When you apply for any type of loan, expect the process to be tedious. This is especially true when you are applying in a bank. The bank will not only require you to submit a lot of documents ranging from personal details to income details, you will also be subject for background investigation to ensure your credibility. Once they do and they find out that you have a bad credit record, you will be rejected outright. Once you dont comply with any of the banks requirements, your application will be rejected. Even if your purpose is for emergency reasons, once you are not able to prove your income stability, your application will still be rejected. Thus, less people attempt to apply in a bank especially if they know that they have bad credit record.
But this shouldnt stop you from hoping that you can still get approved on your loan application. Banks are only few of those who can actually help you with your finances. You dont have to worry much on your bad credit record because there are still lending companies that accept your situation. There are actually companies that are willing to lend you money because they wanted to help you despite your credit record. This means that despite having a bad credit record, you will still be granted a loan once you comply with their requirements. What you need to secure is your proof of income such as your payslips or your bank statement. Aside from that, bank statements will also show your earnings and you will also be asked to provide proof of residency, and document showing your ownership to any properties. These lending companies are not after your bad credit record but they are there to help you improve your record. As long as you are 18 years old and above with a stable income, you will definitely qualify for a loan. Also, these lending companies can provide you with result in just a few minutes whether your application is approved or not. In order to check if you are approved or not, all you have do is to visit the website of the lending company and follow the steps that are instructed to you to apply for a loan using their online facility. The moment your application is approved, it will only take a few hours for your proceeds to be credited and available to your account. No need to wait for days, or even weeks just to get approved and receive your cash because lending companies will see to it that the result will be available as soon as possible.