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Unsecured loans are a fast and easy way to get cash for a financial emergency. Many people are not able to maintain a large savings account to cover unexpected medical bills, emergency roof repairs or unforeseen travel expenses to help a family member. Unsecured loans are the best way to pay for a financial crisis without the tedious paper-work and long waiting time required by other lending institutions.
Secure Applications Online
Applications for unsecured loans are easy to fill out online. There is no fax required for sending documents, and there will be no credit check. Applicants appreciate the easy process that doesn’t add to the stress they already have due to financial worries.
Once the faxless application is submitted, the online company will match the applicant’s unique requirements with over 300 reputable lenders. Short term unsecured loans can be small or for as much as $1,000, and in many cases, with instant approval, the applicant gets the loan on the same day.
Online unsecured loan companies use the latest technology to guarantee security for their clients. The 256-bit SSL encryption ensures privacy for the applicant’s personal information.
One Hour Response
Within 1 hour of submitting an unsecured loan application, the client will receive responses from many lenders throughout the country who will send offers that stipulate an amount they will lend and the terms they offer. At this point, the applicant can carefully examine the interest rates and policies offered and choose the lender who makes the best offer.
The other offers that do not give favorable terms can be immediately cancelled by the applicant with no obligation.
How to get the Money?
When the applicant has accepted the terms and conditions of the lender, the applicant needs to enter their electronic signature on the contract. When this is sent, the lender will advance the agreed upon amount to the borrower’s bank account on the next business day. If there are no holidays after the agreement is sent, the money can be given the next day. It’s that quick.
Even if an applicant has bad credit, that is not an issue with unsecured loans. Repaying the loan on time will actually raise the borrower’s credit score.
Repaying Unsecured Loans
Borrowers need not remember to repay the loan because the amount will be automatically withdrawn from their bank account on their next payday. This is just another aspect of the easy process for unsecured loans and eliminates any possibility of late charges.
In some cases, borrowers are not out of financial danger and may not be able to repay the loan on the date stipulated in the loan contract. In this case, lenders will usually grant an extension of the repayment time.
It is a good idea to find out if the lender whose offer has been selected will allow extensions on the repayment schedule before finalizing the loan. This way, the borrower will avoid a difficult situation if they cannot repay the loan on time.
If an extension is required, the borrower needs to contact the lender before the due date to negotiate an extension. If they wait until the last minute, there may be extra fees.
Who is Eligible for an Unsecured Loan?
The procedures to get approval for an unsecured loan online are completely different from the procedures required by a bank or other lending institution. People with bad credit scores can also be approved.
The applicant must fulfill the following requirements to get approval for unsecured loans. They need to:
• Be 18 years of age or older
• Be a citizen of the United States or a permanent resident
• Have proof of employment that shows they were employed for at least the past 90 days before making the loan application
• Have a checking account
• Have a valid phone number and email address
How to get Same Day Approval for Unsecured Loans
Researching the applicant’s credit score can take time. This is one reason banks and other lending institutions cannot give same day approval for a small loan.
Millions of people get help with unsecured loans because the repayment is usually possible on the next payday. Used properly, these loans are a great help for people in financial need.
The Main Benefits of Unsecured Loans
The most important thing for the borrower to do is repay the unsecured loan on time, to keep the interest rate low, so the cost of the loan is not just another financial burden. It will also make it easier in the future to borrow money and help improve a bad credit score.
The applicant should make sure they can repay the loan on time before they agree to the contract. Even with the best intentions, repayment may not be possible on the due date. This is when the lender should be contacted for a rollover or extension.