Are you looking for a source of financial assistance today? One of your immediate options will be your friends or your family but when it comes to guarantee if they can lend you, it is still a question. There are even instances wherein they don’t have extra money to lend.
You can actually apply for a salary or payday loan, often termed as cash advance loan, since this is a very fast and easy application. But what is this loan? This loan is actually an unsecured type of loan. When you say unsecured, the lender doesn’t require you to submit any collateral to mortgage. The most popular lenders who offer this type of loan are the banks. This is being offered by banks to help and assist those who are in need of financial assistance that is bigger than what you family can provide. But who are qualified to apply?
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Just like any other loan, you still have to qualify for you to be granted. You need to be employed since this will be your source of income to pay the salary loan. If you are a regular earner, then you are most probably qualified. Of course, you need to qualify first with your age. Most banks accept 18 years old applicant but there are still few of them who only accept 21 and above.
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Aside from the minimum age and income, you also have to qualify in the other fields. You will undergo a credit criteria assessment. You will be informed on the criteria and the bank will only notify you for approval or rejection. Part of the criteria in credit scoring is the loan history of the borrower. Achieving a satisfactory rating is actually a good sign. If you have bad record, you will be outright rejected.
To receive your loan proceeds, this can be credited directly to your account or you can request it to be in the form of check or cash. Aside from these three modes of loan releases, a credit card holder can enjoy withdrawing the amount from the ATM since these card companies also offer the same loan products to their valued clients.
But how can you pay your loan if you are approved? If you are qualified for the loan, the next thing to do is to submit the necessary documents to finalize your application and the repayment method of your choice such as Post dated checks, debiting from your account or over the counter payments. When it comes to the duration of the loan, it is actually included in the credit scoring. If you are earning less, you will have to repay for a longer period.