If you don’t have a lot of assets, you may need to rely upon personal loans when you have a cash flow issue. Let’s talk about what that means.
What Are Personal Loans?
These are basically Loans Based on Income. In other words, they aren’t secured or tied to collateral.
A car loan is secured by the value of the car. A title loan is secured by the title of a vehicle you’ve previously paid off. A mortgage is secured by the house you are buying.
Not so with personal loans. They are largely based on how much money you make and your promise to pay them back.
What Else Should I Know About Personal Loans?
You might think personal loans are the same thing as payday loans, so you may think the maximum is 1000 Dollar Loans. This is not true. While payday loans are a kind of personal loan, they aren’t the only kind.
Payday loans are typically paid off in one lump sum out of your next paycheck. This is why they aren’t very large. But you can get larger unsecured loans that get paid off over time. These are called Installment Loans.
Such loans may be used for a large expense, such as moving or getting education that isn’t part of the regular college system, so it isn’t covered by typical student loans. For example, attending massage school is probably not going to be covered by federal student aid programs, but probably will cost more than you can readily cover out of pocket.
What Kind Of Paperwork Are We Talking About?
For your typical small, unsecured Personal Loan, you will need to provide proof of income, such as a recent pay stub or bank statement. If you bank online, you may be able to readily download a PDF of a recent bank statement to easily attach.
You will also need to provide identification and other personal information, such as address and phone number. In most cases, identification will be one of the following:
- A state issued driver’s license with photo.
- A state issued ID card with photo.
- A military ID card.
- A tribal ID card.
- A college ID card.
Where Can I Find Personal Loans?
You can start your search right here and now. TheGuaranteedLoans serves as a matching service to help lenders find customers like you.
We keep a database of information on various lenders and their loan products and we provide a general application. Once you give us some basic information, we check if we have any products on file that are a good fit for your needs. When we find a match, we notify the lender and they contact you to complete the process.
If you are ready to get started on your application, just click the button below now and we will be happy to walk you through the process. It’s easy!