- Identification.
- Personal contact information such as an email address, telephone numbers, residential address, etc.
- Employer information such as address and contact details.
- Proof of income for a period of 3 months in the form of payslips or bank statements.
- Bank account details into which the funds can be paid once the loan has been approved.
Also, many cash loan providers forego the credit checking process that banks and other financial institutions employ in order to determine the risk of providing a loan to a person. This makes the processing speed of the application much faster and much more accessible for those who have a less than perfect credit score. Please remember that Short-term Loans carry higher risks for the loan providers. Therefore, the payback amount might be much higher as well. To underline the cost of requesting short-term Cash Loans, the critics argue that their astronomical APR may become a financial trap for borrowers. It is true that short-term loans in combination with poor financial management may lead to serious financial problems. On the other hand, when borrowing Cash Loans, it is very important to know what type financial obligation it is before signing a loan agreement. It is also inappropriate to calculate APR on loans that must be paid back in one month. In case of short-term Cash Loans, any APR calculations are hypothetical. It’s like calculating the amount of monthly bill for a hotel room when you are planning to book it for two nights. Whatever the reason might be for requesting a Cash Loan, one need to remember that it is an expensive and yet available short-term financial solution that can help dealing with temporary cash shortages.
