For starters, when you need a loan you should be at least 18 years or more to qualify before other requirements can be put into consideration. There are different types of loans that you can apply for such as personal loan, student loan, home loans, car loan, bank loan, mortgages, consolidated loan, payday loan and the list is endless. All the above mentioned loans are provided by financial institutions such as banks, credit unions, money lenders, building societies and a whole lot more.
There are requirements that you are supposed to meet and they differ in each institution, for instance you should be in possession of proof of residence, proof of identification , proof of income, proof of insurance and many more. Financial institutions such as banks give loans to people who have good credit score, for instance there is a minimum balance that you are supposed to have in your account to qualify. Banks also trace your credit background history to analyse if you’re fit for a loan or not.
When you have been rejected by the bank an alternative is to approach money lenders that offer bad credit loans. Their advantage is that they do not look at the history of your credits even though they would like to know you and verify if you are authentic. Applying for a loan can be done online rather than having to travel all the way to the financial institution.