Loans are required at some point of time in a person’s life. Many milestone events in themselves or unexpected events require immediate funds which may not be available at hand. This is where a loan comes into the picture as a relief.
Loans are usually required either for personal or business requirements. People take loans for the following reasons:
· Debt repayment,
· Down payment for a home
· Auto loan
· Business loan
· Personal Loan
· Paying income tax
· Paying credit card bills
· Investment schemes
Many companies are intermediaries between the loan providers and the loan takers. These loan agencies find the perfect match of lender and taker, after considering what the requirements are and which party is willing to lend that particular amount. There is a cap on the amount they can raise, usually 50,000 to 200,000 dollars.
The benefits of these companies are that they are not as strict as banks in studying the credit worthiness of their clients. In fact, they openly advertise inviting people with bad credit, no credit, even bankrupt people to avail of their loans.
They have access to financial institutions, private loan lenders and even banks who are willing to lend.
Is a numerical expression based on a balanced analysis of a person’s credit record, representing the credit worthiness of the person. Lenders like banks and credit card companies evaluate the potential risk exhibited by these persons when they apply for loans by studying their credit scores. In the present context, the loan agencies are hardly concerned about the credit score of their clients.
Criteria for giving loans
Customers have to fulfil the following criteria
· Be at least 18 years of age
· Provide proof of citizenship, such as social Insurance Number
· Have a bank account in your name
· Provide work and home telephone numbers
· Provide a valid email address
Benefits of Cash Loans
· Lower rates of interest than payday loans
· The credit score is not an issue
· Ease of getting loans
· Payment plan can range from 6 to 60 months
· Borrowers are given a choice of lenders, whose credentials they can go through and choose which one suits them the most. Some of them are almost like loan search engines.
· Ease of applying and finding a lender on the same day
· Poor credit loans are also available (these are loans at very low interest rates for those who do not have a good credit history)
Special relevance of cash loans
These are very useful for paying off credit card debts. Banks refuse loans on seeing the outstanding credit, and the credit card company continues charging high interest. A good way to pay it off would be with this cash loan where the rate of interest is much less than what the credit card charges, and the credit worthiness of the person is not an issue.
This is one sort of institution or agency that clearly is on the side of the borrower, and finds lenders who are willing to understand their circumstances just like they do.