Requirements of fast unsecured personal loans
Unsecured money loan requirements vary by lender, but the most common are:
Good credit
Lenders typically look for a credit score of 600 .
The credit score reflects your payment history, how many debts you have and how extensive your history is.
Fortunately, some lenders approve unsecured loans to applicants with no credit history or a low credit score.
If this is your situation, Camino Financial is your best alternative. We offer you personal loans from $1,500 to $7,500.
We can approve your loan even if you have no credit history. Plus, thanks to our CaminoScore technology, we can extend loans to applicants with poor FICO scores, based on their specific situation.
Poor debt-to-income ratio
The preferred debt-to-income ratio (DTI) is 36%.
This ratio represents the amount of monthly income you use to pay off your debts. This percentage tells the lender how likely you are to repay your loan.
#CaminoTip
If you can, don’t use more than 28% of your DTI to pay rent or mortgage obligations.
Stable credit history
Maintaining a consistent credit score for multiple accounts tells lenders that you regularly pay your bills on time.
Stable income
Another positive indicator of your creditworthiness is your income . A regular inflow of money is one of the ways a lender checks on your financial health.
Social Security number
A Social Security Number (SSN) allows lenders to run a check on your credit and examine your history.
Fortunately, some lenders also accept ITINs .
When it comes to the requirements of an urgent unsecured personal loan, Camino Financial is the exception to the rule: our unsecured money loans have minimum requirements.
You only need the following:
- An SSN or ITIN
- $1,500 monthly income
- An active bank account for a minimum of 6 months
- Be up to date with your outstanding debts
- Your loan can be approved if you have no credit history
Why don’t you apply today? The process will not affect your credit score and will only take 5 minutes.
Types of lenders that offer unsecured money loans
These are the most common financial institutions to obtain personal loans:
Online lenders
Many people prefer online lenders as they offer a fast, simple and modern application process .
With this option, you can even get an unsecured money loan if you have a low credit score.
Most online lenders do a soft pull to check your history, which doesn’t hurt your credit score.
If you’re looking for a lender with minimal requirements, a quick process, and top-notch customer service, look no further! Camino Financial is one of the best alternatives on the market. Just follow these 3 easy steps:
- Fill out an online application
- Allow us to review your cash flow
- verify your identity