Personal loans come in handy when life throws you a pesky curveball. Whether it’s your fridge dying on you, your car suddenly chugging to a halt, or a vacation deal you just can’t pass up, it’s never been easier (or quicker) to borrow money online.
Whatever challenge (or discount deal!) you are faced with, Viva Payday Loans can provide you with the best personal loans online that are safe and reliable. When you apply for a personal loan with Viva Payday Loans, you can rest assured we work with top-notch lenders in the country, getting you the best cash advance deal when you need it most.
And it must be said that the entire financial process is oh-so-easy at Viva Payday Loans. You can discover low-interest personal loans if you already have good credit or browse our personal loans for bad credit when you need to improve your credit score. Use our personal loans calculator to determine the best option for you!
What Are Personal Loans and How Do They Work
With so many loans to choose from, you’re probably up to your eyeballs in options. But which choice is right for you? At Viva Payday Loans, we specialize in short-term personal loans ranging from $100 to $5,000 with 2-24 months to pay.
What Is A Personal Loan?
Personal loans are a type of installment credit, but unlike a credit card, you get a one-time lump sum paid into your bank account when you apply for a personal loan. Then, you pay the amount back plus interest over the chosen term in monthly installments until you settle the loan.
How Does It Work At Viva Payday Loans?
Once you decide on the amount you would like to borrow, you can choose a monthly payment that works with your budget and then follow the simple steps to apply. Then, all you have to do is ensure you make your payments each month. Since you set it up yourself, this should be a hit out of the ballpark!
It’s not always an emergency that requires a personal loan. Personal loans come in handy for home improvements, furthering education, paying down debt, increasing your credit score, or simply a vacation with your family. Whatever the need (or desire), Viva Payday Loans can help!
Once you receive your credit agreement and your funds, take the time to set up your repayments. Knowing what affects your credit score is key in achieving financial success, and this important document will break down the interest rates, repayment schedule, and the total amount owing. Even if you’ve taken on one of our personal loans for fair credit, you can improve your financial future by repaying your loan on time and in full.
Advantages and Disadvantages of Personal Loans
Advantages of Personal Loans
Quick and Easy Application
When applying for a loan through us, your request is sent to the top US lenders – with just one application. There’s no waiting around, paperwork, or red tape. With just a few clicks, you can get a personal loan approved and paid out. In fact, the entire process takes a few minutes.
Two Minute Approval
With the automated processing system, you can get loan approvals in less than 2 minutes! We’ll put you in direct contact with the lenders most likely to approve your loan. This saves a lot of time!
At Viva Payday Loans, all our loans are fast and accessible within 24 hours. This means that you can put your cash to good work as soon as the next day.
Disadvantages and Pitfalls of Personal Loans Online
Higher Interest Rates
Unfortunately, personal loans are not the cheapest funding source, but they are still convenient for those who are unable to get a traditional bank loan or are struggling with bad credit.
Eligibility Criteria to Borrow Money
All of the personal loan providers at Viva Payday Loans use independent criteria when assessing applications. Each individual is treated independently, meaning that you won’t always get the same decision from lenders.
Some lenders are more competitive when it comes to borrowing larger amounts with an excellent credit history. Other lenders prefer to focus on bad credit personal loans instead.
Either way, there are a few basics that you’ll need to fulfil to be considered for personal loans, including:
- Being a permanent resident
- Being 18 years of age or older
- Having a bank account in your own name
- The ability to repay the amount you borrow
Of course, there are plenty of additional criteria that are considered, such as your credit rating, salary, job, current lifestyle, and expenses. These factors play a role in the decision-making process when a lender is considering you for a loan.
How to Apply for Personal Loans Near Me
Applying for a personal loan at Viva Payday Loans is quick and easy. Follow these simple steps:
Step 1: Have Your Supporting Documents Ready
All lenders in the US will require supporting documents to verify the details in your loan application. Before you start the application online, make sure that you have everything at your fingertips. You will need:
- Official form of ID (driver’s license, ID card, passport)
- Proof of address (a utility bill or a tax bill)
- Proof of income (paystubs, tax returns, W-2s and 1099s, bank statements, employer contact information)
Step 2: Complete the Quick & Easy Online Application Form
When you fill out the boxes above and click on “Get Started,” you will be presented with an online loan application form to fill out. Take the time to fill out this application accurately. Mistakes can result in a declined loan application, which can affect your credit.
