Personal loans Michigan are a loan, the funds of which are directed to the purchase of goods and services. Quite often, it is targeted, that is, the client knows in advance what the money received will be spent on. By applying for a personal loan, the borrower can perform the following actions;
- pay for the child’s education;
- carry out repairs in an apartment or a private house;
- purchase a tourist ticket;
- buy any consumer goods, etc.
The main advantages of this type of personal loans are:
- fast procedure for issuing a personal loan Michigan, which usually takes from 1 to 3-5 days;
- the possibility of spending funds at your own discretion (if there is no strict target use of the loan);
- minimum requirements for the borrower. Often, a personal loan can be taken out by the owner of a good credit history without providing collateral, guarantors or even income certificates;
- no need to purchase an insurance plan, etc.
The peculiarities of issuing a personal loan Michigan if you are a foreigner do not particularly differ from the terms for lending to foreign citizens provided for by your domestic banks.
This means that it is theoretically possible to take out a loan in the United States of America, but practice shows that not everyone can do it.
It is easier to get approval if you want to buy real estate in the United States, because in this case the property acts as collateral, which means that if problems arise, the bank will be able to sell the property you purchased in its favor.
Who can issue a personal loan in the USA?
It must be said right away that the terms for issuing loans to foreign citizens in the United States of America are not as favorable as for the local population. And in order to get approval from the borrower it is required:
- age from 25 to 75 years old;
- the presence of a confidential letter from the European bank in which the client is served;
- availability of insurance;
- availability of funds for making the first installment – from 30 to 40% of the value of the property.
The chances will increase significantly with the documented evidence of official income.
Required documents for a personal loan Michigan
You can get the opportunity to issue a loan in the USA if you meet all the requirements of the bank, as well as if you have the following documents:
- green cards, work visas;
- international passports;
- social security cards;
- income certificates (for 3 years);
- bank statements;
- letters from the National Bureau of Credit Histories, etc.
The list of documents, as well as credit terms, depend on the credit program, the parameters of the borrower, his income and the quality of his credit history.
How to pay for a personal loan?
Loan payments are made in accordance with the consumer credit agreement. In this case, repayment of debt on a loan can be carried out monthly, quarterly, at the end of the term of the Consumer Credit Agreement. Interest on the loan can be repaid monthly, quarterly, at the end of the agreement. In case of monthly and quarterly loan repayment, the payment date is determined by the individual terms of the consumer loan agreement.