Spend now and give later
What do Americans do when they need money to solve financial problems or just for unexpected large purchases? They ask for installment loans and use them for any purpose. Unlike targeted loans, for example for the renovation of a house, the purchase of a car, in this case the bank does not ask you to indicate why you need the money. It will also not ask for an expense report.
But to get such a loan, you need to collect a number of documents. This is an indispensable condition – 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 break it down into blocks: identity confirmation; proof of employment; confirmation of income – main and additional.
If you already have a loan or security, the bank may also request documentation of your current obligations. The set of documents depends on the purpose of the loan and may differ from bank to bank. Americans who want to avoid the hassle of paperwork choose installment loans from direct lenders. Quick loan services offer instant cash online even to those who cannot boast of having a great credit history.
What do you need to apply for an installment loan online?
To apply for a loan, you will need a passport of a United States citizen with a registration mark. It is desirable that the registration be permanent. Not all lenders provide quick loan online to persons holding temporary registration. Lack of registration may also affect the terms of your loan – the bank will require 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 employment record, certified by your employer. All pages must be copied and certified, even empty pages. Along with this, show a copy of the employment contract. You can also bring an extract from the work book, but also certified by the employer. Individual entrepreneurs provide a copy of the registration certificate. Lawyers for the processing of a loan bring a copy and the original of the lawyer’s certificate, notaries – a copy and the original of the order appointing a notary. If you are not officially employed, you can apply for instant loan online without credit check and enjoy the opportunity to get fast cash.
To get a loan, the borrower can pledge real estate or a car. Supporting documents, on average, are prepared within 3-5 days, you need to take care of this 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 value and liquidity of the property. 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 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 rate. Some lenders may request the following documents, but rarely are they required for loan approval.
International passport. Bring the original and a copy of your passport if you have traveled abroad within the last year. This is an indirect confirmation of your solvency.
Driver’s license and certificate of ownership of the car: in case of money problem, the car can be sold and the debt covered.
Bank account/deposit statement. It will not be superfluous to confirm how much you have in stock – this money can also be used to repay the loan.
An extensive set of documents is not always required. Some banks give loans on 2-3 documents. A loan for any purpose up to $5,000 can be obtained under two documents: a passport and proof of income from the main place of work. At the same time, clients who receive a salary under a salary agreement only need to provide a passport.