Where Do I Find Quick Loans – No Documents Required?
If you find yourself in a situation where you need an immediate dose of cash, you’re probably wondering if there’s a way to get a loan without documents. Most loan providers, both traditional and non-conventional, will ask for supporting documents to establish your identity and capability to pay. The question is, are there providers of quick loans no documents required?
What Are Quick Loans?
Quick loans are personal loans offered by direct lenders with fast approval. This means you may get the lender’s feedback after you submit your loan request. The turnaround time for loan approval still varies and can be influenced by different factors. Providing incorrect or incomplete information, submitting past the cut-off time, or failing to submit the required documentary requirements can delay the loan provider’s decision.
If a borrower meets all the requirements and submitted the pertinent documents on time, he or she may get the money within a few hours, within the day, or by the following business day. This turnaround time is significantly faster than applying for a loan from a bank or regular lender. But what do you when you need a loan but lack the documents required?
Can I Apply For A Quick Loan Without Documents?
Even non-traditional loan providers like online lenders and loan brokers like LoanScout can be strict about their set of requirements. After all, a reputable lender follows and adheres to the guidelines set by the Australian government when it comes to responsible lending.
The minimum requirements of most loan providers in Australia are:
- Age and Residency: An Australian citizen who is at least 18 years of age
- Proof of Identification: Government-issued Ids as a way to establish the borrower’s identity
- Proof of Income: The borrower must provide proof of his or her income or benefits received regularly
What if you are eligible for a loan but do not or cannot provide supporting documents – can you still take out a quick loan? The answer is yes – quick loans without documents are possible to a certain extent. The borrower, however, should be able to show proof of identity which helps protect both the lender and loan applicant.
How Do Quick Loans Without Documents Work?
It will be best if you had the proper documents to support your application for a quick loan. If you do not want to go through the trouble of uploading documents, some online loan providers have proprietary apps to make the submission of loan requests more convenient. On the other hand, some individuals do not have or lack the documentation to prove their income. Modern lenders consider their borrowers’ challenges by offering low-document loans.
- Low-document loans are suitable for individuals with bad credit, self-employed borrowers, loan applicants with irregular income, and people whose income from investments. These types of loans come with higher interest rates since they are considered high-risk borrowers.
- Low-document loans allow you to borrow money for personal needs or business purposes. The lender will still need to verify your financial stability so it would be easy to say there is no such thing as a quick loan without documents. Illegal lenders may try to entice you with a no-document loan but these loan products are accompanied by exorbitant interest rates – leading you to deeper financial trouble than you originally had.
- Low-document loans have drawbacks and one of those disadvantages is the fact that these loan products have higher rates and fees compared to traditional loan types. However, if your situation does not let you apply for regular loans due to a lack of documentation, a low-doc quick loan may be a viable option.
Should I Get A Low-Document Quick Loan?
People with no access to lengthy financial statements usually have limited to no financing options available to them. Fortunately, modern lenders can now provide quick loans to borrowers with minimal documentation at hand. Non-traditional lenders will require an income declaration from you if you cannot provide financial statements or tax returns.
Having an irregular or seasonal income does not make you less qualified for a quick loan. Modern lenders will not turn you away as conventional loan providers would. Reach out to LoanScout for the best solution to your financing needs today.