If you worry that your credit report will disappoint the lenders, you should not. Unlike with banks, storefront lending companies and credit unions, you can get cash loans via online lenders even with a bad credit. Online lenders require no credit check, so your credit score does not really matter for approval.
The purpose of banks for checking your credit score is to gauge whether you have what it takes to pay your loan back. On the other hand, online lenders do not gauge your ability to make payments to loans by simply knowing your three-digit score. It is a given that everyone has his share of financial crises and if it happened that you had yours last year, which shaped your credit score badly, it does not follow that you will continue to tread on that similar ranking. This is the reason why online lenders offer cash loans to people with bad credit.
No Hassles in Requirements
Cash loans are very common online. Transactions are made easier by not requiring physical presence at their office. Everything is done from application to payment of loan. Most online lenders prepare a web-based form where fields are designed for you to enter the information. The requirements are not difficult to comply either. They are:
1. Checking account. When your cash loan is finally approved, the money is transferred to your checking account. Most often, the money is released a few hours after you have complied with all the requirements. Some lenders also require you to issue post-dated checks for the payments.
2. Identification proof. You will be required to give some personal information such as your full name, home address, and contact number. These data require supporting documents such as your passport, your driver’s license, your professional license ID, your credit card, or your company ID.
3. Job. Since your credit score is not a requirement nor is it a tool used to measure your capacity to pay, online lenders do require that you have a stable income. The amount of cash loans approved will depend on your monthly income and current financial obligations.
4. 18 years of age. You are required to be of legal age to carry out such transaction. You will be required to present documents to support your age, including your passport, birth certificate and other valid IDs with your birth date in it.