Q&A
Nowadays, you can’t easily escape from borrowing a loan to meet your daily obligations as well as emergencies. Therefore, you need some basics to get you going. Below are frequently asked questions that you might need as far as securing a personal or payday loan is concerned.
What do I need to qualify for a loan?
To qualify for a loan, you must meet the following minimum qualifications:
- You must be over 18 years of age
- You must have a regular monthly net income of $1,000
- You must possess a bank account that bears your official names
You must meet the above condition to secure a payday or personal loan. Research has it that your loan is more likely to be approved if you are earning a monthly income of $1,500 or more and you’re 18+ years of age.
I have an income of $1000/month, can I get a loan?
Yes. You can get a loan with a $1,000 monthly income. However, you must be over 18 years of age.
How can I know my credit score?
You can get a free credit report here: www.annualcreditreport.com, but unfortunately is doesn’t include your credit score. Each credit reporting agency has it’s own credit score algorithm, luckily they are quite similar. These are the three most common companies equifax.com, experian.com and transunion.com. The thumb rule is that a credit score always costs money to check.
Also check your credit card company, they may provide a free score.
Can I improve my bad credit score?
Yes, you can improve your credit score by repaying your existing loans in time. Keep your credit card balances under 30%, and have at least three cards. Two empty. Avoid hard credit checks. Do this and within a year you should see a better credit score.
I have no credit rating, can I still apply?
Yes. You can still apply for a payday loan. Payday advance does not require any credit rating they do not perform any credit checks. You’re only required to have a valid bank account, be at least 18 years of age, and have a monthly income of at least $1,000.