Simply select the loan amount (up to $5,000) and term you wish to apply for (2 – 24 months) and then provide the following information:
- Personal details
- Financial details
- Expenditure information
Step 3: The Approval Process Takes Just a Few Minutes
Once your application is received, our panel of lenders will decide within minutes! It’s that easy. Most people are quickly connected with a third-party independent lender, regardless of credit history.
We will inform you immediately if your loan application is denied so that you can find another source of funds.
In the event that your application moves forward, the lender will contact you by telephone or by email to discuss loan arrangements with you. Use this opportunity to ask as many questions as possible. Be sure to ask about additional fees, such as early payment fees, early exit fees, or an origination fee, which some lenders charge to set up the loan.
Step 4: Review & Sign the Loan Agreement
Next, the lender will extend a loan offer for you to review and accept. We advise you to read carefully through the agreement and pay particular attention to the following:
- Fees and charges that might not have been mentioned in the initial contact
- The repayment schedule in place
- Terms and conditions
Once your third-party independent lender completes the agreement and you are happy with the terms, sign and return it to the lender. Funds are available as soon as the next business day, and detailed information on this will be provided.
Step 5: Make Yourself Available & Receive Your Cash
The lender may require more documentation and information at this point. To ensure that there isn’t a delay on your payout, make sure that you are prompt and available to them. Once the application is complete, the lender will transfer the funds to your bank account within 24 hours.
Types of Personal Loans
At Viva Payday Loans, we offer many types of loans as follows.
Payday Loans Online No Credit Check Instant Approval
If you simply need some cash to get you to your next payday, you probably don’t want to go through the hassle of a credit check. You’re probably also concerned that your loan application will be rejected if you have a less than perfect credit score. At Viva Payday Loans, we offer payday loans online no credit check instant approval. That means you find out instantly if one of our lenders can help you. What could be more convenient than that?
Small Payday Loans Online No Credit Check
If you’re worried that a low credit score will hold you back from getting the small amount of cash you need to get you through the month, don’t be! At Viva Payday Loans, we work with a panel of lenders offering loans from as little as just $100, all the way up to $5,000. These small payday loans online no credit check require no delving into your credit history and come with interest rates as low as 5% to 35.99%.
Online Loans No Credit Check
With online loans no credit check at Viva Payday Loans, there’s no need to worry about your loan application leaving a mark on your credit history. With our quick and easy online system, we can connect you with online lenders most likely to pay out your loan, regardless of your shaky credit history. The lenders we work with are more interested in the affordability of the loan to you. If you can prove you have a stable, regular income, and can in fact, afford the loan you’re requesting, you’re well on your way to getting the loan you need, with absolutely no credit check required.
Loans with No Credit Check
Whether you’re looking for a personal loan, student loan, payday loan, or secured loan, you can get the cash you need at Viva Payday Loans. Our loans with no credit check are ideal for low credit score borrowers or those who have run into financial hurdles in the past. You can even use one of our no credit check loans to start rebuilding your credit. Of course, you must ensure that your loan installments are paid in full and on time.
Personal Loans No Credit Check
Short term personal loans no credit check are readily available at Viva Payday Loans. Our lenders offer all types of personal loans, including secured and unsecured personal loans no credit check. What’s the catch? There isn’t one! At Viva Payday Loans, we connect you with lenders who look beyond your credit score. Instead, they look at your current income vs your current monthly expenditure. If you are able to afford the loan and can prove you are receiving regular income, our panel of lenders will most likely be able to assist you. Apply for a personal loan with us today!
Installment Loans Online No Credit Check
Installment loans are lump sums borrowed and then paid back over a certain period of time. At Viva Payday Loans, we offer installment loans of between $100 and $5,000 that can be repaid over three to twelve months. The lenders that we work with offer installment loans online no credit check. It’s as simple as filling in an online form and getting an answer in as little as two minutes! When you consider that our lenders’ interest rates vary from 5% to 35.99%, it’s obvious that we have some of the best no credit check loans with monthly payments in the industry.
Payday Loans No Credit Check
Payday loans no credit check are typically small amounts loaned over a short period. While our lenders offer loans ranging from $100 to $5,000, most payday loan requests are between $100 and $1,000. When taking out a payday loan, you can elect to repay it over three to twelve months. Of course, the lender will work with you to draw up a repayment plans that suits your financial situation and also takes into consideration the amount borrowed. If you’re looking for payday loans no credit check, simply apply for one right here at Viva Payday Loans.
