How do loans without proof of income work?
Having a fixed salary and proof of credit score is essential to request a loan through a traditional bank. All banks check your liquidity, ensuring you have proof of income or a guarantee to back up the debt.
As many people cannot provide their credit history, online financial entities arose with which it is possible to obtain a loan without the need to present this document.
You can obtain financing of up to $ 5,000 without a monthly salary and the repayment period is usually around 30 days.
You should know that, despite not having to present proof of credit history to apply for a loan of these characteristics, other types of requirements are usually minimal, and they present them in the following sections.
What types of bad credit loans can you get?
You have different possibilities within the financing that you can find, which offers you money even if you have a low score. These will depend on your situation and the needs you have. Here we list the main ones:
Quick loans or Payday Loans
These are small credits that are granted quickly and with very low requirements. They are widely used to obtain urgent money for contingencies or various needs. Hundreds of lenders offer their services online, with which you can get up to USD 1,000 with a bad credit score.
The terms to return these quick online loans do not usually exceed 30 days, although you can find one that allows you to pay over several months.
Payday loans are expensive products that apply a high-interest rate, so you should use them with caution and never use them as a source of regular funding.
Secured personal loans
It is a type of loan in which an endorsement is provided in the form of a bank deposit, which will cover 100% of the amount loaned and serve as a guarantee for the bank if you cannot afford the return of the money.
This deposit provides security to the bank, allowing it to apply much less restrictive requirements, allowing clients with a low score to access these loans. It is even possible to obtain one of them even without credit when you have not yet started your credit history.
These secured loans are beneficial when you need to improve your credit score or start it if you do not have them yet.
Why trust slick cash loans?
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- Find the entity that best suits your needs.
- The application for online loans without a bureau is free and without obligation.
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Advantages of personal loans without proof of credit history.
they present the great advantages of personal loans without proof of credit history:
- You don’t have to submit a lot of documentation; the application form is simple and comfortable.
- You will not have to move from home. You can request your loan from anywhere, wherever you are.
- It will not be necessary to present proof of income or endorsement for not too high amounts.
- You will be able to have the money almost instantly.
- You are the one who chooses the monthly repayment terms that best suit you.