An installment loan allows you to borrow a set amount that you repay with interest over a period of months or years, so you need to know what you need in order to apply for an installment loan.
These loans can be very handy when making a large purchase, such as a house, a car, a business, a university, or repaying previous debt. There are many things you need to ensure you meet the requirements prior to applying for a loan.
Requirements To Meet To Apply For A Loan
If you are applying for an installment loan online, you need to ensure you meet the following requirements:
- Be at least 18 years of age to apply
- Reside in the state you choose for your loan application (Cash Link USA resides in Texas, Kansas, Missouri, Tennessee, and Wisconsin)
- Have a valid Social Security Number or Individual Taxpayer Identification Number
- Have a valid and active email address
- Be able to be contacted via phone if verification of application information is necessary
- Provide proof of a steady source of recurring income, such as but not limited to, employment, disability, retirement, self-employment, or another source of income
- Provide proof of an active bank account that has been open for at least one month
- Not currently be a debtor in a bankruptcy case or intend to voluntarily file for bankruptcy relief
- Not be a member of the Army, Navy, Marine Corps, Air Force, or Coast Guard, serving on active duty under a call or order that does not specify a period of 30 days or fewer, a member of the reserves on active duty (including National Guard), or be a depending of any such a member
Items You Need To Apply For An Installment Loan
Once you have ensured that you meet all the requirements necessary to receive an installment loan from a verified lender, you must then make certain that you have everything you need to apply for the installment loan.
The common items you will need to apply for an installment loan include:
- Bank statements
- Pay stubs
- Government-issued state identification or license, personal banking information
- Social security number
- A decent credit score
- Other personal and financial information
I Meet the Requirements And Have The Items; Now What?
Your next step is to find a reputable lender and submit an application to them. You must provide all the required information discussed above to the lender. The lender will then review all the information.
It is important to note that just because you meet all the requirements and have all the items for your application, you are not guaranteed to be approved for the loan. Once the lender reviews your application, they will decide whether or not you qualify for the loan.
They will take all the information that you have provided them into account. This includes your credit score, income amount, and other necessary information. If you have a decent credit score, sufficient income, and meet all the essential requirements, then you will likely be approved for the loan.
It is possible to receive a loan with a bad credit score, but it is best to reduce existing debt first before applying for a new loan. If you seek out a new loan with a poor credit score but you have all your debt paid off, you are more likely to receive some grace from lenders and be given a chance to receive a loan.
If you are denied an installment loan from a specific lender, try to find out why from the lender. All lenders have different criteria to meet for approving personal loans, so try a different lender next time or improve your financial situation based on the lender’s feedback.
Apply For An Installment Loan Today At Cash Link USA
If you are ready to apply for a loan and live in Texas, Kansas, Missouri, Tennessee, or Wisconsin, start with us at Cash Link USA.
Our top priority is assisting people in financial need, and we would love for you to be next! It’s so easy to apply for an installment loan with Cash Link USA, so contact us today!