When an individual has bad credit, it can be hard to borrow money. Traditional lenders usually reject individuals with credit scores below 620. Subprime lenders will lend them money, but the interest rates are quite high to compensate for the risk that the borrower may default on payments.
Individuals seeking bad credit loans need help in finding the best loan offer that can solve their need for cash funds. SoundFinancial.com is a financial platform that is claiming to offer this type of service. In this article, we will review Sound Financial and explore why its features and benefits are better compared to similar services. We will also look at their user-friendly loan application process and see if it lives up to its promises.
Overview of SoundFinancial.com
Sound Financial is a company on a mission to help people get access to better subprime lending. That is the reason they created this online platform to be a marketplace for borrowers with bad credit to compare loan offers from different lenders.
The company empowers its platform users to make better financial decisions. They are guided by four values or principles when it comes to the services they offer to subprime borrowers.
- Simplicity in the application process
- Transparency that allows users to make decisions without worrying predatory lending schemes
- Clarity in every piece of information presented to enable users to pick the right product with confidence
- Empowerment for individuals to make a difference in their financial future.
Features and Benefits:
SoundFinancial.com gives borrowers with bad credit easy access to affordable credit offered by trusted subprime lenders. The features and benefits that will be mentioned below make applying for a loan using the platform more appealing compared to going to traditional lenders.
- Borrow depending on your need. Get as small as $200 up to $3,000 bad credit loan amounts.
- Choose the best interest rate that you can afford to pay in simple monthly installments.
- It’s easy to get an approved loan and get the money on the same day.
- Anyone can avail a loan, including those with bad or no credit.
- Your information is kept safe and sure through the platform’s advanced encryption.
Who is eligible to apply for a loan through SoundFinancial.com? Whereas traditional lenders normally require good credit scores in their decision to approve a loan application, that is not the case with SoundFinancial.com. Since the company caters to borrowers with bad credit, having a good credit score is not always necessary to get a loan.
Factors such as credit score, employment status, proof of income and other relevant information are still necessary in order for lenders to come up with a loan offer. Interest rates are expected to be higher compared to traditional loans. But definitely, having a bad credit score will not hamper anyone’s loan application and approval.
The application process for most types of subprime loans only takes three steps (except for title loans which require an extra step for vehicle inspection).
Step 1: Online application. This step takes a few minutes to fill up the form. The following are required to proceed with this step: (1) The applicant is 18 years old and above; (2) Social Security number; (3) A valid ID issued by the government; (4) An active bank account; and (5) Proof of income
Step 2: Loan offer selection. The applicant will be presented with offers from multiple lenders that fit his financial status and requirement. It’s up to the applicant to choose the best offer.
Step 3: Release of funds. Within a few hours after choosing a loan offer and signing the agreement, the funds will be available in the applicant’s chosen bank account.