Signature Loans

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Signature Loans

Banking on Your Signature to Get the Financing You Need

Traditionally, collateral is required if you’re looking to borrow a huge amount of money. This can take the form of your home or vehicle, jewelery, tools and stocks and bonds. However, not all people are willing or unable to go this route and would rather not put their assets at risk in lieu of a loan.

Today, it is possible to borrow money even with the absence of a security. All you need is your signature and the good faith of paying the loan back.

What is a Signature Loan?

The term signature loan is often interchanged with personal loan. Some people also call it loan of good faith as lender banks on your good faith to pay the loan and nothing more.

A signature loan allows you to borrow a bigger amount of money than a payday loan can provide and in longer loan term. You can then use the loan for any purpose such as celebrating your anniversary, going on vacation, funding education or consolidating your debt.

Benefits of Signature Loans

  • Borrow a Bigger Amount at Lower Interest than Credit Cards and Payday Loans. Although credit cards and payday loans provide an almost instant access for emergency funding, the maximum amount that you can borrow may not fit your needs. Furthermore, these type of loans charge exorbitant fees. Signature loans allow you access to moderate-higher loan amount with lower interest rate.
  • Payments for Signature Loans are More Manageable and Affordable. Since the payments for these loans are spread out equally into installments over the agreed loan term, they are more budget-friendly. You don’t have to make a huge financial sacrifice at one time, instead just make smaller ones over a period of time until the loan term is over.
  • Doesn’t Require Collateral. You don’t have to present any asset to qualify for a signature loan. Your signature is enough to get the funding you need. This means that you get to keep your house or car and still get the loan with no problem. This is also a good option for borrowers who are just starting to build credit and those who are renters.

Risks of Signature Loans

  • It May Charge Higher Interest Rates. The absence of collateral make lenders vulnerable so to gain some sort of protection, they tend to raise their interest rate higher. However, these rates are considerably lower than most credit cards and payday loans.
  • Delinquent Payments Can Result to Reduced Credit Score. Failure to meet your payment schedule can cause negative impacts to your credit score. Make sure to provide timely payments in all your due dates to prevent any problem.

To mitigate these risks, do ask your lender questions for anything that is unclear to you and try to reach a reasonable loan agreement. Don’t settle with a loan deal that you’re not happy or comfortable with.

How to Get a Signature Loan

Getting signature loans nowadays is fairly easy. It’s been made easier because you don’t have to present collateral, therefore no appraisal will have to take place. Once you’ve found a good lender, you only need to prepare the required paperwork and satisfy certain conditions in order to qualify.

Signature Loan Requirements

  • That you are at least 18 years and a resident of the USA.
  • You have a regular job and earn the minimum required salary.
  • Show proof of employment or income.
  • Own an active bank account
  • Own an active contact number for verification
  • Own a valid ID with photo

Once you’ve submitted the requirements and satisfy the conditions, you just need to fill out the application form online or in person in the loan store. Lenders generally process the applications immediately and get back with a decision in a few minutes. Depending on the lender, you will get the borrowed funds in a few hours or by the next business day.

How Do Signature Loans Work?

Signature loans work by putting in your signature as collateral for the loan instead of an asset. That means the lender relies on your good faith and character to pay the loan back. This can be advantageous to you if you don’t want to put your assets as stake but can be risky for the lender as he doesn’t have anything to secure the loan with.

As a result, you will find that signature loans have higher interest rates than traditional secured loans.

Each lender is different and principal amount can vary between $500-$20,000, payable from 6 months to 5 years or more. Interest is also applied to your loan.

You will work out with a payment schedule and loan term with the lender. You then pay off the loan into smaller amounts and in regular basis until the loan is paid off in full. Each time you give a payment, you are paying a portion of the interest and a portion of the principal amount.

Most lenders do not allow multiple loans at the same time. You need to finish paying off the existing loan before you can apply for another one.

Paying off signature loans can be done in a lot of ways. First, you can personally visit the store and hand in the payment. Or you can do this through money order or via the telephone. If you authorize it, the lender may also automatically deduct the payments from your bank account on each pay date.

When Should You Get a Signature Loan?

Getting a signature loan is a matter of personal call, it is after all, called a personal loan. This means you can get a signature loan at any point in your life as long as you satisfy the lender’s conditions.

You might consider getting a signature loan to help finance an upcoming wedding, pay your medical bills, pay school tuition, to go on a vacation and to pay other expensive bills. Since you are allowed to borrow a higher amount than you can from a payday loan, signature loans are more useful for big-ticket expenses.

What to Consider When Getting Signature Loans

You need to look at numerous aspects before getting a signature loan. First, you need to consider why you need the loan and how much you intend to borrow. Determine how taking this loan will impact your finances and if you will be able to make the necessary adjustments to make way for the payment.

You also need to work out a loan term. Some people prefer paying the loan off for a period of years so as not really feel the pinch of the payment. However, some people want to get over the loan quickly so they opt for a shorter term. What you choose depends on your own financial goals and circumstances.

You also need to consider if there are other fees and charges that come with the loan. Some lenders ask for administrative fees while others charge for processing fees. Do ask questions to provide getting hidden charges that will make your loan expensive.

It’s also good to transact with a good lender to prevent being scammed and have your best interests upheld. Although getting a loan is a business transaction, some lenders like King of Kash really take it to heart to provide the best possible financing tools to their customers.

Getting Signature Loans with Bad Credit and Bankruptcy

Signature loans aren’t just for those with pretty credit scores. In fact, a lot of lenders acknowledge that people with poor credit score are underserved so they make signature loans available to them as well. If you have declared bankruptcy in the past, you can still get signature loans although certain conditions may apply.

Lenders generally do not rely on your credit score anymore when deciding if you’re fit for the loan, but that can still be a consideration. Just make sure to satisfy the conditions required by your lender, submit all the required paperwork and pay your loans on time and you should be eligible for better deals and rates in the future.

Get Your Next Signature Loan from King of Kash!

If you need signature loans for one reason or another, come to King of Kash. King of Kash is a private signature loan lender that has served more customers than many banks and payday lenders, with an excellent track record and great customer service.

King of Kash loans specialist can work with your loan needs and they are highly flexible and understanding. They help you make sure that paying off your loans is as manageable and affordable as it can get and that you can quickly recover from whatever financial patch that you are in.

Apart from that, King of Kash is known to process loans quickly, provide decisions immediately and have high approval rates. They understand your financial sentiment and always willing to provide you the assistance you need through their financing tools.