In the last few years, effective tools in determining borrower’s overall financial stability has been deployed into the loan industry system. Now most modern brokers and lenders from that intuition tends to request for borrower’s bank statements from last 3month which is equivalent to 90 days payment proof since printed results don’t lie, moreover bank statements can easily be recognized due to it’s uniqueness and no room for edits or change of figures. It’s is as simple as that. However, those dealing with physical cash at hand and less bank usage may find it almost impossible to get loan if they came in contact with such lenders so to make things easy for you we will discuss the loan type befitting your current situation.
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What are cash loans?
Cash loans can be traced back to it’s source which is borrowing from the bank or money at hand. This loan type are designed for those in need of funds to take care of something urgent as such business, medical related stuffs and emergencies before the usual pay date. Cash loans are always easier to get up to any amounts cause it’s nature of high fees inflated by the lenders.
Why 90 day bank statements by lenders?
Well having said earlier, printed document acquired from the bank don’t lie. Yes, that’s true, bank statement captures the entire funds that comes in and out of an account in which a lender can easily use to judge who a borrower is and predict it’s abilities towards repayment of loans he applied for. Bank statements can also explain spending habits and help shows diligent proving you are in to something.
Cash loans without 90 day bank statement
1. Payday loans: has to do with online form of borrowing, it involves a network of lenders under a broker whereby those employed can apply for loan and pay back when they receives their next wages or salary. Although, 90 day bank statements are not necessary in this loan form however, a bank account associated with that which payments goes in will be demanded for repayment to be done automatically.
2. No paper document loans: if we’re given an opportunity to speak on this topic aspect, we’ll advice all borrower to apply for a no document loans since they don’t have or not want to provide their 90 day bank statements. A lot of lenders offered such, even less stressful to get than you could imagine. A good example, are apps on the play store as such before pay, mypaynow etcetera.
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3. Secured personal loans: for those having one important assets as such landed property, vehicle, houses could use them stand for a collateral escaping 90 day bank statements provision. It as simple as ABC, in fact most lender prefers that over documents and will even increase the amounts you can accessed in response to the worth of your assets.
4. Guarantor loans: people standing for a borrower during loan application is a deliberate attempt by the lender to help lessen risk taking and ability to secure their loans when the client defaults payments since the guarantor is there to pick up the loans upon himself and make necessary payments on his own accord. So guarantor loans too can help if you don’t want to provide 90 day bank statements.
In conclusion, loan without bank statement and salary slip could seems impossible in borrowers eye but it really not, just go through above and select the one suitable for you.