Everyone encounters an emergency situation once in a while and it can turn really bad if you do not have an emergency cash stashed away. The pressure alone from that unexpected situation can cause you a lot of stress. Lenders know about all these and they do not want you to stress when you apply for cash to sort out the situation.
Are you struggling to access loans because you have bad credit? We know it is frustrating to be getting “no” from lenders. The truth is that your bad credit should not stop you from accessing a loan. You are probably searching the loan in the wrong places and that is why you cannot seem to access one.
You can easily get a loan despite your poor credit score and it is not as difficult as it seems. There are lenders who are willing to offer you quick cash without considering your credit score.
It is easy to apply for this loan. The requirements include your basic information, income information, and bank account details. The lender will ask you to provide details including your name, your date of birth, contact information, and employment history.
Lenders also request that you should be in employment for at least 6 months. Lenders also have minimum loan requirement and you will only qualify for the loan if you meet this requirement. Fortunately, most borrowers meet this requirement.
You should also be at least 18 years old and you should be a citizen of the United States. You should also have a checking account since the loan will be disbursed into your account.
Since it is an online application, you will also need access to a computer and the internet. Once you have these, you can easily apply for the loan at any time. Lenders will review your loan request.
They will check if the amount you are applying for is reasonable. That is if you can comfortably pay for this loan. They will check this by comparing your income and any existing debt you may have. They will check if you can have enough money to pay for the loan even after clearing your existing debt.
If they realize that you can have enough, they will go ahead to approve the amount you are requesting for. If not, they will offer you a lower amount. To the lender, the most important thing is that you are able to repay the loan comfortably.
Sometimes, lenders may request for additional information, you should be available to offer the information they need. This will make the loan application quicker. Once the lender has all the information they need and they have confirmed that all the information you have submitted is true, they will approve your loan. You will be required to sign the loan document after which the lender will disburse the cash into your account.
Although it is easy to get access to these loans, these loans come with high interest rates. The rates are higher than traditional loan rates because they are not secured and the borrower’s interest rates are bad. Generally, your creditworthiness decides your interest rate.
The more creditworthy you are, the lower your interest rate. Factors that determine your creditworthiness include your credit score and your income. Lenders also offer lower rates for people who provide collateral for their loans. Providing a collateral reduces the risk that the lender will bear. Lenders consider all these factors before deciding on your interest rate.
Lenders also charge fees and these may include origination fees, check processing fees, prepayment fees, and late fees. Some lenders waive the origination fees or even the processing fees. Some lenders do not charge you prepayment rates for paying your loan earlier than agreed. There are some lenders who do not even charge late fees. Even if the lender charges late fees, you can avoid this fee by paying your loan on time.
You should also ask the lender about the loan repayment options. Most lenders provide several repayment options such as check payments and online payments. Most lenders encourage borrowers who opt for installment loans to set up automatic loan payments so that they do not default on their loans.
Automatic payments allow you to repay the loan without processing payments at the end of every month. Once you leave enough cash in your account at the end of every month, the loan will be repaid. Some lenders even encourage borrowers to sign up for automatic payments by offering incentives to borrowers.
When it comes to loan payment dates, the lender can ask you to choose the date. If you get the opportunity to choose your repayment date, choose a date that falls after your payday so that you can always get funds to pay your loan.
You can opt for a cash advance to sort out your urgent financial issues. With cash advances, you can use your credit card to withdraw cash from the atm. It is easy to apply for it and most credit card companies approve such requests.
You should, however, note that the rate on this loan is different from the one charged on your credit card purchases. With this cash too, it becomes more expensive when you are unable to repay the loan on time. There is a fee for the processing of the cash advance.
You can also get cash from your family and friends. You should be very cautious if you decide to use this option since it can sever the relationship you have with that person if things are not well managed. You should be honest with the lender.
You should tell them the exact period you will be able to repay the loan. You should also remember to thank them when they offer you the loan.