When you choose to apply for a loan, what do you expect your lender to ask you for, or rather expect from you, in order to qualify you as a trusted borrower?
In earlier times, maybe even till the early 2000s, it was a regular affair for lenders to expect their borrowers to meet certain stringent eligibility terms in order to offer funds. The criteria put forth by these lenders were so many and so strict, that only a handful of people would end up getting short-listed in order to receive a loan from them; a situation unfair to majority applicants.
Only those fortunate handful of people, meeting every single term required to be fulfilled by their lender were able to receive some extra cash, be it for something as big as wanting to purchase a house, or something as small as paying their rental bills. Even though this practice was beneficial to lenders since it was almost a completely risk-free one, it was practiced at the expense of those borrowers who couldn't qualify. Why we say that it was practiced at their expense is that since it was advertised to everybody around, these lenders had enough leads and applicants taking out the time to apply, but would be turned down in case they didn't meet even a single requirement. Seems unfair, doesn't it?
Getting emergency cash immediately also used to be quite a challenge, given the lengthy approval procedures involved in approving these loans. What were these procedures and what did these lenders expect from their borrowers after all?
- A good credit score: When lenders started offering funds to the world, borrowers with good or preferably excellent credit ratings were welcomed with open arms. On the other hand, borrowers with bad credit scores were shot down almost immediately, even before taking their application a step further into consideration. Even though this practice may seem like a fair one for lenders, it may not necessarily be. Credit scores depend on a number of factors, including how soon or late your lender updates your repayment. In case a lender forgets to update the repayment made by a borrower, the borrower may have to bear the brunt of it in his next application since his repayment may not be updated at all or on the actual date. So, even if the lender blunders, the borrower suffers which can be a very unfair situation to be in.
- No Collateral: Even today few of lenders, asking for collateral (in the form of a house or a car maybe) is a common practice in the lending market, which seems fair for those loans that are rather huge. However, does a small cash advance really require a borrower to have to put something up at collateral? Quite a thinker, isn't it? As we are as trusted instalment loans direct lender fast approval with no credit checks, no third party, no collateral. You can have money deposited directly in your account within hours upon approval from us.
- Income/ Revenue: almost every lender, be it in previous times or presently, asks their borrowers to have a certain amount of income in order to go ahead with funding. The reason behind this requirement is the ability of the borrower to be able to repay his loan in the coming months or years. In case there may have been a gap of a few months or years in the borrower's income, the lender may ask for a reason regarding the same, just to be assured that he/ she will be repaid. Even though this requirement may be unfair to those who aren't earning, it is still a rather fair deal.
As unfair as the previous way of lending used to be, is how fair the current way seems to most.
Today, you can get installment loans with no credit checks and guaranteed approvals. How, you ask? There are legitimate loan lenders these days, offering flexible loans with easy eligibility terms and guaranteed approvals.
InstallmentLoanz is one such lender, offering funds with very easy eligibility terms that can be met by most applicants. With no requirement for perfect credit, and no requirement for collateral, they make lending and borrowing a cake walk for those who fit in, in the easiest way possible. You can now get guaranteed installment loans for bad credit from direct lenders, only like InstallmentLoanz.
Yes, that's true. InstallmentLoanz is a legitimate online loan direct lender that does not expect their borrowers to have perfect credit, which is why we welcome bad credit holders to apply for their loans.
A stable monthly income is all that is required by them, which makes it possible for majority of their applicants to get funded. As long as borrowers meet that one criteria along with proving to be a citizen of the country, getting a cash advance from a lender as such shall be guaranteed.
The fact that lenders like InstallmentLoanz are based online, allows borrowers to save time and money on travel, since funds are then transferred directly into their checking account. It also allows borrowers to apply at a time that seems most convenient to them, without being time-bound by their lender. Yes, these lenders are accessible 24/7 and you are welcome to apply at a time of the day that suits you the most.
Apart from all the advantages mentioned above, online loan lenders who are friendly, legitimate and affordable also try their best to approve requests and fund borrowers as soon as possible. Therefore, in most likelihood, you shall be able to get the funds you need from such lenders in a span of less than 24 hours.
So what are you waiting for? Get applying today!
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