When should you lock or freeze a loan?

Were you worried about identity theft? If so, you may have asked for a lock or credit freeze. But do you know the difference?

Credit locks and credit freezes usually do the same: they prevent anyone from opening a loan in your name. However, there are also differences between these options.

Definition of a credit lock


All three major credit bureaus give consumers the ability to complete their credit reports.

When you do, the lender cannot access it to approve any loan or line of credit. However, please note that this is an agreement between you and the credit bureau. To become effective, you must do this with all three bureaus.

Definition of a credit freeze

A credit freeze is a similar thing. It freezes your credit report so that lenders cannot access it. Credit freezing is guaranteed by law.

What’s the big difference?

So what’s the difference? Well, the big difference comes from how locks and freezers work.

When you freeze a loan, which is usually convenient and affordable, you go through a series of different steps, online, over the phone, or through the mail. You can pick up a freeze anytime you want to legitimately apply for a loan. You can set the freeze to automatically return to a specific date.

You must provide a PIN number with any lift. Also, keep in mind that freezing and freezing fees are usually paid, and you may need to go through a wait or several hours.

Are they suitable?

Although some say a credit freeze is more convenient than a credit lock, there is still time that must elapse before it is effective. Generally, this is from 2 to 24 hours. When the freeze starts, you will receive a PIN number. You have to keep this PIN in your records and enter it to raise the freeze, and you have to ask each credit bureau to unfreeze your report.

The credit lock does not have a PIN. Normally, you start the lock using a secure application on your phone (which itself has a PIN). 

With Good Finance, it lasts from 2 to 48 hours, which is essentially the same as freezing. Also, keep in mind that you cannot freeze and lock your accounts at the same time. You have to choose one or the other.

Considering the cost


You probably want to think about the cost as well. It is worth mentioning that Good Finance offers free products to lock your loan. But remember, with a credit lock, you have to lock a loan through every bureau. It won’t help much if you are locked in two, but the third is open to all.

Good Finance has a brand new credit lock and seems to be different from what the company offered earlier. Good Finance manages the credit lock through its TrustedID Premier service, which helps protect consumers from identity theft. This service offers fraud notifications, credit monitoring, and other features.

Good Finance has a similar subscription product. It’s called Credit Lock and it’s available through Good Credit. That’s USD 5 for the first month, and then it costs USD 25 for the later months.

A credit lock is another term for the Phishing Service.


No freeze credits are not free. But the cost of freezing and freezing is usually cheaper than paying a monthly fee to keep a loan. In fact, federally, the cost of freezing and thawing your loan is set at USD 10, but many states have made the law even cheaper than that.

One reason you might consider locking in with Good Finance is that the system checks your credit card on a daily basis and promptly alerts you if there is some kind of someone trying to check your credit.

This might sound like a terrible deal and is worth USD 25 … but it might not be. Many experts do not recommend paying for credit monitoring, as you can usually do it for free through a credit card company or other financial account services.

This is definitely something to think about before you start shelling out money for a loan lock. Freezing a loan will be fine if you want protection, and it costs less.

If I am at debtors list, can I request a loan and have financing?



Being in debtors list can be an impediment to getting money, no bank grants loans to people who are enrolled in delinquent lists.

Those who need urgent liquidity to be able to face expenses that have suddenly appeared have to look for an alternative source of financing, in this case they can request loans with debtors list from private equity companies.

Our company provides its clients with loans with debtors list, the only thing they need is to provide us with a guarantee or guarantee that can be real estate or of any other kind, the client can guarantee his loan with debtors list with a vehicle, taxi license, real estate , etc. everything works while I reached the value that will be necessary to grant him the amount of money he needs, the only exception is jewelry. The user can be provided up to a maximum amount that will be 20% of the value of the guarantee provided, in the case of real estate guarantees, these properties must be free of charges and mortgages and it is a very important requirement that must be strictly adhered to. We accept as guarantees of real estate type flats, houses, premises, etc. The plots or plots are not valid.

Private lenders offer

Private lenders offer

This is a company made up of private and private lenders and our professionals have knowledge of financial and real estate issues, for this reason, we are trained to carry out a lot of tasks and speed up the process so that the client gets the money they need. 

