As you know it is very important to have a good credit score for an individual and specially in the current times where lenders are looking for a near perfect credit score in the borrowers to offer them loans with best terms. Anyone with a good credit can qualify for loans from any of the frontline lenders including the banks and the financial institutions at flexible terms and better interest rates as compared to any other loans.
People now who don’t have a good credit score don’t qualify for finance even for a small loan. Now a day’s even those with average credit score find it difficult to qualify for the bank loans. In such a scenario if you are faced with an emergency, getting funds can be a real nightmare.
Getting Emergency cash
For such small amount anywhere between $500 to $2500, there are many small loans introduced by banks or financial institution who lend money to people who need for any urgent requirement even if they don’t have a perfect credit score. These loans are very useful at times when there is urgent requirement as it takes less time in processing and people can get the loan amount within few hours after applying for loans from sbwire.
Unsecured cash loan is one of the best examples which give small loans to people in emergencies even if they don’t have a good credit score with them. In these unsecured loans, a borrower doesn’t have to pledge any asset as collateral with lender against the loan amount. A person should apply for these loans only if there is an important emergency as in these loans high Interest rate is charged. In these loans there is no such requirement of too many paper work or of credit score check but yes the only thing which is required in these loan is that person’s paycheck has to be submitted with the lender as this is the only security against the loan amount and as soon as your payment arrives lenders take out their share from it.
In this loan the amount which is given for loan ranges from $100 to $1500 and the repayment period of loan is for four weeks on an average.
Bridging the Gap between Paydays
The only motive of these unsecured loans is to solve your emergency by providing you funds which is required and then the repayment is done from next paycheck which arrives. This is only to save you from the inconvenience which you may face because of the emergency.
The repayment of these unsecured cash advance loan is set on two weeks once the amount is transferred to borrowers account as it is obvious that no person is going to face financial problems in the starting of month as they can manage it from their salaries but while in the middle of the month there are times when some unexpected emergencies come up. Individuals caught in an awkward situation with no money to deal with them and are left with no option but to apply for unsecured cash advance and then he have to repay the amount as soon they receive their salary.
What are the Requirements?
Although these loans are easy to get but still there are some basic set of requirements which a person have to fulfill to qualify for the loan amount. Here are some of them knowing which can help you get the loans easily and quick when faced with emergency.
- A borrower should be minimum of 18 years in age.
- A borrower should have a constant and stable source of income.
- A borrower should be working with their current employer for a minimum of 6 months
- A borrower’s take home salary should be at least $1500 per month.
- A borrower have to provide their full address proof, identity proof, along with the postal address and phone number.
- A borrower should have a valid checking account.
Arranging for cash in an emergency situation can be really tough. However, one should take the payday loans only once they have tried for alternatives but have failed to arrange the money from everywhere else.