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How to Get a Personal Loan

  • 4 MIN READ|
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  • by Noel Ballon|
  • March 28, 2019 |
  • Loans

How to get a personal loan

Perhaps you've seen the requirements necessary for getting a Nevada personal loan, but do you know why these requirements are in place? It's important to know precisely what the conditions and terms are before getting a personal loan, and what it means to qualify for one. At CASH 1, there are just a few necessary steps to take before qualifying for a short term personal loan, even if you're getting a personal loan for bad credit, or for loans with no credit checks. Let's review each of the requirements and more importantly, why they are in place:

Here's How to Get a Personal Loan

You must be at least 18

To put it plainly, you must be a legal adult to qualify for a personal loan in Nevada. It may seem as though the reasons for this are obvious, but there are one or two reasons you might not be aware of. In Nevada, while you cannot drink or gamble until you are 21, you are considered an adult when you turn 18, and are eligible to vote as well as required to register for selective services (the military draft). Being what they call of legal age carries with it lots of responsibilities as well as some changes in legal status. For instance, if you were to get into an automobile accident, the responsibility for having insurance falls upon you, whereas up until you turned 18, that responsibility was your parents'. This means that once you turned 18, most of the things your parents were liable for have now become your responsibility. Regarding personal loans, CASH 1 will only offer loans to legal adults who can assume their liability, and thus become responsible for paying back any loan they acquire. Now that we've established that, CASH 1 strongly recommends you take careful consideration when applying for a personal loan if you are 18. This is a major responsibility, and you have already taken on many since the moment you became of legal age. Get some counseling and advice from trusted sources before applying for a personal loan as an 18 year old. Also, don't forget to register to vote, and for selective services.

You must have an active checking account

More to the point, you will need bank statements that show a history of activity on your account. This is done to verify income and examine how you handle your finances when applying for a small loan. If you show a pattern of near zero balance, then you are less likely to qualify for a personal loan. On the other hand, if you show a reasonable and consistent positive balance in your account, then it is clear that you have run into some financial need, or at the very least, you are able to demonstrate that you responsibly handle your finances. This is part of how to get personal loans for bad credit, and it is a way of demonstrating good money handling skills, even if you have bad credit or no credit. If you are considering applying for a personal loan, take a look at your recent bank statements and see if you can spot a pattern of common sense handling of your money. Or does it consistently show a balance of near zero? Knowing how well you manage your money will help you decide whether or not to apply for a loan, but even if you aren't sure, you can always apply for a loan without having to take that loan out to see if you qualify, or if those in charge of the approval process would approve a loan for you. If you don't qualify, don't be afraid to ask why, and what you can do to meet the qualifications necessary to get a loan.

You will need proof of income

This one is perhaps the most obvious in terms of why it is necessary. You don't necessarily need pay stubs (though those are the most common forms of income proof), but you do need something that establishes what your income is, and how it matches up with your bank statement. Proof of income will be the primary factor in determining whether or not you will qualify for a loan, and it will also help decide how much you are eligible for. Even if you're not necessarily working a steady job, you might have trust fund payouts, or dividends from stocks or other investments; you merely need some proof of a steady income to qualify for a personal loan.

You will need a government issued ID

We need to know that you are who you say you are. Many people think this means having a driver's license, but that is only one form of government identification, and not the only one necessary to qualify. Any type of United States Government issued identification (including a State of Nevada issued identification) will help you qualify. If you don't have a driver's license or an ID card, a United State Passport will qualify, provided it shows that you are a resident of the State of Nevada. Less common, but still valid, are government issued employee identification cards. If you work for the Federal or State government, or you work with a government contractor that requires you to have an official government issued identification, that still qualifies.

You must not be active United States Military Personnel

The U.S. military has its own financial institutions and prohibits private sector firms from lending money to active duty military personnel. If you are active duty, consult with a qualified military adviser and find out what your options are in terms of small loans. This qualification only applies directly, and does not refer to family members or friends of active duty military personnel.

So that's basically it. As you can see, the qualifications are much more straightforward than most of the large banks, and as always, there's no credit check so your application will not be subject to bad credit or no credit. If you feel like you need a financial boost with a personal loan, come see CASH 1 and find out what your options are.

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