Are you looking for fast loans? You’re in good company.
Every year, more than 12 million Americans take out payday loans. If you have an emergency and you need to request money online, take a minute and read this article.
We’ll go over the requirements that you need to have in order to request a personal or payday loan. Bonsai Finance helps you find no credit check, bad credit, and student loans.
1. You Must Be 18 Years or Older For Fast Loans
According to state law, you must be 18 years or older to request a payday loan. If you’re a college student who is just starting out, you might find that you have no credit history.
Having no credit history can be worse than having bad credit. Bonsai Finance helps you find payday loans that can be used to pay bills for school, rent an apartment, or buy textbooks.
You can use fast loans to attend college or other certification programs, building your brand and marketing yourself to larger companies.
Or you can use fast loans to pay off higher interest debt like credit cards and long-term installment loans.
Looking for a new car? Payday loans can help you finance a vehicle. If your request is approved, this could be the loan for you.
Lenders analyze your situation and could provide money quickly. When applying for a no credit loan, keep in mind that you must be over 18 but less than 65 years of age.
2. You Must Have an Active Bank Account
More than 65 million American adults have a credit score that is considered “fair.” They can have great difficulty trying to secure fast loans from banks, but Bonsai Finance could provide a great solution.
If you have fair or poor credit and you are requesting a loan, you must have an active bank account.
You can’t be in a state of bankruptcy, and you have to have a phone that accepts calls and texts.
Bonsai Finance helps you find secure payday loans. For fast loans, lenders require that your monthly payment must not be more than 15% of your monthly income.
If you make $2,000 per month, your monthly payment can’t exceed $300.
Looking for long-term credit rebuilding options? Requesting fast loans can be a great solution for people who need to improve their credit.
3. You Must Have Proof of Income
Some fast loans can provide you with cash within one business day of your request. In order to request a loan, you must provide proof of income and make more than $500 per month.
Additionally, you must submit proof of your bank balance for the last three months. Your daily balance must exceed your projected monthly payments.
If your bank account had $1,000 over the previous three months, you could request a loan with repayment terms up to that amount but not over.
Proof of income refers to check stubs, printed evidence from your employer, or hard copies of bank records. You will need to provide this information during the process of requesting a payday loan.
If your request is approved, you will likely receive your funds within one business day.
Bonsai Finance helps you find direct debit repayment options so you can make sure you repay on time.
Benefits of Fast Loans
Need to improve your credit? One benefit of fast loans is that you can get them with no collateral.
Banks want to lend to people who have perfect credit, but what if your credit rating has been damaged?
You can request loans online and Bonsai Finance lenders analyze your situation. You may have to fax in a few documents but overall, you should have a straightforward and simple loan request process.
Looking to borrow more? Bad credit and no credit loans are based upon your income. You could have an interest rate lower than 6% and repayment terms of up to 18 months.
Sometimes, people just need fast loans to get them past temporary hurdles. You would never want to miss a mortgage payment or car payment, and fast loans can help make sure that you’re meeting all of your financial obligations.
As you make repayments on schedule, you’re going to be rebuilding your credit score. Fast loans make sense for people who are committed to improving their credit.
What Type of Loan Is Right for Me?
To figure out which type of loan you should apply for, take a minute and consider your financial situation.
You definitely want a loan that doesn’t require collateral. Going through a bank takes too much time and there’s much too much paperwork.
Figure how much money you need to borrow in order to get through the next few months. Do you think you’ll be able to repay the loan in less than a month, or will you need some more time?
Whether you need to pay a car payment or make sure that your business is going to be able to meet its accounts payable deadline, fast loans could provide money quickly.
Payday loans are smaller loans that are typically between $100 and $1,000. You’ll need to have a checking account and may be asked to provide a small amount of collateral.
Payday loans are designed to be repaid within one month, on the date of your next paycheck. The interest that you pay may be higher than a personal loan, but since you’re repaying it very quickly it won’t be a major factor.
You may be asked to provide a debit or credit card for repayment backup, and often you will receive your payday loan within one business day. There are loan options that don’t require a credit check and loans for people with bad credit or no credit.
People who have perfect credit are relatively rare. If you’re committed to rebuilding your credit, successfully repaying payday loans is a great solution. There is no limit to the amount that you can take out, as long as you make your repayments on time.
Personal loans, on the other hand, can range from $1,000 to $5,000. There is no collateral required but you must have a bank account. The terms of repayment stretch from several months to several years.
Lenders analyze your financial situation, often without a credit check. If your loan is approved, you should be looking at flexible repayment terms and lower interest rates than payday loans.
How much money do you need to borrow? Make sure to factor in all of your bills, your income, and your ability to repay fast loans.
You can use no credit or bad credit student loans to pay for books, tuition, and housing. You want to make sure that you request a loan that’s large enough to cover your expenses.
You can borrow between $100 and $5,000, with repayment terms ranging from one month to several years.
If you don’t qualify for federal grants or loans, requesting fast loans could help you finish your degree. Your loans will be customized and will not require any collateral.
After all, you don’t want to have to put your vehicle or property at risk just to get an education. Your repayment amount won’t be more than 20% of your income.
Bonsai Financial helps you find a great solution to your financial issues.
Debt Consolidation Loans
Are you tired of endless phone calls from bill collectors? Are you paying high interest rates on credit cards or loans?
Debt consolidation loans take all of your debts and put them in one place. There is a single interest rate and one payment per month.
Stress related to debt can take its toll. Bonsai Finance helps you find secure funding options that can improve your financial picture.
For debt consolidation loans, you will need to supply proof of income as well as a debit or credit card that can be used as a backup in case of a glitch in your repayment schedule.
Take the First Step Toward Financial Freedom
As you are in the process of applying for fast loans, take a minute and discover your credit score. Typically, 600 or above is considered a decent credit score.
Credit scores can range from 300 to 850, but if you have a low credit score there are still payday loans and personal loan options.
You want to secure a loan that has repayment options that you can live with. Bonsai Finance helps you find the right loan for your situation.
You may find that you qualify for a larger loan than you realized. It could benefit you to take the larger amount, consolidate and pay off debt, and then repay according to the terms of the loan.
There are so many options for fast loans. Bonsai Finance is here for you. We want to help you improve your financial situation and rebuild your credit score.
We provide a wide range of loans including bad credit and no credit, student loans, and debt consolidation loans. We even offer bad credit credit cards to help you raise your credit score.
Come visit us and request your payday or personal loan! You could have the money in your account within one business day.