Need some extra cash, but don’t know if you’ll be able to get all that you need? If you meet the qualifications, you can get an instant loan of up to $1,500 all online in just a few hours. You might think that in order to qualify for a $1,500 loan you’d need to meet all kinds of stringent requirements. In reality however, it’s quite easy to get a loan for $1,500.
What are the requirements?
The Basic Requirements
First of all, you need to be a United States citizen. In order for the instant loan company to be able to create a binding agreement with you, you have to be a citizen of the same country. Other countries may have different requirements.
You need to be at least 18 years of age. Again, this is so that you can sign a binding agreement with the company. If you’re under 18, any contract you sign won’t be legally valid.
Finally, you need a checking account that has been open for at least three months. This is to avoid people opening brand new bank accounts, taking out an instant loan and then closing the account.
If you match these three criteria, you’re past the first step already.
The Income Requirements
Essentially, in order to get a loan for $1,500, you need to prove that you’ll be able to pay the money back within a month or so.
The main way lenders check for this is to compare your monthly income to your expenses. If you have a job that pays $1,000 a month and you pay $500 in rent, it’ll be pretty hard to convince a lender that you could repay $1,500.
On the other hand, if you earn $2,500 a month and want to take out a $1,500 instant loan, just about any lender in the world will give you the money.
There are a number of other factors that can also come into play. Your age, for example, has a slight impact on how lenders make their decisions. The type of job you have also makes a difference.
At the end of the day, what it really comes down to is what the lender thinks of your likelihood to repay. If your numbers look good, you can get your $1,500 loan almost instantly.