Usually, pawnbrokers help with immediate cash against some collateral like gadgets but these small loans are not helpful if you don’t have any. For those who want to borrow small amounts of money for short intervals and are willing to pay high interest, there are several options. These days you can opt for instant or quick loans at lending agencies dedicated to such cases.
These Personal Loans Start at Higher Interest Rates
Usually ranging from 10% as a starting figure and going upwards, the registration is based on a small query form that can be filled online. Thus, you understand that it is a fairly quick process as well. Once you fill the form, you get registered with an agency. The research for finding the right agency is a different topic altogether. The form usually consists of your name, mobile number and email address for contact information, any govt. issued ID, current residence postal code, your current employment status, and monthly salary you have. These small and ordinary details are enough to get you started.
Once the initial screening is passed, you will be notified in minutes if you are eligible for further processing. The final processing often involves things like checking he credit score, figuring out the rate of interest as per your score and loan amount and so on.
No Collaterals for Small Loans
The idea behind this kind of instant cash loans is to remove the lengthy and painful process of asking for collaterals. This is like treating one disrespectfully, and thus for small cash requirements the borrower is not asked for these things. Thus, this is unsecured loan in nature and you don’t need to pledge any assets on your name to be eligible for this. This is the reason for a higher interest rate, but with other things like a good credit score, your rates can be further minimized.
And, further minimum documents are also required with digital copies only for verification. You can take a loan up to an amount of even half a million dollars depending on your monthly income. If you are salaried or self-employed, this always meets the minimum eligibility criteria for giving away a loan. These loans are adjusted according to an EMI based repay, and if you are successful in repaying the EMIs, they are accounted as a good score to your credit.
They are Multipurpose in Nature
A personal loan can be used for anything you wish without any restrictions. However, it must not be used for illegal practices and investment, which is a contract that you have to agree to. In essence, it is just a piece of terms and agreements that go along with your registration. You can use it for medical expenses or home expense or a sudden vacation, and there is no such limitation.
Often, with banks, you have to state explicitly the purpose of your loan. This means that you can avail a vehicle two-wheeler loan or a home loan and so on. But, these instant cash loans are different and flexible.
Usually, You Need a Few Documents to Go With
You will obviously need your age and identity proof which can be any legal ID such as the driving license. Then, you can have salary slips of your past three months to go with. And, you can give your bank statements for the past three months to give a glimpse of your credit and debit habits. Finally, the residence proof and citizenship proof is enough to cover all the basics of approving the loan.
Always do proper research before applying to an agency.