A low credit score is one of the main impediments to getting a loan mainly because most traditional lenders rely on credit checks in order to determine whether you qualify for the loan. Therefore, people with bad credit are often denied such opportunities or offered high interest rates that the loan no longer provides the relief they desired. However, All credit welcomed loans provide relief because you can get instant access to the funds you need without worrying about the negative impact of your bad credit history on your borrowing ability. The amount loaned is usually determined based on the borrower’s income rather than the credit score.
What are the qualifications for a loan?
The basic qualifications for these loans are:
- Proof of permanent residency or citizenship
- A bank account: This can be either a savings or checking bank account
- You must be at least 18 years old
- Proof of employment for at least 6 months at the time of application. You should also have a steady and predictable paycheck.
Your loan will be approved as long as the basic qualifications are met. Since you have already provided a bank account in the application process, once the loan is approved, the funds will be deposited into your designated bank account. This allows you instant and convenient access to cash.
Benefits of a loan
- No need to deal with credit agencies
Your credit score is not a factor in the loan application process for a loan. Therefore, there is no need to deal with major credit agencies (Experian and Equifax) as you would need to with traditional lenders. This relatively hassle-free process encourages borrowers even with bad credit to get the extra cash they need without hesitation.
- Obtain funds for meeting important financial obligations
Asset owners can access the funds to pay off critical financial obligations such as mortgage, insurance policies, auto loans and credit card debt on time. Therefore, the loans provides convenient way for you to avoid unnecessary penalties and late fees altogether.
- Tool for improving your credit score
You can improve your credit score by using the cash from these loans to pay off ant outstanding debts of other unsecured or secured loans. This enables them to get approval for other loans from the traditional lenders.
- The loan application process is fast, easy and convenient
There is no paperwork required in the loans approval process. Moreover, the loan application process can be completed electronically and online without making any documentation analysis or credit verification. Therefore, the process is completed quickly without hassles and you receive the funds in your bank account on the same day. The process never takes more than 72 hours.
Most people with bad credit cannot qualify and get instant access to personal loans or credit cards from traditional lenders. However, loans have become very popular, mainly because they provide an ideal alternative, especially for people with poor credit ratings and also during emergencies where urgency is usually the main issue.