Those with steady income are eligible.
Let's say you've never borrowed money in the past, but you have a job with steady income. In other words, the lenders can count on knowing that you will be bringing in cash on a regular basis through some source of income. It could be a part-time job, or a full-time one that you've been dedicating your career to, and as long as there is consistency with earning, it's likely you will be approved for a small loan.
You must be 21 years of age in most instances.
If you are under 21, a suggestion would be to apply for a pre-paid credit card, and get at least a part-time job where you can put money into this card, and spend it on small items, like a Pandora or Spotify account that gets billed monthly, and you can establish a line of credit through consistent payments. This is a good way to increase your eligibility, and lower the interest rates of your small loan.
Have a history of work experience.
Start working when you are 18 and by the time you're 21 you will be in a very good position for loan approval. If you have never had a formal job before, and have been a freelancer for some time—it may be a bit more challenging to show a consistent trail of earnings, but it is still very possible, by building your credit score up as mentioned before, with a pre-paid credit card, and using it for small items. The best ones are monthly subscriptions, because you can count on them, and know how much you need to put into the pre-paid card in advance to make sure they are covered. It helps prepare you for the consistency of making payments every month—which will increase your credit score significantly while you are paying off your small loan.
And remember, a small loan is designed to give you reprieve—that much needed time to get back on your feet—and with the right discipline, it can be a very beneficial decision for your life. Moneda Lending is on standby, waiting to hear from you, and to receive your application. It takes minutes to find out if you are approved. Funds can be in your bank account in as little as one business day.