1 Hour Payday Loans No Credit Check
Most people think it’s impossible to get a loan decision in 2 minutes and a pay out within 1 hour, but at Viva Payday Loans, it’s entirely possible. We work with personal loan providers that offer 1 hour payday loans no credit check! That means you don’t have to worry if you’ve got a less than stellar credit score. If you meet the minimum requirements and can prove your income and affordability of the loan, you’re eligible for 1 hour payday loans no credit check. Apply today!
No Credit Check Loans USA
Is there such a thing as no credit check loans USA? Yes, there is! At Viva Payday Loans, we work with lenders who aren’t too stuck on the outcome of your credit check. Instead, they will ensure that you’re an American citizen, earn the required minimum income, have a steady job, and assess your income vs. your expenses to determine if you’re eligible for a personal loan. Getting a personal loan with a low credit score has never been simpler.
No Credit Check Loans Online
If you’ve been hunting for no credit check loans online, hunt no more! Thousands of borrowers with low or non-existent credit scores get the cash they need by simply dealing with lenders most likely to pay out their loan requests. At Viva Payday Loans, we put you in touch with those lenders!! With no credit check loans online, you can get the cash you need to pay for a medical emergency, buy an important birthday present, fix the car or a broken household appliance – whatever your needs may be, there’s a no credit loan with your name on it at Viva Payday Loans.
No Credit Check Loans Near Me
If you need to borrow between $100 and $5,000 and would like between 2 and 24 months to pay, you’ve come to the right place. At Viva Payday Loans, our lenders are more interested in your current financial situation than the past. This means that you don’t have to worry about being turned down because a credit check returns a less than perfect report on your financial past. Viva Payday Loans makes it possible to find no credit check loans near me, quickly and easily.
No Credit Check Loans Guaranteed Approval
If you’re hoping to get no credit check loans guaranteed approval online, all you need to do is meet with the minimum requirements of our panel of lenders. Are you 18 years of age or older? Do you earn a stable income of more than $1,000 per month? When you compare your income vs. expenses, do you have enough money left to afford monthly loan installments? If you answered “yes” to these questions, you’re eligible for no credit check loans guaranteed approval via Viva Payday Loans.
Bad Credit Loans No Credit Check
If you’re struggling to get personal loans due to bad credit, it’s time to think about getting bad credit loans no credit check, right here at Viva Payday Loans. The lenders that we work with specialize in bad credit loans, and if you’re able to repay the loan and have a stable form of income, you’re considered a viable candidate. When applying for a loan with us, we will connect you with lenders most likely to approve your loan. The entire application takes just a few minutes, and in most instances, whether you have bad credit or stellar credit, the loan is paid out within an hour.
No Credit Check Loans Online Direct Lender
One of the best perks of finding the right loan for you with the assistance of Viva Payday Loans is that we put you in direct contact with the lender and don’t charge you a penny for our services. No credit check loans online direct lender deals are our specialty here at Viva Payday Loans. Simply fill out the online application form, wait just two minutes for the outcome, and wait mere moments for us to put you in touch with lenders who are able and willing to help you – no credit check required!
No Credit Check Loans for Teachers
You don’t often see personal loans for teachers advertised, but at Viva Payday Loans, we offer no credit check loans for teachers who need to bridge the gap between paychecks, pay for their studies, or afford regular expenses, such as rental shortfalls, vehicle and household appliance repairs, and unexpected emergencies. If you’re an educator looking for no credit check loans for teachers, apply right here at Viva Payday Loans.
No Credit Check Loans for Self Employed
As a self-employed individual, it can be hard to meet the strict requirements of the local bank and high-profile lending institutions. Proving your income can be hard, and often lenders see you as a high risk. As a result, loans for the self-employed are hard to come by. But not at Viva Payday Loans. We work with a panel of lenders willing to offer no credit check loans for self employed individuals. Simply provide proof of income in the form of bank statements, tax return documents, or statements from alternative income streams. After an income vs. expenditure assessment, lenders can determine if you’re viable for a loan.
