When you hear the words cash loans, the first thought to occur your mind is instant cash. This is true. Cash loans are the quickest way to solve your financial problem. The maximum amount of money you can avail through such loans is $1,000. But there are trusted online lenders that may lend you more than the usual maximum of $1,000, subject to the lender’s policy and other considerations.
Cash loans are available as good or bad credit loans. However, it is important to note that approval for good credit loans rely on your good standing as summed up by your FICO report. Bad credit loans, on the other hand, do not require good standing. Also called personal or cash loans, bad credit loans are commonly offered by online lenders. Loans transacted online are easier and more convenient. They have the least requirements when it comes to cash loans.
Banks and Your Credit Score
Banks require that your credit score should not fall below 640 to qualify for cash loans. Your score is actually your ticket for loan approval. The rationale behind your credit score is your reputation as a borrower. It tells them whether you pay on time when your debt becomes due. It tells them how you manage your budget and handle your finances. If they are satisfied, you get the loan. If not, you are block-listed simply because you have a bad payment history.
Online Lenders and Bad Credit
Online lenders do not see you as a high-risk borrower if you have a bad credit. They do not use your credit score to measure your ability to manage well your budget or handle your financial obligations. Even if you filed for bankruptcy, become default, or incurred several arrears in your debts, you are qualified to apply for cash loans. In commerce and trading, the online lenders are seen as refuge for a borrower like you who cannot easily ask for financial help from traditional lenders.
Online lenders do not make it hard for you to get the money you need. Unlike what banks and credit unions require, online lenders simply ask that you provide the following requirements:
• Job. Your job is an important requirement in applying for cash loans. It is what the lenders will use to gauge your ability to pay the loan back. The cash loan that you can get from them is based on your monthly or annual income. Proof of this is required for uploading along with other requirements and filled-out form.
• Checking account. Online lenders release your loan through bank transfer, specifically, to your checking account. In most cases as well, you will be required to issue post-dated checks for the payments.
• Identification. To give evidence to the personal information you entered on the form, online lenders will require that you upload a scanned copy of any valid identification card. Common Ids submitted are driver’s license, passport, postal ID, professional license ID, and company. You can also scan the front and back of your credit card.
• 18 years of age. You must be at least 18 years of age on the day that you submit a form for cash loans.