Maybe your friends or relatives all have credit cards and you don’t. Maybe it seems like everyone else has savings andYou may find yourself in need of money. You may find yourself with no assets to speak of, such as a car title. You may still be able to get your needs met by looking for personal loans based on income only.
What Are Personal Loans Based on Income Only?
They are exactly what they sound like. They are loans made to you as an individual based solely on your ability to repay.
Payday loans are the most common form of this type of loan. They don’t really care about your credit score or assets. They aren’t going to ask you for security.
They may run a soft credit check, but probably not a hard credit check. This is in part for purposes of speed because such products are usually same day payday loans. The entire point is to get money into your hot little hands quickly.
Let’s Talk A Bit More About Personal Loans Based on Income Only
If you are new to the act of borrowing, you may not really understand what it means when someone says these are no collateral loans. You might best know the term collateral from other environments where it has a different meaning, such as collateral damage in military settings.
In the lending world, collateral and security are synonyms. They mean a thing tied to the loan that you will give up if you can’t pay.
For example, if you can’t pay your car loan, they will take the car. If you can’t pay your mortgage, they will take the house. If you can’t pay back the pawn shop in time, they will keep the thing you pawned and sell it to someone else to get their money.
Just The Basics
Because personal loans based on income only are usually small loans for a short term, they generally involve little in the way of paperwork. Of course, you will need to provide identification, such as:
- Driver’s license.
- State-issued ID card.
- Tribal ID card.
- Military ID card.
- Student ID card.
Your ID should be enough to also show that you are a legal adult and a citizen or resident of the US. You will also need to provide some basic information showing your income. Most people will provide a recent pay stub or a recent bank statement.
Find Personal Loans Based on Income Only
If you are in the market for such a loan product, TheGuaranteedLoans may be able to help you. We keep a database of direct lenders and their loan products to save you from having to do the legwork.
You give us your information. We go through our information and see what we may have that is a good fit. We let the lender know and they get in touch with you to complete the process.
You can start that process right now. Just click here to get started.