What are Credit Availability Loans?
Expenses sometimes come up that we weren’t expecting and that we just don’t have the funds available to cover. However, consumers can overcome such predicaments if they know where to turn for funds in an emergency situation.
One great option for consumers who need to cover some upcoming expenses is credit availability loans. Consumers should learn as much as they can about this helpful installment loan financial product to decide if it’s right for them.
We Provide Credit Availability Loan Services in the Following States:
Steps to applying
The process of applying for and taking out credit availability loans is very convenient and straightforward. Consumers should be familiar with what the online loan process entails before they get started. The following are five basic steps to the process of taking out an onlline loan:
Research the product
A credit availability loan is a medium-term loan that is typically paid back within 10 months. Consumers need to understand the commitment they’re making before they sign a contract for a loan like this.
Fortunately, consumers will benefit from the fact that there are only a few basic requirements for qualifying to credit availability loans. Consumers will need to be at least 21 years of age. They’ll also need to have some sort of documented income that they’re receiving regularly. Consumers need to have a checking account in order to qualify, and they also must be either citizens of the United States or permanent residents.
Filling out an application
The application is the first step once the consumer decides to pursue an online loan. The applicant will use his or her email account to log in online and apply. The application will include some identification verification information. Also, the application will ask for information about the applicant’s employment situation.
After the application is submitted, a credit check will be conducted to help determine that applicant’s suitability for an online loan.
Finding out whether or not you’re approved
The eligibility decision will come quickly for those who apply for an online loan from Loan Cheetah. In fact, an immediate decision is provided to those who apply.
Those who are deemed eligible will receive further instructions on the next step to borrowing. In some cases, the applicant will receive notification that more information is needed regarding their application after applying. The needed information will typically include documents like paystubs that show the income earnings of the applicant.
Some applications will be declined because the applicant was not able to meet all the requirements for loan approval. In this situation, the applicant will receive information about what the application was declined within 30 days of initially submitting the application.
Coming to an agreement regarding the contract
After the applicant is deemed eligible, he or she will need to officially sign the contract to finalize the loan and loan agreement. The contract will provide all the details when it comes to factors like interest charges, how much the loan is for, and how the loan is to be repaid. Customers are able to electronically sign the online loan contract so that they don’t have to fill any contract out in person or mail a contract.
Getting the loan funds and repaying them
The last step in the process will be to get the loan funds and then begin making payments on the loan. Customers benefit from the fact that loans are sent to their accounts very quickly. In fact, contract that are signed before 10:30 am will result in funds being deposited in the borrower’s account via ACH on the same business day that the application was submitted on.
Advantages offered by this form of loan
Credit availability loans are a unique product that provide some advantages to consumers that traditional loans may not provide. Below are the four major benefits customers can enjoy by borrowing this convenient type of loan:
- Applying can be done online- It doesn’t take a long time to apply. The application is simple in comparison to the application from some traditional loan types.
- Applying only takes a few minutes- Consumers can apply for the loan over the Internet. This means that they don’t have to visit an office in person in order to be considered for a loan. Customers can apply from the comfort of their home as long as they have Internet access.
- Loan funds are deposited quickly into the borrower’s account- With some types of loan, it’s necessary for the borrower to wait quite a few days before being able to access loan funds. This is not the case with credit availability loans. Funds can be available on the same day in a lot of cases. If funds are not available on the same business day, they will typically be in the borrower’s account by the next business day.
- The requirements are basic and straightforward- The process is very straightforward. Applicants know where they stand and what will be expected of them. They also can have a general idea of what the requirements are before they apply.
What makes these loans different from other types of loan
There are numerous factors that differentiate these credit availability loans from traditional loans. Perhaps the biggest difference is the fact that it is so simple and fast to apply. Applying can be done over the Internet, and many consumers like this. Consumers don’t want to have to deal with the time consuming nature of going to apply for a loan in person. Traditional loans frequently require an in person application.
These loans are different from a car title loan because the applicant does not have to give a vehicle title to the lender while borrowing. In fact, the applicant doesn’t even have to own a vehicle in order to be considered for this type of loan.
These loans are unsecured. They are different from some traditional unsecured loans in that their loan term can be very short and last as little as five months.
