We have all heard the old saying that nothing is guaranteed -- except death and taxes. But, even with this caveat in mind, it is possible for a person with a bad credit history to land a personal loan even if they do not go to a traditional brick-and-mortar financial institution.
It is pretty obvious from the financial debris littering the financial landscape that loans are tough to come by - good or bad credit. Most financial houses have tightened up their underwriting rules regarding personal loans and just are not looking for customers for those type of financial instruments. And everyone of them is definitely giving those with low credit scores even more scrutiny.
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Even in this bleak landscape, non-traditional lenders are stepping in to pick up the slack. Loans for up to $10,000 with no credit check are available. And these loans do not require any collateral. And qualifications or underwriting requirements are not that hard to meet.
Have a Job
Any lender, be it a bank, an online credit store, or a pay day advance shop, has employment guidelines. You need to show that you have the wherewithal to pay the loan back. Most lenders look to see that you have at least ninety days of employment history with the same firm. Some may require even more. It goes without saying that the longer history you have with a certain firm the more readily a loan can be approved. Face it, lenders see long steady employment as a sign of stability.
Have a Bank
Often as a form of collateral, a lender will ask for a post-dated check for your next pay day. You can either redeem the check with cash or authorize the lender to run it through your bank account for recompense. So, a checking account is a usual requirement. Of course, if you have savings account, or money market accounts, that is going to improve your credibility with the lender. They typically like to see bank statements for about three months, hopefully without too many bad spots like bounced checks or huge overdrafts and other similar stuff.
Have an Identity and a Residence
Well, you know the lender is going to need to know who you are and where you live. Also, many non-traditional lenders do most, if not all, their application and approval process online, so they will need to see some documentation regarding identity and residence. A valid picture ID from some governmental authority such as a driving license or a passport is usually required. Other identification documents may be needed, depending on the lender and often the amount of the loan. A couple of utility bills with an address that matches your ID is usually required. The general rule is, the larger the loan, the more documentation you will be required to present.
Have a Good Lender
So many things are up in the air when you first apply for a loan. Depending on your credit record, your employment, your income, your state of residence, your documentation, some lenders will approve you, some will reject you. Make multiple applications and choose those with the best rates and terms. Internet shopping has made finding a lender that suits you a lot more easily than running from place to place.
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