5 Ways to Qualify for Small Cash Loans
Provide proof of income
As a potential borrower you need to be able to prove that you will be able to afford to repay the loan. You need to provide some form of proof of affordability. This may be in the form of your latest 3 months’ payslips.
Meet age requirements
Most loan lenders provide finance only to individuals who are at least 18 years of age. Some lenders also have an age limit of 65 years. It’s widely believed that once individuals are adults, they will be responsible enough to repay the small cash loans they have been approved for.
Have a good credit score
One of the first things that lending institutions consider when assessing a loan application, is individual creditworthiness.
Chances of qualifying for a small cash loans are much higher when individuals have a good credit score. It may help to facilitate a faster pay-out. The good news for individuals with poor credit is that there are also some specialist providers of small cash loans, who don’t take creditworthiness into account.
Understand the loan type
When applying for small cash loans, it’s important to make sure that you apply for loans that are reasonably affordable. You need to read the fine print and completely understand the terms before going forward with the loan. You need to fully understand the terms, interest rates and fees.
Create a checklist
Make sure that you have the appropriate documentation before you apply for small cash loans. You’ll need to have your valid identity document on standby, along with your latest proof of income and proof of residence. If you are self-employed, you may need to provide further financial documentation, such as an income statement, that has been verified by a financial expert.