At a time when you are faced with a financial emergency, an instant loan can provide you much-needed relief. However, applying for an instant cash loan and getting approved for it are two different things. This is especially true if you do not have an ideal credit rating. Unless you enjoy a good credit score, your personal banker, neighborhood credit union, or any other lending institution will not be able to approve your loan application. In order to make sure you obtain your instant loan approval and make a smooth transition to the final payment stage, you need to keep a few important things in mind.
The amount of instant cash loan you can qualify for and the interest rate you are offered will depend on a number of factors. Here are 5 important factors that play a critical role in the final instant loan approval stage of your instant loan application:
In order to qualify for an instant loan, you have to be at least 18 years of age. A person below this age will not be able to get an instant loan. Therefore, if you do not meet this condition, it is simply a waste of time and effort to apply for such a loan. Under such conditions, it is better for you to contact your close friends or family members to extend some financial help till you are back on your feet.
Proof of Income
Qualifying for an instant loan or payday loan also depends on your ability to show solid proof of your income. Whether you are an employee or own your own business, you will have to convince the lender that you will be able to pay back the loaned amount as per the agreed terms and conditions within the agreed upon time. Your lender may run further investigations to verify your proofs. If you fail to produce any proof of a solid and stable income, your loan application may get rejected.
An Active Checking Or Savings Account
Your lender will also ask you to submit post-dated checks for the amount loaned. The post-dated check will include the actual loaned amount and the markup amount. Therefore, in order to apply for an instant loan, you should have an active and operational savings or checking account in a bank. If you do not have any checking or savings account, you may not be able to apply for such a loan.
Proof of Identity
As an applicant, you also need to show a proof of your identity. Your identity will reflect that you meet the age requirement to apply for such a loan and will also show your physical address.
The amount of money you are interested in borrowing from an instant loan company will also play an important role in the final approval stage. If you are able to meet all the above conditions and you are not applying for a heavy amount, you enjoy better chances of getting approved.