The qualification criteria for a personal loan depends upon the following factors:

You must have attained the age of 18 years or above that.

You need to be a permanent citizen of the United States of America.

You should have a stable income every month and must be able to repay the installment amount.

You should have a valid checking account and income proof from your employers.

Your credit score must be in a good position, as it is the major factor that is considered before providing the loan.

Some of the important things and documentation that can be needed by you to apply for a personal loan are as follows:

Your personal and financial information such as your name, address, employment details, Social Security Number, and income details.

Your identity proof such as a passport, driving license, or any other government-issued ID.

You also have to show your income proof, for that you can show your salary stubs, tax returns, etc.

You may also need proof of employment for a longer time, for this, some lenders demand proof of employment with the same employer for more than 3 months.

The time taken for applying and receiving the loan amount may vary depending upon different lenders. From our website, your complete process of loan application to amount disbursal can be completed within 2 business days at max., as in most cases it gets completed in a few hours only.

A precomputed loan is a sort of personal loan in which the total amount of interest is calculated at the beginning and then gets added to the principal loan amount. The repayment of this loan will be done with the fixed payments every month.

This loan type is a bit different from the regular loans. The breakdown of its functioning is as follows:

In this loan type, interest is calculated for the remaining principal amount on a daily basis.

It is not like other loan types in which the calculation of the result is done annually or monthly.

The daily interest will be calculated by dividing the annual interest rate by 365 (number of days in a year).

Then outstanding loan amount will be multiplied by the daily interest amount and days since the last payment was made, this formula will help in determining the amount of interest incurred daily.

For securing a good amount of personal loan, the basic requirements are as follows:

Good credit score

Stable and sufficient income for repaying the loan

Employment history (minimum 3 months with the same employer)

Valid checking account in your name.

Valid contact details and email address.

The use of personal loan can be done for multiple purposes, some of which are as follows:

Debt consolidation

Home modifications and improvements

Cover unexpected medical expenses

Automobile purchasing and repairing

Other major expenses

The speed of disbursal of the personal loan depends upon different factors and the lenders, but in the majority of cases, it gets disbursed in even a few hours or within 2 business days.