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Applying for a motorcycle loan has never been this easy; nowadays, you can fill out an application online, get the money you need, and avoid all the other hassles. However, you still need to meet the criteria set by the lender to get an approved loan application.
If you’re wondering whether you’re eligible to get a motorcyle loan or not, here are the basic factors that affect the lender’s decision.
Most lenders, especially banks and traditional loan providers, will judge borrowers according to their credit score, and those who have poor or bad credit remarks are mostly rejected. This means, if your credit rating is high, it will be easier for your motorcyle loan application to be granted; if your credit rating is low, on the other hand, you have limited bad credit loans to choose from.
Having a stable source of income is important for lenders that’s why most loan providers will require you to have a full-time income to be granted. However, if you only work on a part-time basis or you’re self-employed, you still have a few options to choose from.
As mentioned, a steady source of income is important to ensure that you can settle the loan without any issue. Some lenders may require you to have a specific amount of monthly income while others may accept you even if you are jobless but receiving benefits, pension, and the like on a regular basis.
Depending on the type of loan, you may be asked to pledge security to be approved, such as a house, a car, or anything of value, and that’s the main difference between a secured and unsecured loans. If you want a better deal and you’re willing to provide collateral, you can opt for secured loans but, if you don’t have any asset or you don’t want to risk any of your property, you can apply for unsecured loans instead.
Motorcyle Loan Fees
When you borrow a loan, you should expect that you’ll not only give the principal amount you’ve borrowed back as there are other costs involved, too. For one, there is the interest rate that is charged to all kinds of loan. It is expressed as a percentage and it’s the amount charged by the lender for using their service.
Then there are loan fees, which may or may not be charged to the advance you borrowed. In this guide, you’ll find what a loan fee is about, how it works, and how to reduce this kind of cost to your loan.
What Is A Loan Fee?
Also known as a loan application fee, this amount is charged by the loan provider for processing a loan application. It may or may not be charged to your advance, depending on the lender’s terms. Basically, it is used to pay for all the costs involved in processing the loan approval.
How Does A Loan Application Fee work?
There are many types of fees that a lender can charge to a loan and one of which is the loan application fee. It is an upfront fee that the borrower needs to settle once they submit their loan application. It is non-refundable and its amount depends on the loan provider itself. That being said, you may find lenders who charge low loan fees while there are those who apply expensive loan application fees. Meanwhile, there are loan providers who don’t charge loan fees at all.
How To Reduce Loan Fees
As mentioned, there are loan providers who don’t charge any upfront fees at all; however, they may compensate the expenses to your interest rate. This means that the loan you will get may not be as cheap as you think it is
Therefore, before you apply for a loan, shop and compare various loan providers first. Take a look at their interest and all the fees associated and find out who offers the best rate. This way, you can reduce the overall amount you need to settle.
How Do I Apply?
Must I Have A Guarantor?
How Do I Apply
Is There Any Complicated Requirements?
Do I Need To Have Good Credit?
What Products Can you Help Me With?
We have plenty of options for you to choose from. Whether you’re thinking about getting a new car or you just need quick cash to get on with your day, we have everything here, neatly stacked and in order.
- Long Term
- Short term
if you have questions, don’t hesitate to reach out to us. We’re always here to help.
What Happens If I Lie On My Application?
Lying on your application could result to serious consequences. Once a lie is caught, the lender can void your application entirely or charge you additional fees. Worse, you could face jail time for falsifying documents or other critical information.
What Happens If I Miss Payments?
Possible Missed Payment Charges
Marks Against Your Credit File
Payment is automatically sent to your checking account upon approval. So you don’t have to wait days in order to get your funds. Applying for a payday loan would only take you a couple of minutes, from start to finish. Fast, convenient, and easy-to-use service available to you anytime, 24/7.
Got questions? Let us know!