Spend now and give later
What do Americans do when they need money to solve financial problems or just for big unforeseen purchases? They apply for installment loans and use them for whatever purpose. Unlike targeted loans, for example, for the renovation of a home, the purchase of a car, in this case the bank does not require you to indicate what you need the money for. It will not ask for an expense report either.
But in order to get such a loan, you need to collect a number of documents. This is a prerequisite – this is how the lender assesses the reliability of the borrower. The bank itself determines the necessary documents, but there is a basic package. Let’s divide it into blocks: identification confirmation; proof of employment; confirmation of income – main and additional.
If you already have a loan or collateral, the bank may also ask for documents on your current obligations. The set of documents depends on the purpose of the loan and may differ from one bank to another. Americans who want to avoid the hassle of paperwork choose installment loans from direct lenders. Quick loan services provide instant cash online, even for those who cannot boast of having a great credit history.
What should you have to apply for an installment loan online?
To apply for a loan, you will need a passport of a US citizen with a registration mark. It is desirable that the recording be permanent. Not all lenders offer quick loans online for those who are temporarily registered. Lack of registration can also affect the terms of your loan – the bank will ask you to repay the debt before the temporary registration expires.
Most Americans say that if you are officially employed, you will need a copy of your record of employment, certified by your employer. All pages must be copied and certified, even empty pages. With this, show a copy of the employment contract. You can also bring an extract from the workbook, but also certified by the employer. Individual entrepreneurs provide a copy of the registration certificate. Lawyers responsible for processing a loan bring a copy and the original of the lawyer certificate, notaries – a copy and the original of the order appointing a notary. If you are not officially employed, you can apply for an instant loan online without a credit check and take advantage of the opportunity to get money fast.
To obtain a loan, the borrower can pledge real estate or a car. Supporting documents, on average, are prepared within 3-5 days, so they need to be taken care of in advance. You will need a registration certificate and / or a document with an indication of the owner. An evaluation report will also be required. This document is necessary to get an idea of the property’s value and liquidity. A registration certificate is required for the car; in addition, a bank employee can apply for a vehicle registration certificate.
The documents listed above are the main ones when applying for instant same day loans with bad credit. But there are also additional documents that affect the lender’s decision. If you present them, then you can count on a larger amount or a reduced price. Some lending agencies may request the following documents, but they are seldom required for loan approval.
International passport. Bring the original and a copy of your passport if you have traveled abroad in the past year. This is an indirect confirmation of your creditworthiness.
Driver’s license and certificate of ownership of the car: in the event of money problems, the car can be sold and the debt covered.
Bank account statement / deposit. It won’t be superfluous to confirm how much you have in stock – that money can also be used to pay off the loan.
An extended package of documents is not always required. Some banks grant loans on 2-3 documents. An all-purpose loan of up to $ 5,000 can be obtained under two documents: a passport and proof of income from the main workplace. At the same time, clients who receive a salary under a wage agreement only need to provide a passport.