Other terms for cash loans are cash advances or payday loans. These loans can either be good credit or bad credit. If you prefer good credit loans, your best bet are the banks. But if your FICO score is not that good, your best friends are the trusted online lenders.
Banks and lending companies require a lot before approving your loan. Two of these requirements are collateral and good FICO score. The collateral for cash loans can be post-dated checks. Very few lending companies will require you to pledge your salary ATM card. And the credit score that you need to reach is above 640.
Online cash loans are particularly offered for those whose FICO credit score is below 640. You can be assured that trusted online lenders will not ask for your FICO score. They will not spend time accessing the database and finding out whether your score is good or bad. Moreover, when you apply for cash loans with them, you do not have to worry about collateral. Since the transactions are carried online, you are not required to issue post-dated checks to secure payments. But, because online lending companies are giving you a chance to borrow money, the interest rate will be slightly higher than regular loans. The amount of loan you can apply will be as high as $1,000 depending on the lender’s policy and your monthly income.
What are Required of You
Cash loans are generally available online. Online lenders have a website where you can download a form or the form is web-based and you just enter the information required by the fields. After completing the form, you will also have to upload documents to support your form. These documents are:
• Identification proof. Identification cards such as your driver’s license, professional license, company ID, and postal ID are accepted. It is vital that your ID contains your residential address and other contact information.
• Checking account. To prove that you have a checking account, you will be asked to upload a bank transaction such as deposit slip or receipt where your checking account number and account name are displayed.
• You must be at least 18 years old. This can be ascertained from your ID.
Cash loans have fast processing. Once you submitted your form and requirements, your application is then processed. Within a day, your loan will be released.