How Skyline Consultants Get You Approved
If you’re looking to renovate your kitchen, consolidate debt or pay for another large expense, our consultants specialize in finding you the best loans on the market.
Personal loans can help you finance most major purchases, from an engagement ring to home repairs, often at a lower interest rate than paying with a credit card.
And if you’re stuck with a bunch of high-interest credit card debt, you can take out a personal loan to consolidate the balances and lower the overall APRs, thus removing the hassle of juggling too many monthly payments at once.
But like any kind of financial product, personal loans have trade-offs, including fees and interest rates. Working with one of our consultants removes any confusion or mystery with the personal loan approval process making them feel more secure and confident in their decision.
Types of Personal Loans
Most financial institutions offer two types of personal loans:
Secured personal loan: a loan that is protected by some form of collateral, such as an automobile or home
Unsecured personal loan: a loan that is not protected by collateral
If you have less than perfect credit, a secured personal loan may be your only option since it’s less risky to the lender.
Do you have a steady source of income?
What matters most to lenders is your ability to repay the loan on time. If you don’t have a steady source of income, the lender may reject your application. Lenders also consider your credit utilization ratio – that is how much you’re using of your available credit. If it’s too high, the lender may think you’re overextended and reject the application.
The lender may request:
recent copies of your W2
1099 forms
tax returns
bank statements.
Working with a Skyline consultant prevents any personal pitfalls such as failing to provide the requested documentation, which could lead to the lender rejecting your application.
Step 1. Check your credit score
Before applying, our trained consultants will take a moment to review your credit report.
Don’t worry if your score is below 600 and your credit report is accurate. It doesn’t mean you won’t qualify for a loan. However, your interest rate may be higher to help the lender hedge against the risk of default. And in some instances, you may only qualify for a secured loan. So, it may be best to improve your credit score before applying.
Step 2. Finding the best lender
Going with the first lender that sends you a letter in the mail could be a recipe for disaster. That is why our consultants look at over 300+ options to give you the best rates. Don’t know where to start? Skyline Financial has you covered with a comprehensive list of the best personal loans on the market.
To avoid multiple hits to your credit, we will check whether you meet the lender’ qualification criteria before applying for a loan.
Step 3. Submit the application
Our consultants will apply with the lenders that will be the best fit for you. To make the process a lot easier, you can try Skyline Financials multi-lender marketplace. We compare offers from at 300+ lenders in the market. Skyline Financial makes it easy to submit one easy application to our network of leading lending partners, so you can compare offers in real time.
Once you’ve selected a loan offer, your next step is to fill out and submit your application. This application will collect more details than the prequalification form did.
You’ll fill in your personal information, such as your contact details and address, as well as indicate the purpose of your loan. You’ll also upload verifying documentation, such as an ID, proof of address, pay stubs and W-2s.
Once you’ve signed and submitted your application, the lender will run a hard credit inquiry to review your credit profile. Unlike the soft credit pull, this hard credit check could ding your credit score by a few points. However, your score should bounce back quickly as long as you make on-time payments on your loan.
Step 4. Manage and Repay Your Loan
After you complete your application, the lender will review your information and check your credit. This process may take a few days or weeks, but some lenders can approve loans within 24 to 48 hours.
Once approved, the lender will disburse the proceeds into your bank account, which you can use to pay for any approved expense. Review your paperwork to find out when your first payment is due. You’ll repay the loan on a monthly basis.
Some lenders offer a rate discount if you set up automatic payments from your bank account. Even if your lender doesn’t offer this rate cut, it could be a good idea to set up autopay, so you don’t miss a payment.
