3. Working phone – This must be a landline or contract cell phone from a national carrier, in your name. Prepaid cell phones can’t be used. As lenders sometimes say “No phone, no loan!” This is so they can reach you if something happens, such as missing a payment.
- Proof of income – This must be in the form of a computer-generated check stub. It must be current, show year-to-date income, and your wages must be reported on a W-2 form at the end of the year (most subprime lenders have a problem with income like SSI and disability).
CFED (Corporation for Enterprise Development) released their 2014 Score Card Deep Five Report, a comprehensive evaluation of the relative financial security of the American public.
Results from the Score Card reflect that 56.3% of all US consumers do not qualify for credit at “prime” rates. With an average annual pay of only $40,309, consumers in the state of Mississippi account for the highest percentage of consumers with subprime credit at 69.1%.