Requirements For Accessing No Credit Check Loans

14 Feb

Nowadays, cash is not easy to come by. The risen costs of living even make it impossible to borrow money from colleagues, relatives and friends. They too have budgets to follow. Luckily, you can access fast cash thanks to payday loans. The good news is that you can access the loan even if your credit rating is poor. The loans are also available for students. Therefore, do not waste any more time. Here are the cash loan requirements  you need to have to get your money.

Firstly, you must have attained an age of 18 years. That makes you accountable as the lender can charge you as an adult in case you default. If you just turned 18, you might not have a credit record at all. This is worse than having a poor rating. Luckily, lending agencies such as Bonsai Finance can help you register accordingly and access your money. 

Also, an active bank account is a must have. Your bank records determine you credit score. Do not worry because you can still get a payday loan even if your rating is fair or poor. However, you must not have filed for bankruptcy and your contact information must be provided. The loans offer flexible repayment terms as you are only required to pay a maximum of 15% of your salary. If you think this is fair, getting the loan is a good way of improving your credit record.

Another thing you need to do is prove that you earn an income. The evidence could be a letter from employer or bank records. You can only access a no credit check loan if you earn not less than $500 monthly. You must also provide a bank statement for the past 3 moths. The daily balance must be more than the monthly payment you are required to repay. Once the lender is content about your application, the loan is processed within a single business day.

There are other types of no credit check loans apart from payday loans. You can get a personal loan of between $1000 and $5000. The repayment period ranges from months to years and no collateral is needed. You can also get a debt consolidation loan in case your previous lender is giving you sleepless nights. Students too can be given loans from as little as $100 to $5,000. The money can help them pay for tuition, rent an apartment or even buy a car.

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