Personal loans have lower interest rates and fees than payday loans, but they are also harder to get. There are many providers with different offers that should be compared before choosing a lender. A payday loan is given by many online lenders, and the requested loan is processed and quickly approved or, in some cases, rejected. Here are the requirements needed to receive Maxlend Loans.
Lenders, online or not, check each borrower’s information carefully before they give out a loan. There are prerequisites to meet before applying for any loan. First, the borrower’s details are checked. Also, the financial status of the borrower also plays a significant role.
People needing a payday loan must be at least 18 years old. Even in old age with a good income, it is sometimes not easy to get a loan. Most banks use age limits, with the age limit being from 30 to 70 years of age.
In principle, no loans are granted to senior citizens or pensioners. Here again, some specialized lenders also give credit until the age of 79.
Residence and income
Anyone who wants to apply for a loan must also have a permanent home in the state. For people who have a regular, full-time job, the lender can be reasonably assured they will get the borrowed funds back. For example, banks are much less likely to accept annuity payments as the basis for the loan.
The nature and duration of a person’s employment are also fundamental because, in most cases, only a person who has been employed at the same place for years is accepted at the bank. It is difficult to get a loan if the employment contract is limited or you are still in the probationary period. For the self-employed, it will be a bit harder to get a loan since you cannot show regular income. Although the income as a self-employed person is higher than that of many employees, it cannot be guaranteed in the long term.
Be able to make consistent monthly payments is the most important consideration for the banks. However, since payday loans are not vast amounts of money, it is easier to repay them in a month or two.