3 surprising things to consider when borrowing – home station | KHTS FM 98.1 & AM 1220 – Santa Clarita Radio

Sometimes you can’t avoid borrowing money – whether you need a boost to get your foot on the real estate ladder or top up your cash between paychecks. Knowing what lenders to consider before approving your application can increase the chances that you will get the money you need at the right time.

If this isn’t your first rodeo, you know that there is some information you need to provide before a lender is ready to give you an installment loan or line of credit.

Contact information, banking information, and your credit history are some of the most popular materials to share in an application.

But did you know that some online direct lenders review seemingly disjointed information before making a decision?

Here are three details that interest lenders and that might surprise you.

1. Your location

The internet has broken down many of the physical barriers that separate us all, making it possible to order candy from Japan or virtually explore the streets of a small Italian village. You can even visit a lender’s website from around the world.

If you are a Californian, your gut feeling is likely to be a warning against buying small dollar loans from a lender based in Switzerland or Bolivia.

But what about other states in the US like Missouri? Well, that might not work either.

A lender must have a license in every state he wants to operate. This accreditation protects you as a borrower as it ensures that a financial institution complies with the appropriate rules and regulations.

If an online lender is licensed in Missouri but not in California – or vice versa – it means that that financial institution has not yet met your state’s loan requirements.

As a general rule, Californians should stick with online direct lenders who are licensed in the Golden State. While people calling Missouri home should search for Missouri installment loans online.

2. Your career

How you make a living can affect your chances of getting an installment loan beyond your income. Everything goes back to the lending rules mentioned in the previous section.

One such law states that financial institutions cannot charge military personnel more than 36% interest. If you are in the military, you may not be able to get a higher APR loan even if you meet all of the other requirements.

But why do you want a loan with more than 36% interest at all?

Sometimes it’s your only option. Some financial institutions will raise the prices of their products if you don’t have a bank account or if you have bad credit.

Typically, the lower your balance, the higher these fees. Some online cash advance loans have an APR greater than 600%.

3. Your age

As you might guess, a young child cannot borrow money of their own. Regardless of what you might think someone is an adult, under the eyes of the law a minor is anyone under the age of 18 – whether you live in California, Missouri, or somewhere in between.

This is good news for freshmen who need student loans and lines of credit early on in their college careers. As a rule, anyone over the age of 18 can apply without restrictions.

Bottom line

Every reputable financial institution wants to make sure you can edit their loan before they approve your application. Making a good faith judgment requires more detail than you initially think. So, when applying for credit online, be sure to keep an eye on your location, career, and age.

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KHTS FM 98.1 and AM 1220 is Santa Clarita’s only local radio station. KHTS mixes a combination of news, traffic, sports and features along with your favorite contemporary adult hits. Santa Clarita news and features are delivered throughout our airwaves, on our website, and across a variety of social media platforms throughout the day. Our award-winning KHTS Daily News is now read by over 34,000 residents every day. As a living member of the Santa Clarita community, the KHTS broadcast signal reaches the entire Santa Clarita Valley and parts of the high desert communities in the Antelope Valley. The station streams its talk shows over the Internet and thus reaches a potentially global audience. Follow @KHTSRadio on Facebook, Twitter, and Instagram.

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