The two primary points this study shows more than a quarter of the households in this country are not being served by traditional banks and that they have found more reliable sources to meet their financial needs. Another revealing study done in May 2018 found that 40 of Americans cannot cover 400 in the case of an emergency expense. This fact alone shows what qualifies for a personal loan major failure in the traditional banking system.

Banks do not give quick, short-term cash loans. They only provide large loans, for specific purposes and have lengthy application processes that require good credit for approval. But this more recent study shows that what the public needs are quick loans that provide immediate relief.

If you go to a traditional bank when you need a loan, youвЂll find that they will require a credit check, collateral and the reason for your loan, such as a car loan or a home loan for thousands to hundreds of thousands of dollars. No loan is ever guaranteed so youвЂll need to go through a long, in-depth application process that you may or may not be approved for. If their stringent loan parameters donвЂt match with what you need, a small, short-term quick loan, then they may offer you a credit card.

What qualifies for a personal loan

Who can apply. Youre eligible for a loan if youre employed and earning more than 1,500 per month. As a responsible lender, our checks ensure that your repayments are affordable and realistic. What do I need to apply. Well need a few personal details as well as access to your bank accounts transactional history. This is made simple and safe through a service provider called bankstatements.

What qualifies for a personal loan

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What qualifies for a personal loan