Different people have different financial situations, but one thing that most people have in common is that they’ve needed to take out a line of credit at some point. Maybe it was to pay for college tuition, to buy that boat or take that long-awaited anniversary cruise. Situations like this are why Grouplend was founded — so that customers have access to the money they need in a short time frame, often funded within 24 hours. With interest rates currently ranging between 6.3 and 17.5 percent, based on the client’s application, they provide financing to a wide spectrum of borrowers in terms of creditworthiness.
How to obtain a Personal or Unsecured Mortgage Loan
Amansad Financial Services has affiliated itself with Grouplend to give people access to credit through a process that is simpler and faster than filling out an application with a bank and cheaper than carrying a revolving balance on a credit card. Because their overheads costs are lower, they’ve decided to pass those savings on to the consumer. They use technology to gather borrowers and connect them to investors who want to make more money on their funds than they would from a bank savings account. This online environment guarantees quick service on both ends with competitive interest rates for our borrowers. Maximum term for their loans are three-years.
To take out a loan with Grouplend, They require a minimum FICO credit score, a minimum yearly gross income from employment of $30,000, and at least 12 months of credit history. They also have to be at least 19 years old and either permanent residents or citizens of Canada. A number of factors go into the calculation of each loan’s interest rate. These include the amount of money that the borrower requests, credit score, employment information and other data that is part of the public record. It’s possible with their technology to analyze quite a few distinct factors in a relatively short time to give each borrower a personalized interest rate. The specific factors vary from one potential borrower to the next. However, the formula also takes into account potential credit future, not just issues from the past.
Some people ask whether or not the process of getting a quote will affect their credit scores. Our personalized application process involves a “soft” inquiry with your credit score, and as a result your score does not change. After you get your quote, if you decide to proceed with the loan, we perform a “hard” inquiry, which can influence your credit score. The difference is that a “soft” inquiry lets us look at some of the data from your credit report without having to register the analysis. The information that we gather is sufficient to give you a personalized quote for your Grouplend loan. Once you decide to take your loan, the interest rate stays the same for the whole term of the loan — this is not an adjustable rate sort of credit.
If you agree to take your loan, you will be sent an email with directions about the supporting documents that they will need to close your loan. You can start sending in your information as soon as you want, although our Client Care Manager will get in touch with you within 1 business day to see if you have any questions. The documents that we need include: pictures of the front and back of your provincial driver’s license or identification card; a picture of a secondary piece of government issued identification such as a passport; copies of your last two pay stubs; and statements from your bank for the last three monthly periods.
After you send in the documentation, our Client Care Manager will go through identity verification protocols with you over the phone just to ensure that you are who you say you are. When the documentation goes through, we send a loan agreement to you, and you can sign it digitally and return it to us. After that, we send the funds. In many cases, this can all take place the same day, and you get the funds the next day.
At Grouplend, they have helped many clients find funding for their personal needs without the hassle of dealing with a bank or the expense of carrying a running balance on a credit card. If you fit the parameters for the borrowing profile, fill out the online application, and the process will be up and running within minutes.