Finding yourself in need of a little extra cash this holiday season? A personal loan with TLC may be your perfect solution!
Here’s why you should consider using a personal loan for holiday expenses:
- Lower Interest Rates. Personal loans are typically offered at lower interest rates than credit cards, which is what’s usually used for holiday shopping. Lower interest rates can offer big savings, especially when gift expenses start to add up.
- Better Chances of Sticking to Your Budget. When shopping with a credit card, it can become very easy to overspend, especially if you don’t keep close track of purchases. With a personal loan, you borrow what you need in one lump sum. By borrowing only what you need, you’re less inclined to go over your holiday budget. Though this only works if you forbid yourself from using credit cards.
- Repayment is Simple! With credit cards, users often make the minimum payments each time one is due. This can result in debt lingering for far longer than just the holidays. Paying off a personal loan is generally much easier than paying off a credit card. When you borrow a personal loan, payments are made in fixed, monthly amounts. As long as you make all monthly payments in full and on time, you will have no issues.
Applying for a personal loan with TLC is quick and simple! All you need is:
- Proof of identity: You’ll need to give your date of birth, social security number, driver’s license number, address, along with a phone number and email address.
- Income information: Almost every lender requires a minimum income amount, to ensure you’ll be able to pay back the loan. For this portion you have to confirm employment with pay stubs, bank statements, tax returns, or whatever they require.
- Banking information: Along with credit history, you’ll be asked to provide your account and routing number and possibly a few other pieces of information. Some lenders may ask for things such as estimation of current expenses and rent or mortgage statements.
- Credit score: Often times lenders use credit score as an additional way to verify you will be able to repay the loan. FICO credit score is based off of 5 factors: payment history, the amount of money owed, length of credit history, amount of new credit, and types of credit in use. While it is beneficial to have a high credit score, it isn’t necessarily a make or break for all lenders.
If you apply before 1pm CST you may be able to get your funds by the next business day. We consider all applicants, so never hesitate to apply!