a loan but don’t know much about different types of loans, you’re in the right place. Read on to find out more about how personal loans work, what different loans are for, and what you need to qualify for one with BHM Financial.
How Much Can I Borrow for a Personal Loan?
A personal loan can range from $350 to $35,000. The amount will depend on your personal needs and what you need the money for. At BHM, what you do with the money is not our primary concern. We focus our efforts on helping you get the funds you need quickly and then ensuring we set up a reasonable repayment plan for you. The long-term goal is to get you out of debt and give you the financial knowledge you need to stay that way.
How Much Income Do I Need for a Personal Loan?
How much you earn is relative to how much money you want to borrow. If you are borrowing a small sun, a low income can still work. We base the loan on what you can afford to pay back. If you can afford to pay back the loan based on your salary, then we will be able to help you. We have a 90% approval rate so chances are if you have a steady source of income, you can get the loan you need.
What Credit Score is Needed for a Loan?
With traditional banking institutions, you will need a credit score of at least 660 – more or less – in order to secure a loan. However, BHM does not ever take your credit score into account. This means that even if you have very bad credit, or no credit at all, we can still give you the loan you need. We base your loan approval on your current income and your ability to repay with that income. Of course, each situation is unique so we handle them case-by-case. We work together with you to develop a plan that works for your budget and lifestyle.
Will My Credit Score Increase if I Pay Off a Personal Loan?
Absolutely. Though we don’t assess your credit score when handing out a personal loan, it’s still important to build good credit. Taking out a personal loan should be to help you regain control over your finances so you can get back on your feet. In doing do, you can improve your credit. Making your payments on time will gradually help build your credit score back up.
Bad credit can keep you from getting a new job or from taking advantage of lower interest rates. To enjoy those benefits, it’s important to get your credit score in good standing. If you owe money on several credit cards, you are not only paying too much in interest but you are getting overwhelmed with the number of payments you need to make. This can result is missed payments and lower your credit further. By taking a personal loan to consolidate those debts, you can manage your repayment much more easily. Plus, our flexible repayment plans will make easy for you to repay so you won’t risk defaulting. Paying off your debt to BHM will help increase your credit score right away.
Which Type of Loan is Best for Me?
There are many different loan options available at BHM. Here, we’ll go through the loan services we offer, but you can also contact us for a meeting to discuss any of our services in greater detail. If you’re still not sure which loan is right for you, we can help you find the right one for your individual needs.
Personal Loan
A personal loan is a loan between $350 and $35,000 that we offer. The funds can be used for whatever you need and we can approve you in 24 hours or less. You can also receive your cash within a day to settle your debts. Then we work out a repayment plan for you that is flexible enough for you to be able to pay back comfortably.
Truck, Trailer, Tractor, Horse Trailer, or Farm Equipment Loans
If you’re a trucker who has been refused by the bank due to poor credit, we can help you get the truck you need for your business. We offer truck loans of up to $15,000 to truck drivers across the country. We can also offer loans for trailers, tractors, and horse trailers. If you have no credit yet, or you have poor credit, don’t worry. We won’t evaluate your application based on your credit.
RV Loan
An RV is a great investment. It can make travelling much more affordable and a lot comfier. We can loan you up to $15,000 for an RV if you have collateral or a fully paid vehicle. As with all of our loans, you can apply online and be approved within 24 hours.
Boat Loan
If you have a fully paid boat valued at $20,000 or more, you can secure yourself a personal loan between $1,000 and $15,000. With an insured boat and a steady source of income, using your boat as collateral for a loan is an easy decision to make.
Home Equity Loan
If times get rough, remember, you’re likely sitting in the most value you own – your home! You can use the value of your home as collateral to borrow money. We lend you money based on the value of the equity you have in your home, not your credit. We also have the lowest interest rates in our industry so we can help you access funds for the renovations you want, medical bills you have, or anything else.
Business and Small Business Loan
If you’re just starting a business, you will definitely need some start-up money. With your home or vehicle as collateral, we can secure you a business loan with a competitive interest rate. At BHM, we won’t base your application on your credit history or your age. We look solely at the value of your collateral so we can the most for you as quickly as possible. You can apply online for a quick approval and get your funds in just one day. If your dream is to run your own business, we can help make it happen!
Mobile Home Loan
Getting a loan for your mobile home is tough with most banking institutions. Because a mobile home is easy to move and owners generally do not own the land it is on, banks don’t often lend out funds for this type of loan. BHM will offer you a loan on your mobile home so long as your home is paid off, it is insured, and you have a stable source of income. This way, you can make the renovations or repaid to your mobile home and comfortably pay pack your debt in due time.
Car Repair Loans
If your car needs some unexpected repairs, we can secure you a loan of up to $15,000, provided your vehicle is paid for an insured. Your car is the collateral you need so you don’t need to put anything else down to obtain the loan. We understand how important your vehicle is, especially for getting to and from work. We can help you fix it fast.
Home Improvement Loan
With the price of homes today, making home improvements is looking like a better and better option. If you don’t have great credit and the bank won’t lens you the money, we can. We don’t evaluate your credit score for a loan request. We can loan you the money you need to update your home for yourself, or to increase its value for long-term financial gain.
