Installment Loans in the USA: Spend Now and Give Back Later
What do Americans do when they need money for solving financial problems or just for big unplanned purchases? They apply for installment loans and use them for any purpose. Unlike targeted loans, for example, for home renovation, buying a car, in this case the bank does not require you to indicate what you need the money for. It will also not ask for expense reporting.
But in order to obtain such a loan, you need to collect a number of documents. This is an indispensable condition – this is how the lender assesses the reliability of the borrower. The bank itself determines what documents are needed, but there is a basic package. Let’s divide it into blocks: ID confirmation; proof of employment; confirmation of income – main and additional.
If you already have a loan or collateral, the bank may additionally request documents on your current obligations. The complete package of documents depends on the purpose of the loan and may differ from bank to bank. Americans who want to avoid the hassle connected with paperwork choose installment loans from direct lenders. Fast loan services offer instant cash online even to those who can’t boast excellent credit history.
What Should You Have to Apply for an Installment Loan Online?
To apply for a loan, you will need a passport of a citizen of the USA with a registration mark. It is desirable that the registration is permanent. Not all lenders provide fast loans online to persons with temporary registration. The lack of registration may also affect the terms of your loan – the bank will require you to pay off the debt before the temporary registration expires.
Most Americans tell that if you are officially employed, you will need a copy of your employment record, certified by your employer. All pages must be copied and certified, even empty ones. Along with this, show a copy of the employment contract. You can also bring an extract from the work book, but also certified by the employer. Individual entrepreneurs provide a copy of the certificate of registration. Lawyers for processing a loan bring a copy and original of the lawyer’s certificate, notaries – a copy and original of the order on the appointment of a notary. If you aren’t employed officially, you can apply for instant loan online with no credit check and enjoy an opportunity to get money quickly.
To obtain a loan, the borrower can pledge real estate or a car. Supporting papers, on average, are prepared within 3 to 5 days, you need to take care of them in advance. You will need a certificate of registration and/or a document with an indication of the owner. An assessment report will also be required. This document is needed to have an idea of the value and liquidity of the property. A registration certificate is required for the car; in addition, a bank employee can request a vehicle registration certificate.
The documents listed above are the main ones when applying for same day instant loans with bad credit. But there are also additional papers that affect the lender’s decision. If you present them, then you can count on a larger amount or a reduced rate. Some lending organizations may request the following documents but it is a rare situation when they are needed for the loan approval.
International passport. Bring the original and a copy of your passport if you have traveled abroad during the last year. This is an indirect confirmation of your solvency.
Driver’s license and car ownership certificate: in case of money problems, the car can be sold and the debt covered.
Bank account/deposit statement. It will not be superfluous to confirm how much you have in stock – this money can also go to repay the loan.
An extended package of documents is not always required. Some banks give loans on 2-3 documents. A loan for any purpose up to $5000 can be obtained under two documents: a passport and a certificate of income from the main place of work. At the same time, customers who receive a salary under a salary agreement only need to provide a passport.