Are you considering getting a personal loan? The specific kind of personal loan you may be able to get depends on the state you live in, but personal loans are available everywhere. Some states will only allow certain kinds of loans. But no matter where you live, there is a personal loan that can be taken out—if you qualify.5
It can be quite difficult to try to navigate through all the options available to you online. More than likely, you do not have the time to thoroughly research lenders. This is where Max Cash® comes in.
Max Cash takes all the hassle out of acquiring a personal loan! Our team has cultivated close professional relationships with reputable lenders all over the country. We could have you funded in as little as one business day if you qualify!2
Common Requirements for Personal Loans
When you want to get a personal loan, your lender will request that you provide them with some documents. These documents confirm your identity as well as your ability to repay the loan. Though the required documents vary from lender to lender, your personal loan lender may ask for the following:
- Your government-issued I.D. (driver’s license, state I.D., passport, etc.)
- Proof of income (paystubs, bank statements, tax documents, etc.)
- Your phone number
- Proof of residence (recent utility bills or other government-recognized mail)
- Proof of assets (depending on what kind of a personal loan you are trying to get)
- Employer contact information
Kinds of Personal Loans
Secured Personal Loan
A secured loan is a type of personal loan where you offer some form of collateral like your car title, house, or some other valuable asset in exchange for funds. This way the personal loan lender that you are doing business with has a guaranteed way to recuperate their monetary losses if something should go wrong with the loan.
Secured loans are useful for a number of things, but the most common purchases are cars, houses, etc. However, there are secured loans that can be utilized for financial crises such as medical bills or home repairs. A car title loan can be considered an example of such a loan.
Unsecured Personal Loan
An unsecured loan is a popular type of loan that does not require borrowers to produce any kind of collateral to take out the loan. These types of loans are usually for lesser amounts (in the range of $500 or less), but quite a few of them are able to be taken out in a hurry. For example, payday loans are available the same day, but they have a fast repayment schedule. In many instances, you will not be required to possess a good credit score in order to qualify for an unsecured loan.
Variable Loan
Variable loans are a type of loan where your interest rate will fluctuate from month to month. This gives your lender the ability to change the price at will whenever they choose to do so. That being said, although the cost can occasionally go up, it can also come down incredibly low too.
Fixed Rate Loan
Unlike variable loans, fixed-rate loans are a type of personal loan that always comes with interest rates that are solidly fixed for the entirety of the duration of the loan. This factor can be incredibly beneficial for someone who is working for a salary. This is due to the fact that they are able to make the exact same payment each month. So, they don’t have to be concerned about the loan amount fluctuating. Having a fixed-rate loan means never having to subsequently come up short since the amount is always the same.
Line of Credit
A line of credit is a type of loan that allows you to take out some extra money (up to a certain amount) from your checking or savings account. If the amount you wish to use is more than what is currently in your account, a line of credit is good to have. With a line of credit, you will only be required to pay interest on the amount of money that you spend. So, you won’t have to on the amount that you are borrowing.
Overdraft Loan
An overdraft loan is a type of loan that makes certain that you have enough funding to tend to whatever expenses you may have in an emergency. Just like with a line of credit, one of the best features of a loan is that you will only have to pay interest on the amount of money you spend instead of that which you are borrowing.
