Documents You May Need When Applying For A Loan

Prepare These Documents When Applying For A Loan!

Below is a list of 5 documents you may need to start a loan application.

The loan application process involves an evaluation of the borrower’s ability to pay for the loan. Thus, lenders typically ask for documentation in order to do this and to ascertain the borrower’s identity.

Whether you’re applying for a car loan or an allotment loan, these are the documents you will most likely need for an employee loan program application.

1. Identification Card

Lenders need to verify your identity before they approve your loan to avoid loan application fraud. To prove your identity, you will need to show an identification card. The best ID to show is your driver’s license, but if you don’t have this, your Passport or Voter ID Card will do.

2. Residence Address Proof

Lenders also ask for your address for a variety of reasons. Proof of residence helps lenders verify your identity as well as evaluate your eligibility for a loan. You can use a recent utility bill, a bank statement, a receipt or tax invoice from a local authority, or your Passport as residence address proof.

3. Proof Of Income

Your pay stub serves as proof of your income, which is vital in verifying your employment and in evaluating your eligibility for the loan. Employees should get their pay stubs from their employers. 

4. Photo 

Lenders require a separate picture for verification and documentation purposes. Different lenders have different requirements for the type of photo they need. We require only a selfie!

5. Filled Out Application Form

You need to fill out the application form, which will ask for basic information about you, such as your name, address, age, place of employment, marital status, and so on. 

Applying For A Loan With Us

Applying for an employee loan program has never been easier. The application process is done completely online. It’s simple and fast and requires minimal requirements. If you are a federal employee or a public sector employee, you are eligible to apply for Access Loans’ employee loan program. 

Once you have filled out the application form, you will be asked to provide the documents mentioned above—your identification card, proof of address, pay stub, and a selfie. We will not check your FICO score at the time of application, so you don’t need to worry if your credit score recently declined. 

Here are the steps: 

1. Fill out the application form on any device. 

2. Set up your allotment for stress-free repayment. The Access Loans app will guide you through this process.

3. Sign your loan and get your money once approved!

With a simple process, the application only takes 1 to 2 business days, which means you will most likely receive your funds in the same week or even within the same day of your approval (if you were approved before noon).

Enjoy low-interest rates and flexible repayment terms with us. Apply for the employee loan program now.

Looking For A Good Lender?

If you’re reading this, then you don’t need to look any further. We meet all these criteria for a quality lender for government employees.

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

What To Look For In A Lender As A Government Employee

Finding A Lender: 5 Qualities Of A Good Lender. 

There are lots of lenders out there, but not all of them are trustworthy. Look for a lender with these 5 qualities so you can be sure you can trust them. 

Government employees with not-so-good credit may have found themselves borrowing money from sketchy lenders. Desperation due to a financial emergency is no excuse to put yourself in financial jeopardy. What should you look for in a lender? Here are qualities that make us a trustworthy lender. 

Qualities Of A Trustworthy Lender

1. Registered And Licensed

This is the most basic requirement for legal lenders. Most legal lenders make their license numbers available on their site. Check these and verify if the registration or license number is genuine. 

2. Information Transparency

You can usually tell by going through their site if a lender is hiding a lot of things. If they have a clear description of how they operate—such as, the application process, documents and other requirements, their rates and terms, and fees. These pieces of information are also critical in helping you understand if the lender is capable of meeting your needs. Generally speaking, however, a lender who genuinely and openly presents information about them is more trustworthy.

3. They Give Loan Agreements

Lenders tend to give a lot of promises during the negotiation period, so to make sure they don’t bail out on their promises, you need to get everything in writing. This is standard not just in loans, but in any legal transaction. The loan agreement will protect you, too, because it will prevent the lender from changing the terms of your loan. So, trust only lenders who provide loan agreements.

4. They Offer Flexible Repayment Plans

A good lender should have their clients’ best interest in mind. Aside from low-interest rates, look for lenders that offer flexible repayment plans. You should be able to choose a repayment plan that does not constrain your budget. Another sign of a good lender is if they allow additional payments without penalties or fees, as well as provisions if you lose your job. 

5. They Have Raving Reviews

Good lenders with a good reputation are not afraid to display their clients’ reviews. You should be able to find this on their website. However, you can get a better picture of clients’ reviews on other websites, such as on their social media page. If a lot of people have a positive experience with the lender, there is a higher chance you will have a similarly positive experience. 

