There comes a time when you want to spruce up your home. If you do not have the funds to do this, you may seek to secure a home remodeling loan. This is an unsecured personal loan issued by banks, online lenders, or credit unions to fund your home's renovations.

If you are looking for a remodeling loan, do not look any further. AdvanceSOS will come to your rescue and ensure you complete the renovations stress-free.

We had an opportunity to do an exclusive Q&A with Nick Wilson, who is the founder of AdvanceSOS connection service based in Miami, OK.  Nick is an experienced loan officer with seven years of experience in the finance sector. And, his has been a very successful career.

His success started way back in college, where he scooped multiple awards over the years. And, he continues his love for finance, even outside AdvanceSOS, by sharing his expertise in online lending on YouTube.

In this exclusive Q&A, Nick shares his insights and experience in online lending.

What is AdvanceSOS?

AdvanceSOS is an online service based in Miami, OK, connecting fast loan applicants with dependable payday lenders. Whether you are looking for an emergency medical loan, an auto repair loan, or a home remodeling loan, there are numerous willing lenders on the platform.

Initially, the platform was known as CashLoansNearby, but later changed to AdvanceSOS. We have been in the market since 2019 and have connected numerous borrowers with lenders that meet their needs. 

What Motivated you to Start AdvanceSOS?

My biggest motivation for starting AdvanceSOS was the need to create a convenient and safe platform that would connect trustworthy lenders with potential borrowers. You reckon that access to unsecured loans is a challenge for most people. Therefore, we started the platform to support borrowers by helping them get access to lenders.

I have always been fascinated with finance, and I wanted to use my knowledge and skills to come up with a service that would make a huge impact on the lives of many people. There are people who just want to complete simple projects like renovations for their homes but lack the finances to do so.

Also, some people are small business owners and need funds to run their businesses. This is the kind of stumbling block that most people face, which is why I started AdvanceSOS.

How Have You Applied Your Expertise in the Finance Sector this Far?

My expertise and experience in the finance sector have been critical in building and growing the company. Working with my very able staff, I have leveraged my experience and expertise to build a network of reputable lenders in a number of states. This success has been supported by hard work and diligence.

How AdvanceSOS Works?

At AdvanceSOS, application for a loan is fast, simple, and digitized. The company has developed a simple and short application form that customers can complete. For instance, if you are looking for a home remodeling loan, we give you access to hundreds of trustworthy lenders who are willing to lend you the money - as long as you fulfill some simple requirements.

 As I have mentioned, the role of the platform is to connect lenders with potential customers. The connection between lenders and customers ensures a loan applicant gets an immediate response on the status of their application. Eligibility for a loan is something that has to be established quickly before the processing can begin.

The loan application process is free and digitized. Potential customers do not have to complete any paperwork. The digitization of the service ensures that customers can complete the loan application process anywhere and at any time.

Furthermore, customers can access the AdvanceSOS platform on all devices, including personal computers, mobile phones, and tablets. This brings a lot of convenience for our customers seeking remodeling loans.

How Can a Customer Secure a Remodeling Loan?

Securing a remodeling loan is not a hustle anymore. One stands to get a remodeling loan without a guarantor, credit check, or collateral. A customer has to start with filling out the short and simple online application form.

The information required for a customer to complete the loan application form is personal, employment, contact, and deposit information. However, a potential customer must provide true, accurate, and up-to-date information to fast-track approval.

Once they are done with this step, it's AdvanceSOS's job to connect the customer with one of the many reliable lenders the company has partnered with.

Is that All One Needs to Do?

Of course not. There is a second step where the customer will receive and compare the different offers given by the lenders. The key factors a customer will be relying upon to make a comparison are the interest rates, penalty fees, terms and conditions, and the reputation of the different lenders.

Customers should screen their options to ensure they get top deals. This will involve seeking clarifications, reading all the details of the available offers, and thoroughly comparing and analyzing the offers based on their financial goals and needs.

How Long Does it Take Before a Borrower can Access the Cash?

You only get access to the cash after committing to one offer and signing the agreement. Customers have to ensure that they have considered everything before committing. All the contractual information should be complete and correct.

Upon signing the agreement, a customer will get their remodeling loan amount deposited by their lender to the bank account they provided. A customer is at liberty to withdraw the cash within one or two days. Thereafter, they can use the loan to renovate their home as they wish.

You Speak a lot on Responsible Borrowing. What Exactly is This?

I would say responsible borrowing is using the loaned funds wisely and repaying the loan amount in full and on time. Borrowers should never delay or give up on their loan repayments. Because if they do so, their credit score suffers. Responsible borrowing is bound to help a customer build a good reputation with a lender and qualify for other loans in the future.

Written by Amanda Girard

Amanda is AdvanceSOS's personal finance writer. She has an exceptional understanding of the online lending industry. Her role is to provide the platform with superbly researched, educational and interesting content that the website's visitors get to enjoy and to present it in a way that is fun and easy to understand.