Single Payment Loan Requirements

A single payment loan is one that allows a borrower to defer all payments until the loan’s maturity date. Once the loan matures, both the principal and interest is due. Single payment loans are useful for borrowers with a short term funding needs that are able to pay the loan back when the maturity date arrives. The loans are offered as both unsecured signature loans and secured loans. Secured loans are backed by a specific asset, collateral or revenue pledge.

Single Payment Loan Requirements

The requirements for a single payment loan include financial statements, tax returns, annual budgets and other information necessary to show that they are able to pay back the loan when due. Some lenders may also require a high credit score for an individual borrower, or DUNS rating for a business as proof of creditworthiness.

Keep in mind the dangers of a single payment loan. They can be risky if the borrowers do not have adequate resources available to pay back the loan when due. A borrower should be cognoscente of the amount of money they have and use their funds conservatively.


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