How to Qualify for Financing from a Loan Shark

 

One of the things you may be wondering is whether you can qualify for financing from a loan shark. You may have tried to get a loan from a bank and been denied, perhaps because you do not have sufficient credit history. This being the case, will you qualify for financing from a loan shark?Loan sharks mostly help people with poor credit get financing. The lenders provide financing without the many restrictions that are usually put up by banks. This is why most people with poor credit opt to work with them. However, there are still a number of requirements you must meet if you are to be given a loan by the lenders.

 

The major requirements are:i)    Be a legal citizen of the countryYou must be a legal document citizen of the country to be eligible for a loan. If not, you must have permanent residency in the country. This is required because the lenders do not want to risk providing credit to a borrower that is likely to take flight. Depending on the lender you are working with, you may be required to provide an identification document such as your driver's license to be given a loan, http://www.ehow.com/how_6744450_calculate-interest-personal-loan.html. Other lenders will simply require you to provide your national identification number during the application process.ii)    You must be over 18 yearsLoan sharks only offer loans to anyone who is over 18 years.

 

In most countries, a person is considered an adult when he/she reaches 18 years. Like is the case with banks and traditional lenders, loan sharks will only give you a loan if you are18 years and above since you are taken to be responsible and understand the repercussions of defaulting this loan.iii)    Have an active checking accountYou also need an active checking account to be given a loan by the lenders. The account will be used to deposit the amount you apply for. Apart from this, the lender will request your financial institution to deduct a payment for the loan from your account on the due date. The payment will usually be processed before you receive your income.iv)    Be in employment.

 

You also must be in employment to get financing from these loan sharks. Most of the lenders require borrowers to have been in employment for at least three consecutive months. Sometimes, you may be required to provide copies of your recent pay slips to provide your employment status.The above are the major requirements for qualification for financing from loan sharks.