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What Are No Credit Check Online Loans?

no credit check loansA No Credit Check Loan is a type of loan in which a lender does not perform a hard credit check with traditional credit bureaus to determine the potential borrower’s likelihood of repaying the loan. Instead, a lender performs a soft credit check which is visible only to the borrower and doesn’t hurt his FICO score.

The lender offering these payday or personal loans may also consider other aspects and sources of your finances, such as your present income, evidence of regular employment, a bank account in good standing, debt-to-income ratio as well as the history of other on-time payments if any.

Dealing with a lender who takes into consideration alternative data will not only increase the borrower’s odds of getting approved but might also get them better terms.

No Credit Check Loans can be either secured or unsecured, meaning they can involve an asset put up as collateral or not.

1. The secured loans are car title loans that have as collateral your car title.

2. Unsecured loans with no credit check include payday loans, installment loans and personal loans. Payday loans let you borrow small amounts of money for emergency expenses and should be repaid with your paycheck. Personal and installment loans allow higher loan amounts and flexible repayment terms over time.

Why Do Lenders Conduct Credit Checks?

Lending money is always a risky undertaking. But lending to an individual with bad credit history or who lacks it altogether is even riskier. There is a risk because there are no reliable indicators that would assure the lender of getting their loan back. There is also no asset that would serve as collateral in case the borrower does default. A credit check gives a lender a better indication of how likely it is that a borrower will repay their loan, in this way potentially minimizing their loss.

How Do No Credit Check Loans Work?

It is imperative to do some research before starting the application process and signing any loan contract. Not all loans that do not require credit checks are the same, so it’s good to choose the best option.

Short term installment loans

The loan amount you can get ranges from $100 to $1,000 for payday loans with no credit check, and up to $1,500 for personal installment loans.

After you submit the loan application and it is approved, the funds are usually transferred into the bank account on the same or next business day. Depending on what type of no credit check loan it is, the terms and conditions may differ (such as fees, interest rate, and repayment terms).

The loan is then repaid on the maturity date (the final payment date), at which time the principal (the actual amount borrowed) and all the remaining interest are due to be paid.

Do I need No Credit Check Online Loans?

It is common knowledge that credit scores determine an individual’s eligibility for a loan as well as the percentage amount that will be charged in interest. Statistics show that 51% of Americans have bad credit scores (under 720 on the FICO scale), while one in five has no credit history.

So, if you have a poor credit score or no documented credit history, you might think that applying for a loan is not even worth considering. And you will not be wrong in your reasoning: most lenders would not consider such individuals. What is worse, however, is that when lenders check your credit to determine your ability to repay, they signal the credit bureaus. These, in turn, use these inquiries to further lower your rating.

But, since personal loans no credit check do not require a hard credit inquiry, that might be a suitable option if you need money and have bad credit. Another option may be using your credit card or borrowing from friends or family. However, if you decide to opt for a no credit check loan, make sure you understand the offered rates and conditions.

 

How Can I Get a Loan Without a Credit Check?

Borrowers should fill out a quick online loan application indicating their bank account, employment information, and basic personal details. Lenders will perform a soft credit inquiry to assess the ability to repay the loan. If approved, read the terms and conditions of the loan and sign the contract. The money is typically funded the same or next business day.

 

Are No Credit Check Loans Safe?

If you borrow such a loan from a reputable and legitimate lender through our website, it is absolutely safe. Nevertheless, because of the precarious situation that poor or no credit borrowers find themselves in, they are more vulnerable to the predatory tactics of disreputable online lenders. Such lenders will want to profit from the situation by attempting to get the potential borrowers’ personal information or even their own money. What you should look out for when considering personal loans with no credit check:

Upfront Fees

If the lender tries to charge you an upfront fee to process the loan documentation, this should immediately raise a red flag as it is prohibited by law to charge fees just for submitting a loan application.

No Checks

If a lender promises to loan you money without checking your credit history at all, instead of performing a “soft” inquiry, then this is cause for concern. Every reputable lender should be aware of your ability to repay the loan.

Dubious Lender

If the lender you have chosen does not have a physical address or asks you to send your payments to an individual, rather than a company, that is a sure sign the lender is a scammer. You should also check if the lender is registered to operate in your state (you can find this information at the office of your state’s attorney general). If not, then you should definitely drop such a lender.

 

What Are The Risks Of A No Credit Check Loan?

Online loans no credit check may seem like an appealing option for a borrower with a poor credit rating in need of fast cash. After all, you get your money in the shortest amount of time possible without lenders using your credit history as qualifying criteria and without affecting your FICO score.

But as the old adage goes, if something seems too good to be true, it most probably is. These convenient loans come with considerable strings attached, and it literally pays to be informed when considering taking out a no credit check loan.

High Interest Rate

Lenders take on a big risk when they accept a borrower who has bad credit. So, to offset such risk lenders charge high interest rates in return.

As an example of comparison, a bank-issued personal loan taken out by a borrower with a good credit standing might come with an APR (Annual Percentage Rate) of roughly 10%. The average no credit check payday loan charges an APR of around 400%.

High Fees

Direct lenders offering payday loans charge high fees, which can range from $10 to $30 for every $100 you borrow, making them quite expensive.

Short Repayment Period

The interest amount and fees are due all at once within a very tight period (usually weeks). If the borrower is unable to weather such conditions and repay their payday loans on time, they may “rollover” their loan (extend the due date).

Worse yet, they may reborrow to pay off the old loan. Such actions are very likely to trap the borrower in a repayment cycle, which will do nothing except continue to put money in the lenders’ pockets.

A study from the Consumer Financial Protection Bureau found that more than 80% of payday loan borrowers either reborrow or rollover their loan within 30 days. Even more distressing, more than 40% of them finish up defaulting.

Repayment Not Reported

Some lenders will not report your successful payment activity to any of the three major credit bureaus. If your payments are not reported, you will not be able to use the no credit check loan to rebuild your history and get a better loan in the future.

Why You Need To Know Your Credit Score

The key to successfully managing your credit and knowing how to improve it is for people to be aware of their credit scores and understand what is on their credit reports. This knowledge holds many advantages and is absolutely indispensable when negotiating a payday loan with no credit check.

Know Where You Stand
When contacting a lender, you will know exactly where you stand and where your score falls within the range between 300 and 850. You might not be in the “excellent” category of 800 and up, but neither are 99% of people.

Gives You Power Over It
Knowledge is power, and it could not be more true than in the case of your credit. To build credit takes time and the sooner you know how you measure up, the sooner you can take control of it and take the necessary steps to build a solid financial future.

Spot Irregularities
If you find that your credit score is radically different from what you had expected, it is wise to take the time to go over it carefully to see if this due to a mistake. You might just spot an error in calculation, or you may have been a victim of identity theft. Either way, if you are aware of the state of your credit, you can rectify the problem.

Saves You Money
High credit scores translate into lower interest rates that you can expect to pay on loans and any other financial products. If you know your score, you can negotiate more successfully with different lenders to obtain more advantageous rates. Remember: when you build your credit, you invest in the future.

How To Check Your Credit Score And Report?


There are several quick ways to check your credit report and score. People must be aware that they can obtain it free of charge if they so wish.

You can find your credit score included on your monthly credit card statement if it is from a major credit card company. It can also be obtained by buying it from MyFico.com.

In terms of your free report (which will not include the score), you are entitled to one from each of the three major bureaus once every 12 months. You can request one by visiting www.annualcreditreport.com.