When you go down to the bank to take out a loan, you are required to prove that you have the finances available to take out a loan. However, if you want to bypass the bank, you have the option of borrowing money online , where there is no need to document with paychecks and the like before the loan can be approved. You can read more about that here.
How do you borrow money without documentation of paychecks?
In the vast majority of banks, documentation is required when borrowing a larger amount. It could be a house, for example. The reason for this is that the bank has an interest rate spread on their loans and credits, and therefore documentation is required that they can set an individual interest rate.
If you instead go around the banks and use some of the online loan providers, most will not charge you documentation when applying for a loan. It can thus be a good alternative if you want to avoid the hassle of having to document paychecks etc. to get your loan approved. However, it is no secret that when borrowing without documentation, the interest rate will be higher as the loan provider runs a greater risk.
If you would like to borrow online, you can do so in a few steps:
Find the right loan provider
By using the loan calculator here you can easily and quickly compare the different loans you can take out. It simply requires that you enter how much you would like to borrow and the maturity you are interested in. Then you will get an overview of loan providers, where you can compare how much to pay and the cost of each provider.
Apply for a loan
By comparing you can easily find the loan that suits you best. Next, simply click on the Apply button and you will be redirected to the loan provider’s website. Here you need to fill out an application form.
Waiting for reply
Once you have submitted the application, simply wait for it to be approved. Typically, it will only take a few minutes.
Get the cash out
If the application is approved, you will get the money paid right away, otherwise the following day.
Various loans without documentation of paychecks
However, you have the option of borrowing a variety of loans that do not require documentation of paychecks. There are 2 categories – consumer loans or quick loans. Common to both of them is that no security is required and the money can be used for whatever you want.
If you need a bigger loan, this is the consumer loan you need to take a closer look at. Here you can borrow between 3,000 and 350,000 dollar. To do this, consider how long the term should be – here the loan can extend up to 15 years.
The quick loan is for those who need a small amount right now and here, and have to repay over a shorter period of time. You can thus borrow up to USD 6,000, in some cases more, and it typically has to be repaid within 30 days. Some providers even offer no interest on the loan if the loan is repaid within the 30 days.