No Credit Check Loans for Unemployed
If you’re unemployed but still receive a steady form of income, you’re still viable for a loan. No credit check loans for unemployed individuals at Viva Payday Loans make it easier for people on benefits, individuals receiving an allowance, and those living off a trust fund or earning passive income streams to get the cash they need without fear of rejection. Simply prove your alternative income and meet the rest of the minimum requirements for a loan, and you’re eligible for no credit check loans for unemployed individuals at Viva Payday Loans.
No Credit Check Loans with Cosigner or Guarantor
When you apply for personal loans with a cosigner, there’s less pressure for your credit score to be perfect. In fact, many of the lenders on our panel offer no credit check loans with cosigner deals. If you have a relative or close friend willing to cosign a loan agreement with you, you can expect to loan any amount from $100 to $5,000 and get from 2 to 24 months to pay when you apply for no credit check loans with guarantor at Viva Payday Loans.
No Credit Check Loans with Prepaid Debit Card
If you’re looking for same day loans without a bank account, you’re in luck. While most lenders require borrowers to have a regular bank account in order to borrow money, that’s not always the case. If you’ve got a prepaid debit card, we can connect you with lenders most likely to approve your loan, even if you don’t have an active bank account. Our lenders are known for offering no credit check loans with prepaid debit card, which are convenient for those with a less than perfect credit score and trying to avoid the pitfalls of regular banking channels.
No Credit Check Loans with Low Interest
Most no credit check loans come with sky-high interest to make up for the risk involved to the lender. At Viva Payday Loans, lenders on our panel offer reasonable interest rates. Our no credit check loans with low interest offer rates of between just 5% and 35.99%.
No Credit Check Loans with Collateral
No credit check loans with collateral are also known as secured loans. A secured loan will require you to present some form of collateral to the same or higher value than the requested loan amount. Suitable forms of collateral include cars, homes, boats, motorbikes, jewelry, assets, high-value art, and so on. The great thing about collateral loans is that the credit check becomes less important. If you don’t pay back your loan, your collateral will be sold to cover costs. If you would like to find out more about no credit check loans with collateral, get in touch with us today.
Features of a Personal Loan
Personal loans at Viva Payday Loans share the following features
At Viva Payday Loans, we feature short and sweet loans! By that, we mean the amount is small and affordable, and the repayment period is genuinely quick! The loan amount you receive will be between $100 – $5000. When you apply for your loan, you will be asked to decide how much you would like to borrow, and the lender’s decision may or may not reflect that number, depending on the information you provide in your application.
Terms of Loan
Our lenders determine how long the loan term is, based on your request and their affordability assessment. Loan terms at Viva Paydays Loans range from 2 to 24 months.
Everybody in need of financing is on the hunt for low-interest personal loans, but it’s best to know that lenders affix interest rates according to risk. Depending on your current financial situation and the lender’s willingness to accept risk, you can expect to pay between 5.99% APR to 35.99% APR (Annual Percentage Rate). While lenders can charge the maximum interest rate, many remain competitive to the consumer’s benefit!
Repaying your loan on your terms is possible. Many lenders will work with you to have your payment automatically deducted weekly, biweekly, or monthly and arrange the payment to deduct on your payday. This keeps things convenient for you and also ensures the lender is paid on time.
Fees and Charges
At Viva Payday Loans, our panel of lenders are transparent with their fees and charges. Still, it’s important to ask questions and read the loan contract carefully before signing. Sometimes some costs may not always be apparent when signing your agreement.
Many lenders have an origination fee that comes off the top when you receive your payment. This fee is for setting up the loan. It’s important to ask about this fee before signing your agreement, as the amount can vary from one lender to the next.
Be sure to read the fine print to avoid charges for paying off your loan early, making extra payments, or paying off your loan entirely and exiting your loan agreement early.
Late fees, fees for non-payment, and recovery fees if a lender has to recover their asset can all add up quickly and have a detrimental effect on your credit. Therefore, it is imperative to know about these fees when you are signing. Thankfully, we can assure you that our lenders are fully transparent in their expectations when they enter a loan agreement with you.
Possible unexpected additional charges to ask about include:
- Origination Fee
- Early exit penalty
- Late payment penalty
- Collection fees if the lender has to hire a debt collector to recover funds
Communicating with your lender before you miss a payment can be the best course of action to avoid late fees and keep your loan on track. You don’t want to get into a situation where you have mountains of missed payments and rising fees. Worse yet, if the problem compounds without communication from you, the lender will have no choice but to report you to the credit bureau, resulting in a negative impact on your credit score. Being a clear communicator and transparent about your situation will make a big difference.
