Finding a loan in this economy through a traditional bank is a challenge even for borrowers with the best of credentials. With the availability of credit shrinking more and more each day, getting an unsecured loan with a bad credit score may seem like a monumental task. However, many borrowers with poor credit are simply looking in all the wrong places. Unlike the lending market of our fathers, finding a loan with bad credit these days is as simple as turning on a computer and looking for an online lender.
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The Rise of Online Lending: A 21st Century Story
The rise of online lending is a story made for the 21st century. Besides the increase of technology in our everyday lives, the global financial meltdown of the 2000's has left us all in a world far different than the one we grew up knowing. Traditional banks and their friends the credit unions are in dire straits when it comes to credit availability. There is less money to go around and less risk allowed. Therefore, borrowers with bad credit are routinely turned away and told to change their ways before asking for another loan.
But what about people whose bad credit score is merely a result of circumstances beyond their control? These people may need a loan, and the internet and online lenders have stepped up to fill in the gap. Online lenders saw the hole in packages offered by banks and now many specialize in lending to people with poor credit. They offer everything from home and auto loans to unsecured loans with no credit check.
Basic Qualifications for Online Lending
This is not to say that online lenders are giving away free money. There are still basic qualifications that any potential borrower needs to meet in order to be eligible for an online unsecured loan. Before you go looking for a loan online, make sure that you can meet all the qualifications listed here. Otherwise, you will be rejected. If you meet these qualifications, however, approval is an easy next step.
1. Age
Persons under the age of 18 cannot qualify for any loan on their own since, legally, they are still a minor. Therefore, make sure that you can prove you are of age to receive a loan in your own name.
2. Employment
Likewise, if you want a loan, you will need to be able to show lenders that you can repay it. This means you need to have a reliable job with a paycheck sufficient enough to cover all your current expenses plus your new loan. You will need to prove as much through the submission of a recent paystub.
3. Citizenship
The last piece of information required to meet the basic qualifications for an unsecured loan online and that is being a U.S. citizen or a permanent resident. Since the taxation laws and other details of lending differ from place to place, the only way to get an online loan from U.S. lenders is to be a citizen. Generally, producing a passport or your green card will fulfill this obligation
Finalizing Your Paperwork
As you can see, the criteria that must be met for securing an online unsecured loan are rather simple and straightforward. As long as you meet these basic qualifications, finding a reasonable loan should be possible, even with bad credit. Online lenders want to help you in your time of need and will see your bad credit as a barrier, but not an impassable one. Make sure that you have your paperwork in order and your qualifications met and then finding an online unsecured loan will be the next step.
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