We can even take care of the official appraisal of the house at a price that is economical for the client, we always take care of everything we can and we never ask for money in advance. Regarding security, this is an important aspect for the client who can feel fully confident with us since we are regulated by the Ministry of Health and Consumption and we comply with all the existing regulations regarding private loans, in addition to it, Our operations are signed in the presence of a notary and these signatures can be made anywhere in the country.

Get a credit despite being on a list of defaulters

Get a credit despite being on a list of defaulters

Even if you are in a list of defaulters enrolled in the debtors list, now you have the possibility to get one of our credits with debtors list and enjoy the multiple advantages that we offer you. You can pay in comfortable monthly, quarterly, semi-annual or even annual installments.

The fees can be domiciled by the bank or can be paid in the same account of the investing lender. We are trained to study the operation just by providing the simple note of the registration and we offer advantages such as early cancellation with a 0% penalty as long as the client has completed one year with us. You can qualify and pay only interest for up to five years.

Simple or multiple construction loans?

Building your own home (or garage, workshop or other structure) is great because you get exactly what you want. You have to make all the decisions about design, quality, budget and more.

One of the many decisions you’ll need to make is how to unlock a construction loan after the building is complete: will you use a one-time loan or two separate loans?

Construction loans, as the name suggests, are really just for buying land and building (or improving) structures.


They usually last no more than 12 months, so you need a way to move on to a long-term loan (especially if you want lower payments that will come with a 30-year mortgage).

When construction is complete, you will have to pay off a construction loan – and most people do this by replacing it with a loan that looks more like a standard 15 year or 30-year mortgage.

One-time construction loans allow you to get both loans (construction loan and permanent loan) at once. When construction is completed, your loan becomes a traditional mortgage (your lender may say convert, modify, or refinance). These loans are also called loans from construction to permanent loans.

Two Construction Loan Closures require you to get approval for two loans. A construction loan will fund your project, and then you will need to apply for (and obtain approval for) a permanent loan separately – once construction is complete.

Of course, you will want to know which is better, and of course, it depends on your situation. Some of the advantages and disadvantages of conversion credit are listed below.

The benefits of a single shutter


If you like one-stop shopping, you may be relying on a one-stop loan.

One app: A loan application can feel like an amazing research project.

With a single-payday loan, you have to go through the process once.

One close: More closures mean higher costs. However, the cost difference may not be dramatic (you have to pay a few costs – as a down payment after completion of construction – whether or not you use one or two credits), and you do not necessarily have to come out with a single closing.

No Payments: With some lenders, interest costs during the construction phase can be added to your permanent loan. This makes it easier for you to pay for housing while you wait for your new home to be built, but it also means you will owe more (and pay more interest) and make larger payments over the life of that new loan. In addition, delaying payments can be a sign that something is a little more prominent.

Security: Having ongoing funding – before you borrow to build – means you take less risk. If you lose your job during the construction phase, you will still receive permanent funding.

With double closing, it would be difficult to persuade a lender to approve your loan while you are in the business between jobs – and that could mean losing a home before you even live in it. Any number of things can go wrong during construction, much less worry if you have a loan obligation from the beginning.

Lock-in rate: Completing a permanent loan helps you plan for the future. You will know what your interest rate will be, so you can budget well for your monthly payments. You can also lock in the rate if you think rates will increase significantly during the construction phase (instead, crashes fall, some lenders allow you to adjust).

Advantages of multiple credits


Of course, there is no free lunch, so here are some downsides to building a one time loan.

Higher rates: One-time loans probably come with slightly higher rates (on a construction loan as well as a permanent loan), but you never know until you apply and compare offers. When you use one loan, you reduce the risk and enjoy the convenience of one closing; these benefits come at a cost.

Flexibility: When using a single loan, you will need to choose a prepackaged program (although you may find a lender that offers exactly what you want – some lenders offer their choice of one-time 15 years, 30 years, and ARM loans). Keeping your permanent loan separate means that you go out and apply anywhere you want, for any type of loan.

No plans to build


If you don’t know if or when you will build, but want to buy land, credit may be a better option. However, it is usually easier to borrow when you have plans to add to your property in the near future. Purchasing raw land presents the biggest challenges, while it is almost much easier to get approved.