Think you are the only person with bad credit? Think again. The fact is approximately, 40 million Americans, have what is considered to be "poor", "bad" or sub-prime credit. If you are struggling with a less than perfect credit rating, getting a loan, when you need cash can be difficult.
As banking institutions continue to tighten their belts and slash available credit to consumers, hardworking Americans struggle to find small unsecured loans.
How can I get a loan for $500 to $1,000?
If you need a small loan, you can use the services of a cash advance lender. Cash advance loans, also referred to as "cash until pay loans" are used to supplement one's income until payday. In other words, you can get an advance on your paycheck. These loans are offered in small amounts, with some lenders, offering only
up to $250.
Established lenders can provide loans of $500 up to $1,000. The amount that you can borrow depends on your income. For example, if you earn $1,000 per month, you will be able to borrow a percentage of your income, not the entire $1,000.
It should be noted that these unsecured personal loans, are available only to people, who are actively employed.
What if I am unemployed. Can I still get an unsecured personal loan?
Unfortunately, the answer is "no". Applicants, who are not employed will not be approved for a loan. Applicants must be able to prove that they have a steady source of income on a consistent basis and can repay their loan.
How do I qualify for a loan?
Most lenders have minimal qualification requirements. The first and most important requirement, is a steady source of income from employment. In addition, some services, require that you be employed with the same employer for at least 90 days or 3 months. Other requirements include, the amount that you make per month.
Some lenders require you to earn a minimum of at least $1,000 per month so that you can repay your loan and meet your other financial obligations. Lastly, some services, require the applicant to be a citizen of the United States.
What if I have bad credit, do I still qualify for a loan?
Fortunately, the answer is "yes". The fact is, most lenders do not require a credit check or credit score, to approve your loan request. This means that you can get a loan, whether you have bad credit or no credit history. In addition, consumers, who have had a history of bankruptcy, charge-offs or foreclosure can also get a loan.
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