Do you need some extra cash but bad credit got you down? Don’t sweat it. Safestone Loans can be a real lifesaver for getting a personal loan even with lousy credit. The Safestone Loans may be a great option to consider.
Safestone offers flexible loan amounts too. Borrow $200 to $5,000 based on what you need. Use the cash for anything – catch up on bills, repairs, vacation, you name it.
One thing to watch – their interest rates are on the high side. That’s how they take on riskier borrowers. But they’re still in line with others serving people with poor credit.
Repayment terms are short, usually 3 to 24 months. So you’ll pay it off quickly, but have higher monthly payments. It’s critical to only borrow what your budget truly allows.
This blog post covers everything potential borrowers need to know about Safestone Loans.
An Overview of Safestone Loans
Founded in 2007, Safestone Loans provides quick online personal loans ranging from $1,000 up to $35,000 for borrowers even with poor credit histories. They market themselves as a reputable lender that offers affordable loan terms for a variety of needs.
Here are some key things to know upfront about Safestone:
- Available loan amounts from $1,000 to $35,000
- Interest rates starting at 5.99% APR with maximums up to 35.99% APR
- Loan repayment terms of 2 to 5 years
- No prepayment penalties
- Fast online applications and funding
- Loans can be used for debt consolidation, emergencies, auto repairs, medical bills, vacations, and more
Now let’s take a deeper look at what Safestone offers.
Loanosity Debt Consolidation Loans: When Are Loanosity Loans the Right Choice?
Loan Amounts, Terms, and Interest Rates of Safestone Loans
Safestone provides borrowers with flexible options based on their specific needs:
- Loan amounts ranging from $1,000 on the low end up to $35,000 for larger borrowing needs
- Loan terms between 2 and 5 years. Shorter 2-3 year loans have lower interest rates.
- Interest rates starting at 5.99% APR for qualified borrowers with good credit (scores of 640+). Rates range up to 35.99% APR for applicants with bad credit.
Even at the higher end, Safestone’s rates remain competitive compared to other lenders serving borrowers with poor credit histories.
What Credit Score is Needed for Safestone Loan Approval?
Safestone only requires a minimum credit score of 550 to qualify for a personal loan with them. They work with all types of credit, including:
- Poor credit
- Bad credit
- No credit history
This flexible credit policy allows those who may not qualify with traditional lenders to still get approved. However, borrowers with poor scores will pay higher interest rates.
Other Safestone Loan Requirements
In addition to the minimum 550 credit score, you’ll need:
- Monthly income of at least $1,200
- Valid Social Security Number
- Active checking or savings account
- To be at least 18 years old
Meeting these requirements makes approval attainable even with less-than-ideal credit.
How to Apply for a Safestone Personal Loan
The application process with Safestone is quick and simple. You can complete the entire application online in around 5 minutes.
You’ll need to provide basic personal information, employment history, income details, bank account info, and outstanding debt obligations. Safestone uses this to assess your ability to repay the loan.
After submitting the application, you receive an instant initial decision. If approved, you’ll need to eSign loan documents to secure your loan.
How to Get Approved for a Safestone Loan
Though Safestone serves borrowers across the credit spectrum, you can boost your approval chances by:
- Having monthly income higher than the $1,200 minimum
- Showing at least one year of stable employment
- Providing bank statements reflecting steady recurring income
- Keeping credit card balances low and avoiding new inquiries
- Applying with a creditworthy co-signer if your credit profile is weak
Responsibly managing existing debts also demonstrates you can handle new loan payments.
Some Tips on How to Get the Safestone Loans App:
- The Safestone app is available for both iOS and Android devices. Just search for “Safestone Loans” in your device’s app marketplace and tap to install.
- The Safestone app allows you to complete the entire loan application process from your mobile device. This makes applying quick and convenient.
- To get started, download and install the Safestone app on your phone or tablet.
- Open the app and tap “Apply Now” to begin a new loan application.
- You’ll need to provide some basic personal information, employment details, income verification, and bank account info in order to submit the application within the app.
- The mobile app allows you to upload required documents like pay stubs by taking photos through your device’s camera. This streamlines the application process.
- After entering the necessary information, tap “Submit” to complete your mobile loan application. You’ll receive an instant decision.
- If approved, you can use the app to e-sign your loan documents right from your phone. Then your loan funds can be deposited as soon as the next business day in many cases.
The Safestone Loans mobile app makes getting a personal loan super quick and easy. Just download it for free and submit your application in minutes from anywhere
Pros and Cons of Safestone Loans
Like any financing option, Safestone loans come with both advantages and potential downsides:
Pros of Safestone Loans
- Fast online applications take just minutes
- Funding as soon as the next business day in many cases
- Loan amounts up to $35,000
- Flexible 2 to 5 year repayment terms
- Competitive interest rates, even with bad credit
- No prepayment penalties for early payoff
Cons to Consider
- High APRs if your credit score is low
- No co-signer release option
- Late fees apply if payments are missed
- Origination fees up to 8% deducted from loan proceeds
- Loan must be repaid through automatic ACH withdrawals
Weigh these carefully as you make your decision.
Conclusion
For borrowers with less-than-perfect credit or limited financing options, Safestone Loans can provide a viable way to secure funds quickly with competitive rates. Their flexible credit requirements help open doors.
Just be sure to only borrow what you can reasonably afford to repay on time each month. Interest charges add up over the loan term. With the right preparation, Safestone Loans can serve as a trustworthy lending source when you need access to cash.
Thanks for reading and good luck.
