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Need a quick cheap loan? Are you eligible for it?

A quick cash loan is perhaps the only possible option to get rid of unanticipated financial issues caused by a sudden job loss, medical emergency, college admission or a car breakdown. Quick cash loans, also called as cheap loans, have become immensely popular amongst thousands of Americans as in present economic scenario most of them live from paycheck to paycheck and can hardly save money to create an emergency fund that they can use to cope with urgent monetary requirements.

Any individual can be in need of such loans though people with bad credit need it the most. People with a poor credit rating often declined by conventional lenders like credit unions and banks and they then look for cheap payday loans to fulfil their financial requirements.

Eligibility criteria

If you have an unhealthy credit history and if you're getting refused by traditional lenders, you can think about taking out cheap loans to meet your needs. Such loans though have the simplest loan application procedure; you need to meet some requirements.

  • Monthly income - Usually such loans range between 100 USD to 1000 USD; the amount varies from lender to lender. Monthly income of the loan applicant plays important role in determining the loan amount. Lenders of cheap personal loans typically want a borrower to have a minimum monthly income of 1000 USD. So if your monthly income is 1000 USD or more, you're likely to get a loan.
  • Full time job - Fast cash lenders want a borrower to have a full time employment with the same employer for a minimum of 3 to 6 months before he applies for the loan. Therefore, if you're employed with the same employer for 3 months or more, you're expected to get the loan.
  • Age - In order to get such a loan, you must have attained the age of 18 years.
  • Checking account - You must have an active checking account in order to get a cheap loan. In addition to that, you may have to furnish previous 3 months' bank statement if you're applying for a loan of more than 500 USD. Lenders generally consider the bank statement as the evidence of your financial activities in last 3 months. The loan provider may also ask you to provide a voided personal check from your checking account.
  • Application form and documentations - There are hundreds of online private lenders who offer Bad credit loans. To apply for and get a loan, you need to fill out a simple online loan application form. After your loan application gets approval, you may be asked to fax some bank documents including bank statement. The lender would also ask for furnishing photocopies of driver's license, current telephone bill and Social Security number along with your paystub and voided personal check.

If you can meet all of the above-mentioned criteria, you're very likely to get a cheap payday loan approved on the same day.