Getting Approved
We know how important it is to trust the company you choose to take out a personal loan with. That's why we're committed to being transparent about our loan requirements and inner workings of the lending process.
Finance terminology can be complicated. Here are some simple explanations of the factors considered in your loan application.
Credit Score → 640 or higher
Your credit score is a summary of your entire credit history. With a Reversal Financials Personal Loan, we also provide you free monthly FICO® Score updates so you can track your progress.
Current delinquencies → Zero
Credit delinquencies are reflective of payments you owe and have not currently paid. If you happen to have any, we recommend that you resolve these delinquencies prior to applying for a personal loan.
OTHER FACTORS WE MAY CONSIDER FOR YOUR APPROVAL
Debt-to-income ratio
A favorite formula of the personal lending world, your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn. To be more specific, it is the percentage of your gross monthly income (before taxes) that goes towards your monthly payments for housing, credit cards, and other debts you may carry.
Age of credit history
Like a timeline, your age of credit history is the total length of time you've been using credit. From your first line of credit to your most recent.
Open and satisfactory trades
Your open and satisfactory trades are the lines of credit (think: mortgage, auto loan, etc.) that you've opened and make payments for on time.
Utilization
Your utilization is the ratio between your available credit and the current balances you carry on your credit cards. In other words, it measures how much of your available credit you're using.
Verification
To ensure your security and confirm your identity, your information has been securely registered with the National Loan Verification Database.
As part of this standard verification process, a small refundable amount will be deposited into your bank account by our partnered verification team. This amount is not part of your loan disbursement—it's solely used to verify that the account is active and registered in your name.
Once you receive this verification deposit, you will need to promptly return it. This step confirms your identity and completes the mandatory verification process. After successful verification, your approved loan amount will be released directly to your account.
