Requirements for fast online loans in the United States

The increase in financing, financial crises and the modernization of banking have led to new ways of borrowing money without so many complications. Alternatives such as crowdfunding, crowdlending, P2P loans, payday loans and more are already part of our daily lives.

In this article we are going to detail the requirements of fast online loans, so that you know if you have the capacity to access one of them.

What are fast online loans?

Quick online loans are also known as mini-loans, immediate loans or urgent credit.

They are so called for 2 basic reasons: the maximum amounts they can give you range from $100 to $3,000 and the term to pay back the money is usually no longer than 3 months. Although the APR is not part of their definition, they are distinguished for having quite high rates.

LendYou

• Loan amount: between $ 100 and $ 35,000
• Term: entre 7 days y 12 months
• Extra:Interest rate between 6.63% and 485% APR
  Address: 1125 E. Broadway #545, Glendale, CA 9120

APPLY

Buddy Loan

• Loan amount: between $ 200 and $ 50,000
• Term: entre 15 days y 120 months
• Extra:Quick online loans up to $50,000

APPLY

MrFinan

• Loan amount: between $ 500 and $ 50,000
• Term: entre 15 days y 120 months
• Extra:Fast loans up to $50,000 for whatever you want.
  Interest rates from 6% to 439% APR
  Finansi Group SL - Calle de las Barcas 2 Piso 2, 46002, Valencia

APPLY

CashUSA.com

• Loan amount: between $ 500 and $ 10,000
• Term: entre 3 y 1728 months
• Extra:Fast online loans even with bad credit.
  Interest rates between 5.99% and 35.99% APR
  3315 E Russel Rd Ste A-4 Box #105, Las Vegas, NV 89120

APPLY

Bad Credit Loans

• Loan amount: between $ 500 and $ 10,000
• Term: entre 3 y 36 months
• Extra:Interest rates between 5.99% and 35.99% APR
  Address: Chief LLC, 2661 N Pearl St #431 - Tacoma, WA 98407

APPLY

Among the many reasons why this kind of financing is so popular, we can mention:

• The application process is done online, which means it is simple, quick and easy for anyone to understand.
• You can apply for a quick loan wherever you are, from the comfort of your home or from your office and with your favorite mobile device.
• There are a lot of reliable lenders who are willing to give you money directly or through pages managed by intermediaries.
• Having bad credit is not an impediment to accessing a fast loan in the United States as long as you can meet the payments.
• The requirements for quick online loans are minimal and most have the opportunity to meet them, as we will see below.
• Due to various legal provisions, those who offer mini-loans to the public must transparently publish the conditions related to these products.
• There is no obligation to accept an offer if you do not like the terms and conditions of the contract. It is sufficient not to electronically sign the lender's proposal.
• Generally and depending on the amount, those who make these funds available to you do not make a hard credit inquiry to give you the approval.
• Due to the use of advanced technological platforms, the application, approval and delivery of the money are fast processes, going from minutes to a maximum of 48 hours .

What are the requirements for online loans?

According to the above, you can imagine that you won't need much to get a fast loan online if you have any urgency. In our experience, comparing and reviewing these financial products, you must meet the following:

• Age of majority. By law minors are not allowed to consume this kind of financing. This will depend on the provisions of the state where you live on this matter, which may indicate adulthood at 18 or 21 years of age.
• Legal residence in the USA. Depending on the company or bank, you will have to prove that you are a U.S. citizen with a valid address or that you have a permanent residence in the country. Given the current immigration situation, a temporary visa is not sufficient to access an urgent loan.
• Checking bank account. Almost the entire process to apply for a loan online is done through digital channels. The checking or savings account serves 2 functions: to deposit the money and for the lender to automatically deduct the installments or the total amount.
• Source of income. If you do not have the means to repay a quick online loan, it is better to look for other options first. It is essential to prove that you have a steady job for at least 1 year, that you receive some kind of Social Security pension, or that you are self-employed. You may be required to earn an average of at least $1,000 USD per month after taxes.
• Military status. Due to the provisions of the Fair Credit Act and other legal statutes, companies or entities are not allowed to offer these short-term products to active or retired military personnel. If so, they will have to comply with the conditions set forth in the law.
• Credit score. Although it is not a mandatory requirement to access an urgent loan, it is always important to have a healthy credit score. Although there are many options for those who do not have a credit history or whose score is poor-regular, they can be quite expensive due to the high interest rates they carry.

Final Thoughts

Accessing urgent credit online is a growing trend in the United States and around the world. However, the ease of obtaining one, and the few requirements they have, we do not recommend you to use this resource as a petty cash.

It's better for you to try to find other sources of financing, and use this one only in case of no other option and only for emergencies.

Español: Requisitos de los préstamos rápidos online