Just how feasible is it to get a $10,000 loan in these recessionary times? A borrower with poor credit is going to have difficulty getting that kind of money from a traditional brick -and-mortar financial institution. A person seeking emergency cash quickly will find it relatively easy to get a guaranteed personal loan from any number of non-bank lenders. No credit checks and no collateral are required. The four points below will get you started and you will probably have your cash within a few hours.
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Point One: Steady Employment
Every lender likes to be repaid. One way they figure that you can meet your obligation to them is if you have a steady job. For most lenders, having maintained employment with the same company for 90 days is usually the standard. Of course, the longer the tenure the more willing the lender may be regarding granting the loan and determining the amount of the loan offered.
Point Two: Bank Account
Another indicator of stability, as well as a default resource for the lender, is having a current bank account; checking is preferred, but many will accept savings accounts. (Many lenders ask for a post-dated check as a sort of collateral, but the requirements regarding this vary widely.) Again, the lender would like to see bank statements going back 90 days. Hopefully there will not be a lot of insufficient funds (NSF) bounced checks or large overdrafts. If your present account is in arrears, fix it so that it is current. (If there is more money still owing once you bring it up to date, you might want to include that cost in your loan amount request.)
Point Three: Paperwork Particulars
The paperwork needed is not that demanding. However, many people have trouble gathering the most fundamental proof of their legal identity. You will need a bona fide picture ID. This can be a driving license, passport, military ID, or some other documentation from an official government source. You will need to present proof of employment, 90 days worth of pay stubs will do, or bank statements if you use payroll direct deposit. To prove residency, you will need a current utility bill with your name and address; an electricity, telephone, cable or similar bill should do. You will have to offer proof of social security number.
Point Four: Go Shopping
Shopping around for a lender is a good idea just because the terms, rates, and conditions can vary widely among lenders. Compare interest rates, miscellaneous fees, late charges, prepayment penalties, and other costs. You may even want to consider the location of the lender. Your shopping should provide you with at least five choices for final applications. Especially if working online, apply to all five and do not decide until they all get an offer to you. Then pick the winner.
Getting quick cash for your emergency situation should not be that difficult if you regard the four points above. Many of the lenders facilitate application and approval by using online correspondence for the entire process. A few last words: Be sure to use your money in a responsible manner, make your repayment on time, and keep your personal and financial affairs in order.
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