Doing business with a reputable lender is important – after all, you will be tied up in a financial contract with them! At Viva Payday Loans, we work with the USA’s most reputable lenders, ensuring absolute peace of mind at all times.
You might be wonder what a reputable lender is. Reputable lenders are transparent with their contact information and terms of service, which should be easy to find and readily available on their website.
While we have faith in our panel of lenders, it is always recommended to do your due diligence. Look at customer reviews, the lender’s social media (check the comments!), and make sure they are easy to reach by calling and asking questions. According to the FDIC (Federal Department of Credit), you are within your rights to make inquiries without applying for a loan.
At Viva Payday Loans, we don’t keep you waiting around, and neither do our lenders. When you apply for a loan, you can expect to get an outcome in just two minutes. If it’s a go-ahead, the loan will be paid to you the next business day.
Examples of Personal Loans
At Viva Payday Loans, we work with a variety of lenders. Below is a quick overview of some loans our lenders offer. These amounts are just estimates.
|OppLoans||$500-$4,000||9 -18 months||Varied|
|Greenday Online||$100 – $5,000||24 months||Case by case|
Before you consider applying for a loan, you must do a little research on your own situation. Check your credit score, for starters. In order to do this, you can go through Equifax, Experian, or Trans Union. Having a credit report completed will also ensure there are no inaccuracies or fraudulent activities on your accounts of which you may be unaware. In addition, these companies’ websites are a wealth of information for financially savvy customers.
Knowing your credit score is the first step to improving it. Once you have that information, you should look at your income vs. your expenses. Having a clear picture of what is coming in and going out of your bank account sets you up to understand if you can really afford the cost of a loan. Yes, we know it can be tedious, but this is your credit, and you should learn how to improve and protect it. When reviewing your credit report, take steps to improve your score by checking for inaccuracies and paying down debt.
Other things to consider are your debt-to-income ratio and whether or not you have collateral or a co-signer available to secure the loan. Securing the loan is beneficial to you because you will pay less in interest.
So you’ve done all of this work, and you’ve decided you want to take out a loan. Perfect!
This is where we come in! Our job as a broker is to find you a lender that will work for your unique situation. All of our lenders are reliable, transparent, and safe to borrow from. We take great care in ensuring we only work with the most reputable lenders in the United States.
Apply for a personal loan today by completing our quick and easy online application form!
Applying for Personal Loans with Bad Credit
If you’ve got less than ideal credit, you’re probably worried that it will negatively impact your personal loan application. Viva Payday Loans works with a varied selection of personal loan lenders, many of which specialize in offering personal loans for people with bad credit. Your credit score is used to show your borrowing footprint, but part of that is figuring out how long ago you had financial trouble, what you have done since, and what you’re willing to do to improve your credit score. Lenders will consider your application if you are now better positioned to make your loan payments, such as having a higher income or fewer expenses.
Just because you’ve had issues borrowing money in the past doesn’t mean that Viva Payday Loans lenders will automatically reject your application. In fact, we are in a great position to find a solution for you where other lenders have not granted you a loan. This can be your opportunity to increase your credit score by paying responsibly. Everyone deserves another chance!
Different personal loan options are available, such as co-signed loans and secured loans. These loans assist the borrower by reducing the overall borrowing risk to the lender, thus allowing the lender to offer more money or lower interest rates to anyone with bad or fair credit.
This means that you don’t need to worry about your existing credit score affecting your application, and, what’s more, you’ll be able to improve the score ready for the next time you need credit.
Remember, it’s not all about your credit score when you apply for personal loans online. Lenders want to know that you’re able to repay the amount you’ve borrowed, and some lenders even provide personal loans; no credit checks needed. Viva Payday Loans will help you select personal loans for people with bad credit that meet your individual circumstances, helping you avoid wasting time and money with unsuitable lenders.
Remember, bad credit loans, and no credit check loans are possible when applying for a loan with Viva Payday Loans. We understand that people find themselves in situations where their credit rating is affected. We offer Personal Loans for Bad Credit ranging from $100 to $5,000. Borrowing can increase your credit score as long as you pay off your loan as outlined in your agreement. Be sure to only apply for loans you know you can comfortably afford to pay back, especially if you’re looking to improve your credit score!
