Think about it. With an excellent credit score, your apartment lease gets approved almost immediately, insurance companies rush to serve you, personal loan providers become so generous with their limits you begin to question if you are being conned, and your credit card company can’t keep themselves from giving you rewards and pre-approved credit limit raises.
The opposite is true if you have a poor credit score. It’s all gloom on the other side.
Enter Online Paperless Personal Loans
The internet is changing every sector of the economy and the loan market hasn’t been left behind. There are companies that now offer personal loans exclusively on the internet and your loan, if you have an excellent credit score, gets approved faster than it takes your Amazon one-day delivery order to arrive.
You don’t have to leave the house when applying for a personal loan now. With just a few uploads to justify your income and a click on a ‘submit’ button, you’ll have set all the wheels in motion. The loan will probably be approved in a day. The financial provider then deposits the cash into your bank account and you get to use it however you want. All this is possible as long as you have a high credit score.
LightStream, for instance, serves customers with great credit scores who want to make collateral backed purchases. You need a minimum credit score of 720. The rates are absolutely great. There are absolutely no origination fees and interest rates start from as low as 2.19%. You can access a personal loan of up to $100,000 which has to be repaid in 24 to 84 months.
Another company that offers such a service is SoFi. It provides a range of loans including personal loans and student loan refinancing. The service can be a lifesaver for those looking to pursue their MBA, but only if your credit score is stellar. The required minimum credit score is 700. If you are one of the lucky few with great credit, your application will be processed in hours.
Americans’ love for debt has created a market that has systemized loan processing and eliminated almost all inefficiencies. This can be a good thing or a bad thing based on your view and usage of debt. Since you are reading this on a personal finance blog, I can comfortably assume that you know more than the average person on how debt works and how you can take advantage of debt to grow and further productive causes. It also safe to assume that you know that debt can be enslaving and should only be taken when there are no better options.
The right course of action to take right now is to ruthlessly pay all the debt you have while working to increase your credit score. This way, you get to live free but when a business opportunity arises where you have to take a personal loan to get things off the ground, you can take advantage of these fast and paperless personal loans.