Frequently Asked Questions

1 What type of Company is Life House Funding?

Life House Funding is not a direct lender. We are a company that assists the average borrower in obtaining personal or business financing. Unlike working directly with a local bank that may only offer one or two different types of loan programs, or approve only certain types of credit, we are able to match our clients with an arrangement of potential loan options, because we have access to lenders across the entire country. More importantly, we know who is most actively lending and at what rates and terms. This means we can save you time by only targeting certain lenders that are currently offering loans to people in your market area. We also know the basic guidelines of the loan providers in our network, which allows us to pinpoint the lenders that will give you the best chance of approval based on your unique credit situation. This loan and lender selection process has been streamlined through a series a proprietary questions that are specifically designed to identify the lender and loan option(s) that will give you the best chance at approval. This saves you time, money and eliminates the hassles involved in applying to several lenders, which may causes multiple inquiries and a lower credit score.

2. What is the benefit of using Life House Funding?
As most people know, every lender is different and has their own set of unique requirements. Just because a type of loan is good for one individual or business, that doesn’t mean it a good fit for everyone. Each loan product has its own pros and cons that need to be considered. Because most bank representatives and companies will hide the negatives of a particular product and even worse, only sell or push you into the loan program that earns them the highest commission, finding the loan that is best for you can be difficult. It’s our position that one of the worst things you could do, is accept a loan that is not right for your specific situation. By accepting a loan you don’t completely understand, you can end up in a much worst position than before you started searching.

We are fixing this trend by pro-actively giving you the pros and cons of each and every loan option that may be potentially available to you. This will allow you to compare loan offers and terms side by side, which means you get the loan you’re most comfortable accepting. When you work with Life House Funding, you are always in control deciding what’s best for you and your family.

Even more beneficial, we have access to lenders across the entire country. We understand the average borrower may only has access to a few lenders in their city, state or perhaps a few online. However with us, you will have access to lenders across the entire country, which greatly enhances your ability to find a loan and lender willing to approve you.

3. What type of credit is required?

If you are looking for financing of any kind, we encourage you to submit information with us. Because we work with all types of lenders and loan products, we accept individuals with all types of credit. If you are unsure exactly where you stand, please click here to view an updated credit report and score.

4. Can I use a cosigner?

Life House Funding always encourages a cosigner whenever possible, especially when searching for an unsecured personal loan or business loan. A cosigner can strengthen your application and may allow you to qualify for lower interest rates and/or a higher approval amount. When considering whether or not to add a cosigner, it is best to have a cosigner with the same credit if not better then yours. A cosigner should also be someone that can add additional income to your loan application. A cosigner can be anyone you feel may strengthen your application.

 

5. I have been denied before, what makes this loan program different?

Even if you have been previously denied for financing, you are still encouraged to submit your information. Life House Funding designed its process to help the average borrower find the loan and lender that matches their unique credit situation. In many instances, we find people are denied solely because they applied for the wrong type of loan or with the wrong lender. Some lenders target borrowers with less than perfect credit, while others will only consider people with A+ credit. Some lenders may even deny you for applying for too much, or simply because you filled out the application wrong. Life House Funding is here to ensure you don’t make these mistakes, or any other mistake many borrowers commonly make.

 

6. I have filled bankruptcy can I still be approved?

Yes, even if you have filed bankruptcy in the past, you are still encourage to submit your information. Some loan products can be obtain very shortly after a bankruptcy is discharged. If you are currently in bankruptcy, unfortunately we do not have lenders that will consider your loan request.

 

7. Do I have to be a U.S. Citizen?

Yes. Life House Funding only has lenders in the United States and most of these lenders will require you to be a U.S. Citizen.

