Getting payday loan is very common between Americans. Such loans are not very big. They have one big benefit. It is quick and easy to get a loan. This makes many people fight for microcredits.
Payday loans sum ranges from 400 – 2000 dollars. This moderate amount can still cover basic costs of life in America. This credit is available for American citizens only.
Getting A Microcredit
Financial companies that offer microcredits want to get their guarantees. That is why they want to find reliable borrowers. They ask for many documents during application process. Here are several ones:
- A passport. It is a basic document that can be provided. If a person has a valid American passport, he has a real chance to get microcredit. Working permit is not enough for it.
- An income statement and working contract. These two documents are important for taking a microcredit. If a person does not work, he won’t be able to present those papers. In this case he has to show guarantees from other people.
- Credit score. Borrowing companies want to lend money to people who know to pay credits back. Credit score is assigned by Financial bureaus in the US.
This list of documents clearly shows that if a person is not employed he will get some troubles when presenting these papers. Financial companies understand that not all people have employment. That is why they can accept substitutes of the documents.
What Documents An Unemployed Can Provide
Financial companies are tolerant towards borrowers. If person is not employed, they will ask for the next documents:
- A passport. It is an obligatory document everyone has to show. Without it,there is no way a request for microcredit will be considered.
- A guarantee from family members or friend. This document is a way out for unemployed. A person can ask a close friend to guarantee loan. That person has to sign a special document. It states that he take an obligation to pay a loan back if borrower does not do it. It is important to find a reliable person, who can guarantee. The financial company will ask for that persons financial documents. They will want to know how much income a person gets.
- A credit history. If not a borrower, than a person who provides guarantees has to show his credit score. This indicator means a lot for financial companies. It shows how well a person pay credits back. It makes this paper a key one.
If a borrower provides such guarantees he will be assigned credit. Microbanking is very advantageous. Everyone can get it, if he tries hard. That is why it is worth applying for. Everyone regardless age limit and employment status can get a microloan.