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

What’s The Difference Between An Interest Rate And An APR?

The Difference Between An Interest Rate And An APR

What is an interest rate? What is an APR? What are their differences, and how do they affect you when you apply for loans for federal employees?  

Borrowing money is a complex matter that involves lots of jargon. You need to be able to understand the relevant terminology for you to find and choose the best loan for you and your family. Two terms you’ll often hear when you’re looking for loans for federal employees are “interest rate” and “APR.” Let us explain these two terms. 

Interest Rate?

Perhaps you are not familiar with interest rates. An interest rate is an amount you pay for borrowing money over a period of time. This is usually calculated based on the principal or the amount of money you borrow. For example, if you take out a loan for $5,000 with an interest rate of 23%, you will be paying a total of $1,150 per year, which would likely be divided into a monthly payment of $95.8. 

How are interest rates determined? 

Naturally, the economy is a major influence on interest rates. However, individual factors also affect the interest rate you may get when you apply for a loan. Banks also factor in your credit score, the down payment amount, the length of your loan, the loan amount, and the type of loan you’re applying for. 

It’s important to remember when you’re looking at loans for federal employees that the interest rate is not the full picture or the complete cost of your loan. This is where the APR comes into the picture.

Annual Percentage Rate (APR)?

Annual percentage rate or APR is a calculation of the total costs for borrowing money. The APR includes the interest rate, finance charges, document fee, processing fee, and all other fees the bank may require. The APR is often expressed in percentages. Continuing the example in interest rate. If you’re borrowing a $5,000 loan with fees amounting to $125, then this amount will be added to the loan amount, which will become $5,125. Your annual payment (based on a 23% interest rate) will then be based on this new amount, which will be $1,178.75. To get the APR, you need to divide the new annual payment by the original loan amount, which is 23.57%.

Interest Rate Versus APR: Which Should You Consider? 

While the annual percentage rate provides a more complete picture of how much your loan costs, you cannot completely ignore interest rates. In fact, you need both to get a better understanding of the true costs of your loan. Both the APR and the interest rate will tell you how much you’re paying for your loan and how much more you’re paying in fees. So, consider both when you deliberate loans for federal employees.

Enjoy lower interest rates and APRs with us!

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

4 Tips To Improve Your Credit Score For Your Security Clearance

Top 4 Simple Ways To Improve Your Credit Score 

Applying for a security clearance? Improve your chances of getting security clearance with these four simple tips to improve your credit score. 

Security clearance is an elite status granted to select federal employees. One of the qualifications for getting security clearance is a good credit score. If you have a bad credit score, or your credit score plunged recently, you will need to pull it up before applying for security clearance. Here are four tips to improve your credit score with a federal employee loan program from Access Loans. 

Your Credit Score And Security Clearance

Security clearance allows federal employees access to classified information or restricted areas at the organizational or state level. This is a major responsibility that requires prudence and discipline. The US Office of Personnel Management, which grants security clearance, rationalized that credit scores reflect a person’s self-control, judgment, willingness to the follow rules, and reliability. Since they will be handling classified information, they need to be trusted, and there should be no doubt that bribes will not sway them. 

Understandably, the US government sees federal employees’ credit score as a reflection of their character. However, unlike morality and character, finances are not absolute. Read on for tips on how to get your credit score to reflect your upstanding character.

Improving Your Credit Score

1. Pay Your Bills On Time

Your credit history is a crucial factor in your credit score. So, any missed payments of more than 30 days, especially if it’s habitual, bring down your credit score. Pay your bills on time. If you are to miss a payment, make sure to contact your provider and negotiate with them. 

2. Maintain Low Credit Utilization Rate

Check how much of your credit limit has not been used—divide your total credit limit across all accounts by your total current balances and multiply it by 100. Experts advise keeping your credit utilization rate at 30%. 

3. Check For Errors In Your Credit Report

It’s not uncommon for inconsistencies to mess up your credit report. Try to periodically get your credit score (no, it will not negatively affect your credit score!) and check the details for any inaccuracies. Fix those as soon as you can.

4. Consolidate Your Debt

If you have multiple debts and are on the brink of defaulting in any of them, consolidating your debt is your best bet. Access Loans’ federal employee Loan program will help you pay off your debts while you enjoy lower interest rates. 

If you need emergency funds, apply for Access Loans’ federal employee loan program here - we report payments to the top 3 credit bureaus can help improve or establish credit.

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).