After a number of rejected loan applications, you may feel that no one is going to give you a personal loan. You have probably just been looking in the wrong places.
Have you been denied so many times that you think it is impossible to land one of those guaranteed unsecured loans? You may have been looking in all the wrong places. Plenty of online lenders are ready, willing, and able to offer you an unsecured loan. The money you seek could be in your bank account within 24 hours.
Cutting Out the Third Degree
Unlike other lenders who ask about your properties or other assets to be used as collateral, online lenders do not subject you to this sort of scrutiny. They will not have you explain your credit history and why a smirched rating came to be. You will not have to go through tedious process again. You can find a lender who will not do a credit check and will not ask you to sign over your home or vehicle.
Making It Easy to Shop Around
Your best bet is to go online and simply punch unsecured loan, or cash advance, or payday loan into your browser. Suddenly you will have an array of lenders ready to offer you cash. And you can pick and choose. Select the five best lenders and make a preliminary application with each.
Fine Print. Pay careful attention to any fine print. You do not want to unknowingly be hit with unexpected fees or hidden charges. There are so many honest lenders on the market that you should steer clear of those making pie in the sky promises while looking to hoodwink you as well. Find out how long they have been in business and look for recommendations on online community bulletin boards or other forums.
You Are the Boss. Once the lenders have responded – and they are quick – pick the establishment that is offering you the best deal regarding payments required, interest and fees, and time allowed to pay the loan back. You are the boss.
Making It Easy to Apply
Although there is no credit check and no inquiry regarding assets, these lenders do ask for a few bits of information. They would like to know that you are employed, how much you make, and how long you have been employed. Three months with the same company is the usual requirement. You can prove this with pay stubs or a bank statement.
Getting Your Money. Lenders also like you to have a direct deposit savings or checking account. This you can prove with bank statements. Some, but not all, lenders will ask for a post dated check. If you do not have a bank account, some lenders, for a small fee, will supply you with a prepaid debit card. You will be able to use the same card for future loans.
Who and Where. They will also need some sort of bona fide picture ID. This can be a driving license, passport, military ID, or something similar. The last requirement will be proof of residency. This can usually be proved with a utility bill in your name at your present residence.
Twenty-Four Hours
Once you have settled on a lender, made your application along with a few pieces of bona fide information, the money you seek will be sitting in your bank account ready for you to use as you see fit. No one will be telling you how to spend it as with some collateral loans require. And you will not have signed away your house or your vehicle, which is not a wise thing anyway in these financially unstable times.
Win-Win Situation
Keep your end of the bargain and you may become eligible for larger loans in the future. Another nice thing about taking out and responsibly repaying any unsecured guaranteed loan is that you will be adding some tremendously good points to your credit history.