How Can I Apply with Personal Loan Providers?
No matter what your circumstances, applying for personal loans has never been easier. Borrowers have tons of options to choose from, with so many personal loan lenders coming to market. Comparing each lender individually can be tedious and time-consuming – that’s where we come in! We’ll find lenders most likely to approve your loan and present your loan request directly to them for approval.
Viva Payday Loans will use the information you provide us with to match your requirements with mainstream and independent lenders from across the market. Our free brokerage service brings the right personal loan to you.
Applying to personal loan lenders is quick and easy. Simply provide your personal and financial details, as well as some extra information about the loan you’re looking for, and we’ll make the rest happen. Lenders on our panel will make an instant online assessment of your circumstance and, in most cases, can offer a final decision immediately online.
Once approved, your personal loan can be transferred straight to your bank account, usually within 24 hours, ready to use how you choose.
How Long Does Viva Payday Loans Take to Approve a Loan Application?
After submitting your application form, our panel of lenders will decide whether to offer you a loan, usually within 2 minutes. Once approved, you will be directed to the lender’s website, where you complete the process with the lender. When the agreement has been finalized and signed, your money will be deposited into your bank account via direct e-transfer within 24 hours.
How is a Secured Personal Loan Different from an Unsecured Personal Loan?
Secured loans require an asset as collateral, such as a car or property. Another way to secure a loan is to have a co-signing party, who also has to go through an approval process. Secured loans are cheaper for you because the risk is lower to lenders, and they can offer you a lower rate.
Unsecured loans are not bound by an asset or a co-signing party and are solely based on the merits of the borrower. If a borrower has good or fair credit and can prove regular income, they can obtain an unsecured loan without collateral or a co-signing party. On the other hand, unsecured loans can cost more in interest if the borrower has a poor credit history.
How Much Money Can I Borrow?
Third-party independent lenders provide customers with the ability to borrow between $100 and $5,000. They all have different criteria for determining your creditworthiness. Lenders will often come back to you with varying offers – to your benefit!
How Long Can I Borrow These Funds For?
Most lenders provide customers with a loan term of 2 – 24 months. Each lender has different criteria for determining the conditions of a loan.
How Much Interest Will I Have to Pay on My Loan?
The interest you pay is dependent on your loan agreement with the third-party lender. Your lender will work with you to negotiate the interest based on your creditworthiness to determine the interest rate. Factors include your income, assets, whether the loan is a secured loan or an unsecured loan, whether you have a co-signer, and your credit history. Lenders look at all of these factors to determine risk and decide on an interest rate that reflects these factors. Your interest rate can be anywhere between 5.99% APR and 35.99% APR.
Do You Lend to all States?
No, you cannot apply for a personal loan at Viva Payday Loans if you live in the following states: Arkansas, Connecticut, New Hampshire, New York, Montana, South Dakota, Vermont, West Virginia, Indiana, Minnesota.
What Should I Do If I’m Denied a Loan?
A lender can deny your personal loan application for several reasons. For example, your credit score may be too low, or your debt-to-income ratio could be too high. It’s also possible that you asked to borrow more money than the lender thinks you can repay, based on factors like income, employment stability, and any outstanding debts. Our lenders will often work with you to determine a loan based on your situation, even if it seems your situation is impossible.
If our lenders still deny your personal loan application, there are a few steps you can take to improve your chances of getting a loan in the future:
- Ask why your application was rejected
- Review your credit report for fraudulent activity or inaccuracies
- Double-check your loan application for mistakes
- Improve your credit score by paying down your current outstanding debts
- Increase your income
- Compare lender requirements
- Apply for a smaller loan amount
- See if you have collateral that could be used against a secured loan
- Consider using a co-signer
- Ask if the lender will consider options to secure the loan
Can Applying for Multiple Personal Loans Hurt My Credit Score?
Multiple applications for personal loans can hurt your credit score – that’s why it’s not a good idea to send out blanket applications yourself. It’s important to only apply for one loan product at a time. When you apply through Viva Payday Loans, we can check multiple lenders with no adverse reflection on your credit score. It’s important to ensure you pay back your loan on time and in full. Failure to do so can negatively affect your credit for years to come.