If you have bad credit, you may be at a loss wondering how to get financial help, given that most traditional sources of financing only offer loans to those with good credit histories. However, with the advent of many neo-banking and small lending institutions such as slickcashloan, it has become extremely easy for everyone, including those who do not have good credit histories to get financial assistance.
What are some aspects that I can keep in mind before approaching a lender for an instant cash loan?
While there are no specific requirements for approaching a lender for an instant cash loan, here are some aspects which may be able to help you get a loan on much better terms than what you anticipated.
- Ensure that you are employed: employment indicates reliability and trustworthiness. Online instant cash lenders will require you to be employed during the time of application and will require you to submit proof of employment and payslips as evidence of employment. By providing proof of employment, apart from being able to secure the loan easily, you may also be able to negotiate better payment and interest terms for yourself.
- Make sure you have been employed for a stable period (i.e. meet the length of employment requirements): certain lenders may require the buyer to have been employed for a certain period of time at least. Some companies, on the other hand, may not have this requirement. This is usually a necessity as it demonstrates stability and dependability. However, if you have been employed for a longer period, ensure that you leverage this factor to get lower interest rates and favourable terms on your loan. Ensure that you do not fudge facts or provide false information as if you do so, it is possible that your loan application may be rejected if you falsify information or mislead the lender.
- Provide requisite identification proof: various documents such as proof of ID, proof of residence, etc may be required. Ensure that you have a copy of all the latest documents to provide to your auto dealer. Keep copies of such documents before you reach out to the lender. Also ensure that you check with the company on what documents they are expecting that you must provide.
- Satisfy legal requirements: various states have various requirements, but some of the most common things are that you have to be at least 18 years of age (21 in some states) to qualify for an instant loan, and might require a co-signer as well. You may also be required to submit a copy of some or all of the following documents (as required and as applicable on a case to case basis)
- A copy of your bank statement
- Pay slips/Employment certificate/proof that will act as proof of income and employment
- ID Card
- Driver’s License
- Phone Bills, Electricity Bills, Water Bills
- A copy of your vehicle Insurance
- Down Payment made and proof thereof
By keeping all this in mind, you can get an instant loan with minimal effort, despite having bad credit.
