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Faqs

Frequently Asked Questions

Business Loans

Yes, but it depends on the lender. Many require 12+ months of positive credit history after the bankruptcy. Your business revenue, time in business, and collateral can all help offset the risk.

Collateral is an asset you offer to secure the loan—like equipment, inventory, or real estate. If you default, the lender can seize that asset to recover losses.

It means you’re personally responsible for repaying the loan if your business can’t. Your personal assets—like a home or savings—could be used if the business defaults.

Not always. Traditional banks and SBA loans often require one, but many online lenders focus more on your revenue, time in business, and credit profile.

Some lenders offer same-day or next-day funding. Most business loans through LendFax are funded within 24–72 hours after approval.

Personal Loans

Anything from consolidating debt and medical bills to home repairs or emergencies. Some lenders ask for your intended use but don’t restrict how you spend it.

Typically between $1,000 and $50,000, depending on your credit, income, and debt-to-income ratio.

No. LendFax uses soft pulls only. Applying with a lender later may trigger a hard inquiry.

Possibly. Some lenders in our network specialize in helping borrowers with fair or poor credit, though rates may be higher.

Most terms range from 1 to 5 years. Longer terms have lower monthly payments but may cost more overall in interest.

Credit Repair

Yes. You can dispute errors, pay down debts, and make on-time payments. Credit repair services can help, but you can also DIY.

Minor changes might show in 30–60 days. Bigger improvements can take 6–12 months or longer depending on your situation.

Many are—but avoid any that guarantee results or ask for upfront fees. LendFax only lists verified, compliant providers.

 Paying down high balances, removing errors, and becoming an authorized user on a healthy credit account can provide fast results.

Every lender is different. LendFax helps match you with lenders based on your exact credit profile—even if you’re still rebuilding.

Debt Relief / Consolidation

Consolidation combines multiple debts into one. Debt relief may involve negotiating with creditors to reduce or settle balances.

Possibly in the short term. But if it helps you eliminate debt faster, your credit may improve over time.

You’ll typically need a steady income and a credit score in the 580+ range. Lower scores may still qualify through alternative lenders.

Yes. Many people do this to combine multiple high-interest payments into one fixed monthly payment with a lower interest rate.

 No—we’re a comparison tool that helps you find and evaluate trusted debt relief and consolidation partners.

Mortgages & Refinancing

Yes. Many lenders offer loans with as little as 3% down—especially for first-time buyers. You may need to pay mortgage insurance.

Pre-qualification is an estimate. Pre-approval involves a lender verifying your credit and income for a more accurate offer.

 Possibly. Some lenders specialize in lower-credit refinancing, though rates may be higher.

If you can lower your interest rate or monthly payment, or switch from variable to fixed, it’s worth considering. LendFax helps you compare options instantly.

Typically 2–4 weeks. Online lenders may move faster, while traditional banks often take longer.

Insurance (Auto, Home, Health, Life)

Yes. We partner with top-rated providers so you can compare quotes side by side for auto, home, health, renters, and life insurance.

No. Checking rates through LendFax won’t cancel or change anything with your current provider.

Yes—many companies even handle the cancellation of your old policy for you.

Every 6–12 months. Insurance rates change frequently, and better deals may open up as your profile improves.

Our partners offer expert support and guided assistance so you can make an informed, confident decision.