What are Credit Access Business (CAB) Loans?
One of the options available to you if you wish to borrow is a credit access business loan from Platinum Lending LTD. This unique type of loan can make it possible for many consumers out there to borrow even if they’re been turned down for certain types of loan before.
If you’re interested in learning more about what this loan type offers, you should learn more to familiarize yourself with the applying and borrowing process. You should also learn about the unique benefits credit access business loans offer to consumers.
We Provide Credit Access Business Loan Services in the Following States:
How the Application Process Works
You’ll have to go through a few simple steps to apply. Fortunately, it doesn’t take long to apply. That’s why consumers often choose credit access business loans when they need access to loan funds right away and don’t have time to waste.
Before you get started, you’ll want to learn about the Rates & Terms offered by the loan provider you’re working with. Make sure the loan amount and loan term that you’re likely to get with this type of loan is appropriate for your situation.
You’ll then fill out an application. You’ll benefit from the fact that you can apply over the Internet. You don’t have to apply in person. It can be cumbersome to apply with certain loan providers when it’s necessary to schedule and interview at the financial institution itself.
When you apply, you need to provide your email address. There will also be a few other key pieces of information that will need to be provided. The application will typically focus on the income information for the applicant. Income will need to be documented. The application will also require information to be entered about a checking account. Applicants need to have a checking account in their name to submit the application.
There are a few additional requirements to keep in mind for those who apply. If you as an applicant have a history of missing a lot of past payments, you may find it difficult to be approved. Also, you will not be eligible to apply if you are not 18 years old at least. You need to be either a permanent resident or a citizen of the United States.
Upon submission of the application, a credit check will be instigated. However, one fortunate thing about a credit access business loan is that the credit score of the applicant is not looked at exclusively in evaluating the applicant. There are other important factors looked at here like the applicant’s history of making payments on time specifically. Furthermore, this credit check will be a soft inquiry and not a hard inquiry. What this means is that the credit check itself should not negatively impact the applicant’s credit score like a hard inquiry would.
Unique Benefits Offered by this Loan Product
Because this online loan is such a unique type of loan, there are benefits provided by a CAB payday loan that may not be found with other types of financial product. Anybody who’s on the market for a loan should explore the benefits and decide if this particular product fits in right with their needs.
A traditional loan might require a lengthy application process. A traditional loan might also have strict credit score requirements. Other drawbacks of traditional loans are often that they take a long time to process and approved applicants don’t get the funds for several days or even over a week after the loan contract is signed.
- A fast and convenient process- An online loan can be applied for from the comfort of one’s home. This is great because it allows applicants to save time. The application is very simple. There is no requirements that the individual in search of a loan must meet in person with a representative. Even signing the contract can be done using the Internet fortunately.
- Getting the borrowed funds right away- The checking account information of the applicant is provided right away on the application itself. That’s great news because the account details are provided so the lender knows where to send the loan funds. It’s possible that loan funds can be disbursed basically immediately upon approval of the application and signing of the contract. Most people in search of loans don’t have time to wait because they need to use funds right away. That’s why a CAB payday loan is great.
- Not needing collateral to borrow- A lot of types of loans out there like title loans or even home equity loans require collateral so that they an be secured. This is frustrating because a lot of consumers just don’t have the necessary collateral. For consumers with no collateral, a CAB payday loan is likely to be a great option. These loans permit the applicant to borrow with a loan that is unsecured.
What Makes These Loans Different From Other Common Loan Types
If you’re looking for an online loan that is unlike all the others, a credit access business loan is something you should spend some time learning about. It’s just not like other loan types.
For one thing, as already mentioned, this type of online loan isn’t requiring applicants to put up any collateral. That makes it essentially different from loans like title loans and auto equity loans. It’s unsecured. Title loans require a vehicle to be used as collateral and auto equity loans require this as well. Any loans including collateral involve some risk because the collateral could be repossessed in the event that the borrower defaults on the loan.
The CAB payday loan is also different from a traditional unsecured bank loan because of the fact that it can be applied for online. There is also the difference that the requirements are more relaxed and not as strict when it comes to the credit score.
These are also different from payday loans in that they don’t involve taking payments automatically out of the next paycheck or paychecks of the borrower.