Consumers need financial help for a variety of reasons. The reasons could be sudden medical expenses, utility costs, and home repairs. If the individual doesn’t have great credit, a traditional lender won’t provide the applicant with a loan when they need it. Non-traditional lenders could present these borrowers with a chance to get the money they need quickly. The lenders may provide the individual with an installment loan up to $5,000 depending on their income and ability to pay. Reviewing how to get an installment loan through a non-traditional lender could give these consumers new hope.
Avoiding Credit Checks
Non-traditional lenders do not perform credit checks for borrowers, and they cater to individuals with bad credit. Traditional lenders require the borrowers to have specific credit scores to get approved for a loan, and if the consumer doesn’t have the minimum credit scores, they aren’t approved. Individuals can find help available at kingofkash.com to learn more about the loans.
You Don’t Need Collateral
The lenders don’t require the borrowers to have collateral to secure the loans. They won’t have to give the lender their automobile title or provide any assets to secure their loans. Without collateral, the lender cannot seize an asset to sell at auction and recover the funds the consumer borrowed. Traditional lenders require collateral whenever they secure a larger loan amount. If they are using the funds to buy a car, the lender secures the title from the dealership. Consumers avoid this requirement by borrowing money from a non-traditional lender.
The Interest Won’t Change Over Time
The interest applied to the loan appears on the loan contract. The loans provide a fixed-rate structure, and the borrower won’t face sudden increases in the loan amount. A variable-rate loan could increase the interest and the overall loan amount. Choosing a non-traditional lender gives the borrower a chance to get a fixed-rate loan that helps them cover financial emergencies without facing higher costs later. They can review the interest rates when they receive the offer for the loan.
Providing Proof of Income
The borrower must provide proof of their income when applying for the loan. Non-traditional lenders require at least two consecutive paystubs to show them what the borrower earns in one month. Their monthly income defines how much the individual could receive through the lender. While the lenders don’t require a credit check, the borrower must have enough income to afford the monthly payments for the loan.
When applying for the loan, the applicant provides documents to show how much they earn each month. The lender will contact the borrower’s employer to verify the information provided by the applicant. They may also check the current balance of the borrower’s bank account to ensure that the borrower has an active checking account.
Comprehensive Loan Offers
With the non-traditional loans, the lender reviews the individual’s application and makes a decision according to how much the borrower has requested. The lender reviews all details presented on the loan application and defines the borrower’s ability to repay the loan. Once they determine the borrower’s ability to repay the loan, the lender creates an offer according to what is affordable to the borrower. They send the offer to the borrower via the email address provided by the applicant. The borrower has a limited time to review the loan offer and respond to the lender.
Easy Application Process
The application process is simple, and it doesn’t take a long time to complete. The borrower completes their application online entirely. The lender wants information such as the borrower’s name, address, and contact information. The applicant must provide the name and contact information for their employer. The applicant must provide information about where they want the funds sent after they are approved by the lender. This includes the name of their bank, the routing number, and their account number. The lender reviews and verifies all information about the borrower before sending their offer. The entire process takes just a few minutes.
Setting up How You’ll Get the Funds
The borrower provides information about how they want to receive their funds. Most online lenders require a bank account for the direct deposit. However, some non-traditional lenders will load the funds onto a prepaid card, mobile pay apps, and electronic payment accounts.
After they approve the borrower, the lender sets up the direct deposit for the borrower. The transaction can take up to two days to process, and the borrower receives an email after they transfer the funds. Some non-traditional lenders require an account where they can take automatic payments for the loan payments. The borrower should review all requirements for the installment loan before accepting and getting the direct deposit.
Repaying the Loan
The lender sets up a payment structure for the borrower to repay the loan, and the borrower should review the plan before accepting it. The loan contract shows the individual how much the monthly payments are, and if there are any penalties for paying the loan back early. Typically, the non-traditional loans set up a monthly payment plan according to the total loan amount.
If the individual faces any financial hardships, they should contact their lender and set up payment options. Defaulting on the loan could lead to further issues. If the lender requires automatic payments, the lender can deduct payments from the borrower’s check account until they pay the loan in full. Consumers can complete an application for an installment loan through any lender. These opportunities help individuals get the funds they need to cover sudden medical expenses or utility bills. They can use the funds however they want, and the lenders do not impose restrictions on personal loans. They set the loans up on an installment plan to make it easier for the individual to pay for the loans. They can receive an amount up to $5,000 depending on their monthly income. The lender doesn’t complete a credit check, but they will ensure the borrower can afford the loans. Reviewing the requirements for the installment loans shows the applicant what they need to apply.