Life sometimes presents expensive surprises, but a personal loan will help you manage the cost. Based in San Marcos, TX, Master Finance offers fully amortized installment loans that represent a practical and affordable solution to many of the high-interest personal loans currently on the market.  

If you need an affordable loan, certain aspects of your financial history could hinder your ability to qualify for the assistance you need. Here are three factors impacting loan decisions:

• Bankruptcy: Lenders take a dim view of bankruptcy, and if there's one on your credit report, it could prevent you from getting a personal loan. However, if you have received a discharge regarding your bankruptcy, you may still be approved. A Chapter 13 bankruptcy will stay on your credit report for seven years, and Chapter 7 will linger for 10 years.
• Bad Credit: Bad credit will have a detrimental effect on your ability to qualify for a personal loan. One of the most damaging aspects of bad credit concerns late payments. Lenders want borrowers who will pay their bills on time, and late payments will haunt your credit report for up to seven years. A debt that has gone to collections will also harm your credit, and this will generally stay on your credit report for about seven years. The good news is that as these items age, their negative impact on your credit diminishes. A late payment that took place six years ago will have less of an effect on your credit than a late payment that took place last year. 
• Excessive Debt: Lenders will look at your debt-to-income ratio when deciding whether or not to approve a personal loan. If you have a lot of debt relative to your income, this will hurt your approval chances. 

Choose Master Finance for personal loans that are ethical and reasonable. Call (512) 392-6102 to speak with a representative, or learn more by visiting this San Marcos loan company online.