Plastic Surgery Loan
BHM has helped thousands of Canadian men and women access the funds they need for plastic surgery. Looking good and feeling good go hand in hand. If you’re interested in having plastic surgery done, find out how we can help. And yes, you can apply online and get quick approval and quick cash!
First & Second Mortgage Loans
If you’re looking to buy your first home or take out a second mortgage on your existing home, we can help. The bank will most likely refuse you if you have bad credit history. We won’t base our decision on that. That’s why we have such a high approval rate and over 97% of our clients are satisfied. Ask us how we can help you buy or keep your dream home.
Car Title Loan
If you have bad credit, getting a loan from a traditional banking institution is not easy to get. We can offer you a loan by using your vehicle as collateral. You can keep the car title in your name the entire time. We will place a lien on it until the debt is paid. Ownership of the car remains yours throughout the term. Because the car is your collateral, your credit history is not important to us.
Consolidation Loans
If you owe money on several credit cards or to several utility providers, it is very easy for your debts to spiral out of control. A debt consolidation expert at BHM Financial can explain to you how consolidation loans work and help you create a repayment plan that works for your individual needs. Before your loans become too difficult to manage, consolidate them and get on the right track to managing your finances.
Loan on Land
If you’re strapped for cash but aren’t ready to sell off land you own, you can get a loan using your land as collateral. In essence, you’d be exchanging the value of your land for cash, but you don’t have to lose your land in the process. Got bad credit? Don’t worry. Our decision is based on the value of the land you own, not your credit history or your age.
Vacation Loan
If you have the opportunity to take a once-in-a-lifetime trip, take it! BHM can offer you a loan of up to $15,000 to pay for your dream vacation today. With a quick approval process, you can have the money you need for your trip in no time.
Medical Loan
Medical expenses can really sneak up on you when you least expect. If you find yourself with a heap of medical bills and no way to pay them. BHM can help you. Your health comes first. If you need help getting the care you need, we’re here to help.
Student Loan
Getting a higher education can have a very positive impact on your future but getting that education isn’t always easy. If you’re having trouble paying for school, ask us how we can help. At BHM Financial, we want you to get the education you deserve and set yourself up for a lifetime of success.
How Can I Pay Back My Loan?
At BHM Financial, we offer several different options and varying payment terms. We work with to find a repayment solution that works for you so you can actually pay back your debt without defaulting and further damaging your credit. We are more flexible in our payment plans than standard banking institutions.
In order to pay your loan back, you have to have repayment terms that you can manage. If you can’t afford the payments, you’ll likely default. To avoid this, we create individualized plans to help you achieve your goals as easily as possible.
How Can I Improve My Credit?
A bad credit loan can help you out of a financial bind, but that doesn’t mean you shouldn’t aspire to improve your credit score anyway. Your credit impacts many different areas of your life. Your goal should always be to improve and maintain your credit over time. By taking out a personal loan, you can pay off the debts you have and minimize your payments to make your debt more manageable. Paying back your loan will instantly start to improve your credit. We make sure your payments are manageable so you will always be able to make your payment on time. This contributes to improving your credit score.
How Can I Get a Personal Loan Immediately?
If you need a loan quickly, you’re in the right place. Our online application process is quick and simple. In 24 hours or less, we can approve your request for a loan. All you have to do is answer a few simple questions and submit your application. We’ll review it and get your money to you in a single day. We’re able to do this quickly and efficiently because we are the lender. We’re not brokers working with third parties. We evaluate each loan request and we loan the funds out. This cuts out the middleman and makes the process more affordable for the consumer and much simpler and quick all around.
Does a Personal Loan Hurt Your Credit?
Requesting a secured personal loan will not affect your credit, but an unsecured personal loan will have some effect. However, you have to evaluate your financial situation. If you are constantly missing payment deadlines and losing control of your many bills, or your credit cards are maxed out and you’re barely making the minimum payment, the short-term pain of a personal credit is necessary for long-term gain.
Using up 80% or more of your credit card limit damages your credit. Missing payment deadlines damages your credit. Carrying a credit card balance over from month to month damages your credit. All of these factors are affecting your credit score every day. It is much smarter to take a loan, consolidate your debts, and work towards paying your single debt off comfortably.
Can You Get a Personal Loan from Your Bank?
Yes, the bank does hand out personal loans. However, they are much more rigid than BHM. For starters, they will base their decision on your credit history. If your credit score is bad, you can safely assume you will be rejected for a personal loan from a traditional banking institution. Plus, they have very rigid payment terms and those simply may not work for you. If you commit to payment terms you can’t meet, you will find yourself in collections.
Instead, at BHM, we don’t take your credit history into consideration. We also offer more flexible repayment plans to help set you up for success. We know that sometimes, life can get tough. We’re here to help guide you through the tough times and work towards financial success in the future.
If you’re considering taking out a personal loan, call us today. Our financial experts will not only help you with your request, but we’ll also help you budget yourself and offer the financial advice you need to take control of your financial future.