Requirement for a bad credit loans
Although finding loans for people with bad credit ratings can be a challenge, there are systems that take the challenge to match the borrower with a lender who has a chance to fund the former. The process of a bad credit loan is pretty simple and hassle free.
- The applicant needs to fill up a form.
- The system takes a look at the information provided based on which they recommend the most likely lender.
- The advantage is that this does not affect your credit score.
- The applicant must keep in mind that the information provided is accurate and updated or else the chances are likely to get rejected.
The minimum requirements that need to be met are below:
ü The applicant must be employed for at least the last 90 days.
ü He/she must have a minimum of $1000 take home pay.
ü The applicant has to be 18 years old and an U.S. citizen. Please be informed that you must be an U.S. citizen and at the same time reside in the States to apply.
Beyond that, it is helpful if you are willing to work at rebuilding your credit if you get turned down. There are tools available to help you review your credit report, correct errors and hopefully increase your score. Remember, if you get turned down on your first try it is up to you to take steps to repair the errors.
However, there are different rules and lending limits set by the lenders. For example, in Texas, the maximum loan that could be given is $350, the return period is 30 days and there are no rollover or extension policies. But in South Dakota, the maximum loan that could be offered is $500, there is no time frame for repayment and you can also get four rollovers or extensions.
You can apply for a bad credit loans if you already have a loan against your name. You just need to mention the current loan under the debt section of the application at the correct place. Providing false information on your form may be unlawful.
Generally the loan rate and fees are set by the lending party. It is important that the borrower stays with touch with the lender once they are matched. The lenders can answer any question during the approval and funding process. Once the loan is approved, money is transferred to the borrower’s account electronically the following business day.
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