Often in life there are situations when we are in dire need of a certain amount of money, but with disability or low income we cannot count on a loan from a bank. In such cases, you can always apply to a non-bank organization for any type of loan, since the amount of your income does not matter in this case
The most reasonable decision in this case would be to apply for a payday loan, since its amount is up to $1,000 and will make it easier to pay the entire amount without falling into a debt loop. You yourself must calculate whether your income will allow you to pay off the loan in the future without any problems.
What documents are needed to take payday loans?
The best payday loans are those for which you only need an ID card. All the rest of the data is given in the form of statements. Of course, when filling in the application, it is worth having at hand, for example, bank statements, but they will not be made available further, but will only serve as a source of data. Payday loans are known for the fact that you do not have to provide a lot of meaningless documents from the employer. An ID card is sufficient, and authorization is made by bank transfer. So there is no need to even physically sign the application or send any paper documents.
Some new payday loans, or in fact installment loans, may require you to send an electronic bank statement. This requirement obviously results from the increase in the amount of the loan, but it is not particularly onerous, nor does it reduce the granting in relation to correctly completed declarations.
The other conditions for receiving loans are:
- individual bank account;
- American residence and citizenship;
- appropriate age;
- proof of income.
Types of income for loan application
The amount of your income does not matter and the income source does not have to be officially certified by the employer. As said on financer.com, the following types of income are accepted for obtaining a loan:
- Retirement account;
- Self-employed income;
- Investment income;
- Unemployment benefits;
- Social Security/Disability benefits;
- Veterans Administration (VA) benefits;
- Child support/Alimony;
- A job offer with an acceptance letter.
If you understand that you can take out social security disability loans for a large amount, then there are several alternatives other than payday loans:
- installment loans are issued in the amount of 1,000$ to 5,000$ and are paid in the form of installments every month;
- personal loans are also paid in the form of installments, but are issued for a larger amount from 5,000$ to 35,000$;
- title loans require a car that you provide to the lender as collateral.
Thus, you choose the type of loan that suits you, taking into account what your income allows.
How to adjust the loan to your needs?
The loan calculator on the lender’s website has the advantage that it makes it easier to adjust the parameters of the obligation to our needs. Thanks to the calculator, you can quickly analyze various loan variants, for example by changing the repayment period. Why is it so important to properly adjust the loan amount? Remember that the loan is to be primarily a support for us, not a burden. The point is not to frantically look for a way to collect the amount needed to repay the loan. The calculator makes it easy to adjust the loan by showing you the monthly burden precisely. In the case of installment loams, it is best to choose a repayment period in which the installment is not too high and it will be easy to pay. In this way, even if our income drops, the low installment will still be repayable. This option is of course advantageous when we do not want to pay off the liability as soon as possible.