Short-term Loan crediting is a fine financial service. These short-term loans are cheap. They are taken by many people in the US. Many individuals think it is possible to take a payday loan if one is illegally in the country. It is a myth. Taking payday loans for non-Americans is strictly forbidden.
Financial companies that issue credits required to present many documents. The most important paper is a passport. If it is not presented the chance a short-term loan will not be issued is high. Reliable financial firms are afraid to distribute loans to illegal applicants for several reasons:
- They can be sued. American legislation is very strict. If a firm distributes short-term loan to those in an irregular situation, it undertakes illegal activity. There is nothing good that can come out of it. Such companies are usually closed by court decision. They are prohibited to undertake any similar activity further on. They can even be taken to court. These are the main reasons that prevent firms to distribute short-term loans to illegal workers.
- A credit sum may not be returned. If a person does not provide a copy of a passport, he/she can take the money and disappear. It is impossible to find him. It is neither possible to take one to court. It is a very solid reason why it is better to assign crediting to authorized people.
These are two main reasons that prevent firms from personal loan distribution. They do not want to get legal and financial problems. It is a rational decision.
What Documents are Required
A passport is needed for sure. Some other documents can be negotiated. It is possible to provide alternative documents. If one does not have an income statement and working contract, it is possible to substitute them.
One can provide property papers. Lending companies gladly take them. Some companies can accept papers on property abroad. If one can not return a small loan back, they will take a borrower to a court. A court can take a decision on confiscation.
Another document alternative is a guarantee letter. If one does not work, it is a good paper to present. This document has to be signed by a third party. It can be someone close to a borrower. He has to return a small loan if the main credit applicant does not give it back.
One more important paper is a credit score statement. A financial score is an indicator assigned by financial bureaus. Fine credit history means one will return loans back. It is possible to increase a score in a very specific way. Banks issue prepaid cards. These are debit and credit cards. It allows easily to improve credit score. It is possible to negotiate with a lending company on documents.