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Applying does NOT affect your FICO® credit score!


Traditional banks and other lending institutions have strict sets of rules that a borrower must meet. The requirement that you must have a good credit score disqualified many people from accessing bank loans. The application process for loans through these traditional channels was also too long and thus unsuitable for people with emergencies.

Applying does NOT affect

your FICO® credit score!

In order to overcome these challenges, online lenders came up with loans based on income. This type of loans allowed people with ad credit to borrow a loan. The application process also took a few minutes, thus ideal for emergency situations. At Nation 21, you can literally have the money in your bank account 24 hours after creating a personal profile.

Eligibility for loans based on income

Compared to the traditional lending process, this system has minimum requirements. This is because online lenders understand that your past financial decisions should not be used against you. Instead, the focus is on your current financial ability and your willingness to repay the loan.

At Nation 21, for instance, the basic requirements for creating a profile are very lenient and easy to meet. The requirements for most of our lenders are minimalists and include the following:

  • You must be at least 18 years of age
  • You must possess at least one of the recognized US identification document
  • You must be residing in the USA at the time you apply for the loan
  • You must have a verifiable stable source of income
  • A physical address
  • A functional bank account

There are various types of loans based on income. There may be additional requirements depending on the type of loan you apply for, the lender, and even the amount.

How do loans based on income differ from other loans?

There is a significant difference between online loans based on income and other types of loans offered by various lenders.

As may be evident from the comparison table, online loans based on the income aim to make the loan application process as easy for the borrower as possible.

Poor credit personal loans based on income – No Credit Check Fact

Our team of online lenders understands that there are various reasons why a person may have a poor credit score. Sometimes the reason is beyond your control or you just happened to make a bad financial decision in the past. Many online services claiming about no credit check income-based loan but that’s certainly not the case with all the lenders. However, many lenders tend to perform a background check on your profile and then approve you a loan for the short term with a smaller amount. Bigger and lower interest rate normally requires a credit check if you are not offering collateral against the loan amount.

Applying does NOT affect

your FICO® credit score!

The lenders are therefore of the opinion that having a poor credit rating should be a major determinant of whether you get a loan. This is the reason many of them offer poor credit personal loans based on income. This type of loan is intended to give you a boost during your financial emergency. You can then repay the loan in installments depending on the agreement you make with your lender.

Although the poor credit personal loans based on income does not depend on your credit score, your commitment to repay the loan on time can help you boost your credit score. By doing so, you will be able to access loans with the best deals in the future.

You can easily forget or delay to repay your monthly amount thus hurting your repayment schedule. To overcome this, some of our lenders can make an arrangement so that the monthly installment is deducted directly at the bank.

Uses for loans based on income

The manner in which you use the loan is entirely up to you. However, here are some of the ways that most of our borrowers use this type of loan:

  • Going on a family vacation
  • Repairing your car, house, or appliance
  • Going back to school/paying your kid’s school fees
  • Top up an amount you have been saving to purchase or pay for something worthwhile
  • Take care of a medical emergency
  • Clear some overdue bills

Be a wise borrower

Online loans such as poor credit personal loans based on income are easy to get.  As a result, if you are not disciplined, you may end up accumulating several such loans and end up in a bad financial situation. This is because the loans, while convenient, usually have high Annual Percentage Rates.

So how can you avoid this possibility?

  1. Be a diligent borrower – ensure that you understand the tiniest details of the loan deal you are about to take
  2. Be a disciplined borrower – borrow only the amount you need and can repay without struggling
  3. First, clear one loan before taking another one
  4. Spend the loan in ways that better your life and that of your family

In conclusion…

Loans based on income are intended to help you out of an emergency or to meet a certain need. Therefore assess your situation and see if you really need the loan. If you do, make a budget of what you want to do with the money before you even apply. Then stick with the plan.

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?