Loans - Questions & Answers

To get a loan, you typically need the following:

1. Good credit score: Lenders evaluate your creditworthiness based on your credit history and credit score. A higher credit score improves your chances of getting approved for a loan and receiving favorable terms.
2. Proof of income: Lenders want to ensure that you have a steady source of income to repay the loan. You may need to provide pay stubs, tax returns, or bank statements as proof of your earnings.
3. Employment history: Lenders also consider your employment history to determine stability and reliability. They may request information about your job tenure and stability in the workforce.
4. Debt-to-income ratio: Lenders assess your ability to manage additional debt by examining your debt-to-income ratio. This ratio compares your monthly debt obligations (such as existing loan payments and credit card payments) to your monthly income. Generally, a lower ratio increases your chances of loan approval.
5. Collateral (for secured loans): If you are applying for a secured loan, such as a home equity loan or auto loan, you might need collateral — an asset that you pledge as security for the loan. Collateral reduces the risk for the lender.
6. Loan purpose and documentation: Depending on the type of loan, you may need to explain how you plan to use the funds. Additionally, you might be required to provide specific documentation, such as estimates for renovation projects or vehicle purchase details.

It's essential to note that loan requirements may vary depending on the lender, loan type, and the borrower's specific circumstances.

It is recommended that you take the following steps:

1. Contact your credit card company: Inform them about the unauthorized charges and inquire about their policies and procedures for disputing fraudulent transactions. They may guide you through the necessary steps to resolve the issue.
2. File a dispute: Typically, credit card companies have a dispute process in place for situations like these. Ensure that you provide them with all relevant details, such as the date, time, and amount of the unauthorized transaction, as well as any supporting documentation you may have.
3. Monitor your account: Keep a close eye on your credit card statements and activity to identify any further suspicious charges. Report anything unusual to your credit card company immediately.
4. Follow up: It is crucial to follow up with your credit card company regarding the disputed charges regularly. Stay in touch to ensure that the matter is being addressed and resolved properly.

If the unauthorized charges were made by someone you know personally or suspect fraud, you may also want to consider contacting the relevant authorities or seeking legal advice to explore your options further.

No I don't have the answer but since I cold sign for her my credit. Has gone to hell