Do All Personal Loans Demand Proof of Income

When you need money urgently, you have no choice unless you have to borrow some from other people.

Your neighbors and siblings may not lend you some money because they also need it too. Fortunately, you can actually borrow from a loan provider like a bank or other loan services.

They come to help people who need urgent money. But, in return, you have to return more money than you borrowed. It is called interest.

In addition, when you want to borrow money from these companies, you must have proof that you can repay it. In this case, they need your salary slip so they can make sure that you can pay the loan off.

But, what if you don’t have proof of income?

No proof of income will make you rejected

It’s common knowledge, that you need to show the paycheck to lenders if you want to borrow money from them. Actually, salary slips are not the only conditions you must fulfill. In addition, you must also complete other documents such as identity cards, telephone numbers, collateral, references, and some of them. If one of the conditions is not available, then you will be rejected. If you have completed the entire requirements, but you don’t have a salary slip, then they will not accept it.

Why do they reject you? Of course, there is a big reason for not accepting your loan proposal since you have no proof of income. They are not sure that you can pay off the loan regularly. They will even reject you even if you have proof of income but you don’t have enough salary. You cannot just borrow money and then you don’t care about the repayment. If you don’t pay off, then they will come to you.

However, salary slips are only needed when you borrow money from a big loan provider like a bank. A bank can be a good choice because you can borrow a large amount of money, but it requires a lot of requirements and conditions. Do you still have a chance to borrow money without proof of income?

An online loan is the best choice for you

If you do not have a salary slip or proof of income, then you should not go to a bank to get a loan because you will automatically be rejected. But, there is always a solution for you despite it does not always make you happy. Well, the online or personal loan is the right choice if you want to borrow money without proof of income.

In fact, not all of the online providers require proof because some of the online lenders still require a salary slip as proof. So, it is important to choose the best online provider that does not require this. Go ahead and find out by visiting https://www.fortunecredit.com.sg and apply. 

Basically, online loan does not only offer this benefit. There are so many other advantages of choosing one rather than from a bank despite it still having some drawbacks in certain cases. What are the common benefits?

The advantages of choosing

Speaking of the advantages of online loans, even in a matter of time an online loan is more concise than borrowing from a bank. The loan process is only a matter of hours or days, not like a bank that takes weeks or months. This facility is sought by people who need emergency funds. In addition, online loans are an alternative for customers whose loans have not been approved at the bank.

In addition, online loans are an alternative that can be chosen because of the requirements and an easy process. Usually, the requirements are personal documents, such as Identity Cards (KTP), employment certificates, and photocopies of bank accounts.

In addition, other advantages of this online loan are, the process of filing is easy and hassle-free when compared to filing at the bank. Because the online loan application process can be done anywhere and anytime, only with mobile phones or gadgets, then download the application of the provider. Register by downloading the document, after that you can submit the proposal. Just waiting a few hours, the lender team will contact you and then you will get the money.

It is very simple, easy and fast, right? if compared to the submission to the bank, it must be queued at the bank, the document must be complete and then wait for the survey by the bank. It may take a week to disburse the money. Not to mention, if the requirements are not complete enough and you have a bad credit history, your submission will automatically be rejected. Not only that, if you still have credit at the bank, you certainly won’t have the opportunity to apply for new credit. If that happens, online loans can be quite helpful because some companies don’t require their customers to have a good credit history.

There is another advantage offered by online loans that you will not be charged a penalty if you apply for repayment of the loan before maturity. Even for the tenor or the loan period is also flexible, from six weeks to 36 months. It is quite profitable and flexible anyway. Furthermore, you also do not need collateral to borrow money. Anybody can borrow money from an online provider. All you need to do is to find the right online lender that offers easy registration.

Finally, some providers may require you to have proof of income so that you can get a loan. But, you do not have to count on this company just in case you do not have it. You only need to count on an online loan that offers convenience and easy process to get money despite you cannot borrow a large amount of money.