If you are in need of some extra cash, you are probably searching around for the best personal loans. These are loans extended to borrowers without the requirement for any collateral, like your home or car. Instead, lenders use a host of other factors to determine if they should extend you a loan or not. Personal loans have a ton of uses, including paying off debt, paying for a vacation, purchasing a large item like a couch or television, or to carry you though financially difficult times.
What You Need to Have
Each financial institution has different requirements, but in general, you need to have documentation proving:
- Your monthly income
- Your insolvency status (individuals who are bankrupt cannot get personal loans)
- Your age
- The type of bank account and its details
- Your cell phone number
Once you have this documentation together, applying for a personal loan is a matter of filling out an application, submitting any supporting documentation, and waiting for a representative to get in touch with you.
Specific income and age requirements are the factors that are going to change the most between loan agencies. Some require you to have a monthly income of $2,000 or more. However, when you get your loan through Bonsai Finance, you only need to have a minimum income of $500. At Bonsai Finance, the balance of your loan is determined by your income, ensuring that you can always meet your minimum monthly payments.
What Qualities to Look For
The best personal loans for you may look slightly different than the best ones for someone else, so take some time to think about your needs before you start to shop around. Generally speaking, you should consider a few things before you start to fill out applications:
- Why are you looking for the loan? What do you plan to do with the money once you obtain it? Defining your goals can help make answering the remaining questions much easier.
- How much money do you need? Can you obtain this amount through that particular lender?
- What are the lender’s terms? Can you abide by them? Are they going to cause you any additional financial stress?
- Do you have a repayment plan in place? When you get your loan through Bonsai Finance, you know that your payments are never going to exceed 15 percent of your monthly income, which gives you the chance to prepare a budget in advance.
The application process is another aspect you should review. Some organizations allow you to complete your application online, at any time of day, which offers you greater convenience.
Can You Find the Best Personal Loans with No Credit Requirements?
Most people think that to quality for the best personal loans, you have to have excellent credit. Thankfully, this is not always the case. At Bonsai Finance, you can apply for a personal loan with absolutely no credit requirements. While you are asked for basic financial information, like how much you make per month, you are never asked to produce a credit report or go through a credit check. We understand that bad credit can happen to anyone. Something as simple as requiring unanticipated medical attention can put a person deep into debt. As a result, we work hard to offer our customers access to the best personal loans on the market, regardless of overall credit rating. We know that many people in need of these types of loans are simply going through a rough time but are generally responsible customers who just need a bit of a financial boost.