Obtaining a personal loan can be a hard task for you to achieve, especially when your credit score is extremely low. You may submit your application but sometimes you need to go through longer waiting time to get the loan approved. In order to “speed up” the process, there are ways for you to obtain fast approval. Let me share with you some useful tips to ensure the success.
1. Get yourself ready with all necessary documents
In order to obtain loan successfully, you have to do your part as an applicant. You need to get ready all the supporting documents to prove to the new lender. Here is the list of documents you suppose to prepare:
- A copy of your state issued Identity Card
- A complete bank statement.
You need to ensure that your bank account is active and it is in good standing
- Your recent pay slip and a copy of your social security card
You need to have a steady income to show your lender. In general, you must have a monthly income of at least $1200 to secure a loan. The higher income you have, the higher chance you stand to receive a loan. The lenders normally evaluate your ability to repay the loan through your employment. If you can’t make your payment one day, they still can allot the payments out of your paycheck. What happen if you are an unemployed? The lenders will ensure that you get a job first before your loan is approved.
2. Choose the right loan
When your credit score is low, you need to accept the fact that you don’t have many choices. You can either choose to have secured or unsecured personal loan. If you don’t have any co-signer to help you and you don’t have any collateral too, you can only choose to have unsecured personal loan. If you need quick cash, then you are advised to choose a bad credit payday loan. Don’t waste your time to apply for loan which you are not qualified for.
3. Choose the right lender
In order to get instant approval, you are advised to look for non-bank lenders who do not do credit check on the applicants. Nowadays, applying loan through online loan providers is the fastest way. By completing the simple online application form, you will be able to get the fund deposited to your account within 24 hours.
4. Decide a reasonable loan amount
It is indeed hard for people with poor credit to apply for big loan. Hence, if you need short term financial assistance urgently, you are advised to request for a reasonable amount. Don’t ask for too much money if you are a first time customer to the lenders. The lenders will delay the processing time as they need to evaluate the credit history of the applicants when the loan amount is big.
To sum up, in order to obtain quick loan during hard times, you need to act fast and act smart.