In the financial industry, ‘personal/business loan’ refers to money borrowed to pay for personal/business expenses. It is expected to be repaid in small portions over time with interest added on.
These loans are often unsecured, meaning borrowers do not risk losing their house or car if they can not pay back the loan.
Repaying such loans on time helps borrowers establish their credit worthiness. Not paying back a personal loan may have an adverse impact on borrowers’ credit worthiness.
Unlike the regular car loans, mortgage loans or student loans, which limit what a loan can be used for, our loans allow borrowers to use their money however they would like.
There are two main types of personal/business loans: secured and unsecured.
With a secured loan, borrowers are asked to provide something of value, often the rights to their car or home, to their lender if they cannot pay back their loan. With an unsecured loan, lenders do not have the right to the borrower’s personal property, even if they default. However, failing to pay back unsecured loans will have a negative impact on the borrower’s credit worthiness.
Personal/business loans are provided to eligible individuals in the form of a check or a bank deposit. They are given in one lump sum and then typically repaid by the borrower in smaller installments. A fee proportionate to the amount borrowed, called an interest rate, is factored into the smaller installment payments. How fast a personal loan must be repaid and how much is due every month depends on the conditions of the loan and the amount borrowed.
Every personal/business loan company has different criteria for qualifying. While some only look at applicants’ credit worthiness, at Evergreen Lending Firm® we assess a person’s general ability to repay, including factors like source of income, proof of residency, ability to incorporate repayments into a monthly budget, and repayment history.
You can receive a personal/business loan from Evergreen Lending Firm® as soon as the same day you apply! Contact support to see how much you’re eligible for and receive your funds after you are approved or apply online and have money deposited into your account as early as next day after approval.
We look at a number of factors in addition to credit worthiness at Evergreen Lending Firm®. Even individuals with very low credit worthiness may qualify for a loan.
Evergreen Lending Firm® reports to all major credit bureaus, so taking a persona/businessl loan and repaying it on time gives you a chance to positively impact your credit worthiness. Late payments or lack of repayment would have a negative impact too.
When you apply with Evergreen Lending Firm®, there is no impact to your credit worthiness.*