8. How long will it take to get a decision from the lender?

One of the core reasons why individuals and small businesses use Life House Funding is because we have been able to streamline the borrowing process. Once you submit your information, you will be immediately assigned to a Life House representative. Within 24 hours you will be contacted and asked some specific questions designed to help us determine your credit situation and what loan options are currently available to you. As soon as we get this information along with any other additional information needed, you will be immediately paired with a lender in your market area. Once your information is submitted to that lender, you will normally receive a decision within 24-48 hours. If you like the results, in most cases the funds can be available for use in about 7-10 days.

 

9. How much documentation do I need to show?

The important thing to remember is that every lender and loan option is different. We do not control the amount of documentation required by each lender. There are loan options and lenders that require very little documentation, however these types of loans are often times consider high-risk by the lender and may have a higher interest rate. Even so called "no documentation” or “stated income programs," may still require some identity documentation for security purposes. Most lenders will require proof of income by showing either paycheck stubs, tax returns and/or bank statements.

 

10. Does Life House Funding pull my credit?

No. However, we must know your exact credit situation in order to match you with the right loan program and lender. Because credit worthiness is determined off past credit history, a recent copy of your credit report and credit score is necessary. We understand how important credit inquiries are and will always work to limit the amount of credit pulls needed to obtain funds. If you already have a recent copy of your credit report we can use that information. However, if don’t have a updated credit report and score from the past 30 days, you can click here to access that information.

 

11. Is my personal information safe?

All of the information you provide to Life House Financial Services and its parent companies is stored in-house on internal servers not accessible to the Internet or online hackers. If for any reason you decide not to proceed with our company, your information is purged from our system. No information will not be forwarded or sold to any other company or organization. Your security and privacy are our highest priority.

 

12. What is an unsecured loan?

An unsecured loan is a type of loan product that does not require collateral. A unsecured loan does not require you to pledge or risk your hard earned assets in order to obtain financing. This type of loan is approved based on credit and your ability to pay back the loan.

 

13. What is a secured loan?

A secured loan is also called a collateralized loan. This means you have to put up an asset with value in order to be approved. Incase of default, the lender can take ownership of the asset and liquidate it to cover the outstanding loan balance. The most common types of secured loans are home equity loans, auto loans, title loans and mortgages.

 

14. How will my loan be funded to me?

Once approved, the loan proceeds are usually transferred to your account via electronic wire transfer, ACH or by regular check. When consolidating debt, some lenders may require that they pay off your creditors directly.

 

15. How much can I borrow unsecured?

Unsecured personal loans and business loans are harder to obtain than a secured loan. Loan approval amounts and terms are heavily based on the borrowers ability to pay back the loan and past credit history. Life House Funding specializes in unsecured personal loans and unsecured business loans from $1,000 to $100,000. If you need additional financing, you may need to combine a couple of loans from a few different lenders, in order to reach your desired loan amount. You may also want to consider taking out a secured loan.

 

16. When is my first payment due?

Your first loan payment will be determined by the lender and depends on the type of loan you end up accepting. Life House Funding does not control the timing of your first payment. Normally a lender will require you to make a first payment within 6 weeks of being approved and funded.

 

17. What rate will I receive from the lender?

Personal and business unsecured loan rates start around 7%, and go up from there. Rates are determined by the lender using several factors including past credit history, the borrows ability to pay back the loan and DTI (debt to income ratio).

 

18. What term will I receive from the lender?

Unsecured personal and business loan terms currently range from 6 to 72 months. Some line of credit type loan programs have no set payback term and work similar to a credit card where only minimum payments are required.

 

19. Are the rates variable or Fixed?

We work with a wide range of lenders that offer both variable and fixed interest rate programs. We always recommend you choose a fixed rate when available.

 

20. Are there any pre-payment penalties?

We always recommend accepting a loan without any prepayment penalties. Our company will never recommend you take a loan with high fees, high rates or pre-payment penalties. We do what's best for our clients. That being said, to be consistent with our mission, we will give you all your options, including those with lesser than ideals terms. You decide what’s best. Remember, there is never any pressure when working with Life House Funding.

 

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