How to apply for a loan

When you need money fast, you don’t have time for lots of paperwork. Good news: the days of lengthy loan applications are behind you. You can apply for a loan online in minutes and find out immediately if you qualify. We operate with full transparency and work only with reputable lenders.

1. How to apply if you don’t have a bank account

Securing a loan without a bank account is fairly difficult. Most lenders expect you to have one, and getting an unsecured loan (such as a same-day loan) without a bank account will be challenging. But don’t despair — you’ll just need a different approach than most people.

What you need

You can improve your chances by providing alternative proof of your financial situation:

• Utility bill receipts
• Receipts for various regular payments
• Proof that you have enough cash
• Letters from landlords and/or employers

Secured loans

You can also consider secured loans by using any of the following as collateral:

• A car (auto title loan)
• A home (not recommended)
• Cryptocurrencies (rare, but some lenders accept Bitcoin as collateral)
• Precious items

2. How to apply online

Applying for a loan online should always be simple and straight-forward. A few steps are necessary for every online application; the rest depends on your personal financial situation.

Choose your lender

The first step is to choose where you’ll apply. The choice of lender determines your fees and interest rates, so pick a legitimate institution — a bank’s online service or one of many online lending platforms. Many services act fast and can transfer funds in a day or less.

Applying for a loan

Once you’ve decided where to get your loan, you’ll need to fill out some documents. Expect three steps:

1. Personal information

• Your full name and address
• A valid email
• Social security number

2. Additional information

• Financial information such as income
• Proof of income (pay stub, employer contact info, etc.)

3. Details about your financial situation

You’ll need to provide the deposit information your lender will use to send the money.

After you’ve applied

Once you’ve applied, you will have to wait for the money. From there, it’s on you to repay the loan according to the terms you and your lender agreed upon.

3. How to apply while on disability

Applying while on disability is very similar to applying without a disability — the lender just wants to know that you can make payments. Disability payments are completely viable alternatives to paychecks for many lenders.

Supporting documents

Bring any documents that could help your application:

• Proof of disability payments
• Credit report
• Letters from former or current employers and landlords
• Utility bill receipts
• Income tax returns
• Bank reports and statements

4. How to apply while self-employed

Applying as a self-employed individual is only marginally different than applying with a job. The main difference is the lack of a pay stub. With the right arrangement and documentation, it’s easy to apply.

Use alternative documents

• Bank statements that show your income-related deposits
• Freelancer records for earnings and taxes
• Small-business records reflecting your profits
• Anything demonstrating that you can make regular payments

If that still doesn’t work, focus on secured loans.

5. How to apply with bad credit

Your low credit score will affect potential lenders’ decisions, but your application won’t automatically be declined — bad credit loans simply have unique guidelines.

Typically, with a credit score of about 700 or higher, you can qualify for a loan with an 11% interest rate. If your score is lower, expect the rate to be much higher — perhaps close to 30%. Scores below 550 are often refused by traditional lenders.

6. How to apply with no credit

Building a credit score takes time. For now, find a lender that caters to people without established credit. Prepare alternative documents to prove that you can handle money responsibly:

• Your employment history
• Your most recent paycheck
• Utility bill receipts
• A letter from an employer and/or landlord

7. How to apply with no job

If you’re currently unemployed, lenders will be less likely to accept your application without a proof of income. Online lenders are often the most obvious choice; some don’t have employment requirements. Expect fewer options and higher rates.

Improve your situation

Gather proof of any alternative sources of income:

• Benefits from the government, a former employer, or elsewhere
• Self-employment income
• Pensions
• Any regular payments you receive from family, close friends, your partner, or an ex-spouse