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Getting approved for a quicken loan is not easy. A lot of things are banked on your credit score. From the amount you are allowed to borrow to the loan terms to the interest charges, a good loan offer is hinged considerably on your having an excellent credit rating. Naturally, if you‘ve had problems with your credit in the past, expect that the application process is going to be even harder for you. 

For a quicken loan, a $25,000 loan amount is quite huge. Needless to say, figures like these are generally reserved for those borrowers that have kept their credit records spotless over the years. However, this shouldn’t mean that you’ll just have to give up on getting approved for one altogether. There are things you can do which should help increase your borrowing power. 

Improve Your Credit

If your need for extra funds is not really urgent, to begin with, try to fix your credit score first. You can devote a few months towards paying your bills on time. Avoid missing a payment too. Also, if you’re still not on the electoral roll, be sure to sign up. 

Pay Off Some of Your Bebt

Lenders will look at your debt-to-income ratio when deciding whether to grant you a bigger loan sum or not. If you have a number of active debts at present, it would help to close a few of them to decrease your DTI and to get a higher loanable amount. Just don’t pay off all of it since that can have a negative impact on your credit. 

Present a Security

One way to get approved for a bigger loan is to offer security. Lenders will be keen to let you borrow more when you have something to offer to secure the loan. If you’re a homeowner or you have a car, you can use these assets as loan collateral so you can get that £25,000 loan approved.

About Quicken Loans Repayment

Bookkeeping requires tracking and recording every business transactions including any business loan. When recording a loan for bookkeeping purposes, expect to include a report of the receipt of the loan, interest payment expense, as well as the return of the principal upon its maturity.  

Loan Payments and What It Consists

There are typically three amounts that will be included in a loan payment. There is the amount for the principal payment the amount for the interest payment, and the total payment amount. 

When making a loan payment, there is often the payment reducing the principal balance along with an interest payment. Generally, the interest portion of the loan payment is considered as an expense. Meanwhile, the part of the payment that goes to pay off a portion of the loan principal is considered as a liability reduction. 

The interest that is being paid on a loan is relative to the amount of principal that a borrower owes to the lender. Whenever a principal payment is made, this causes the principal amount balance to decrease. As a result, it is expected that the next interest payments are going to be lesser compared to the previous ones made. This will continue to decrease until such time as the principal balance is paid off. 

Recording the Loan

If you have just made a total of a £2,000 payment for a loan where the interest payment is at £500 and the principal payment is at £1,500, the entry of the loan payment should reflect a Debi for Interest Expense of £500 and a Debit of £1,500 to Loans Payable. Then, a credit of £2,000 to Cash should also be reflected in the records. 

Amortised loans are often paid off through periodic payments that include the interest expense along with the reduction of the principal loan amount. Unamortised loans, meanwhile, are repaid at one in the specific amount of the principal upon the maturity of the loan.  

Skipping a Loan Payment

You can skip a loan payment. However, just because you can doesn't always mean you should.
 
It entirely depends on your circumstance whether you should or shouldn't skip loan payment. It would also depend on the lender if there is an option to skip payments without penalty.
 
Lenders who offer the option to skip a payment have eligibility standards which borrowers have to meet. These standards can vary across lenders. Usually, borrowers are required to hold a loan for a certain period (i.e. 12 months) and have at least made monthly payments of a certain worth (i.e. $100). You must also have a good credit standing and/or payment history for previous loans in order to qualify.
 
Once you get approved to skip a payment, you will not be eligible to do it again until the next allowable period. Skipping a loan payment will not have any negative impact on your credit score.
 
However, lenders who do not allow borrowers to skip a payment will impose penalties if you do. Depending on your lender and loan terms, you may end up paying fees and/or higher interest rates. As such, the total cost of your loan is going to add up. Skipping your loan payment under this circumstance will also cause your credit score to drop. It could take anywhere between a few months to years before you can recover.
 
Ask your lender if they will allow you to skip payment without penalty. If not, then you shouldn't do it at all.

Ready For A Quick Loan?

Apply To Borrow from $100 to $25,000*

How Much Cash Do You Want?

 

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Borrowing
$25,000

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Interest
$700

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Total To Repay
$25,700