The term no credit check loans can be misleading, and should not be misunderstood.
The truth is, practically every loan requires a lender to check the risk of a borrower. All loans require some form of credit verification. These verifications can be traditional or non-traditional but every lender may perform one. Please don’t be misled by the common term no credit check loans.
If you have poor or bad credit and need a loan, your best option is to apply to see if your information meets the requirements of the direct lenders we work with. There are many that have done so in the past with bad credit that may have been approved by the lenders that we work with.
Some of the people who apply often need loans but can be denied due to bad credit, if you have poor or bad credit you should still apply. Many people in this situation turn to unsecured loans, where a poor credit rating can be less of a concern to the lender. They do check, but the methods of a lender checking your credit can vary.
When it comes to these types of loans, this is related to short term loans where lenders aren’t inquiring with the main credit reporting agencies like Equifax, Transunion and Experian and could affect your credit score. Often, lenders are also looking at employment history or similar indicators.
We understand that credit checks can be a barrier instead of an incentive. Instead of forcing you to struggle further, we work with many lenders that offer what some consider no hard credit check loans or payday loans that could provide the funds you need quickly to maintain your standard of living. These types of loans allow even people with bad credit or no credit to get the money they need.
If you are in need of payday loans we are here to help with that too. We work with many lenders and can help you to find fast cash when you need it.
How a No Credit Check Loan Works
There is no such thing as no credit check loans, but don’t let this prevent you from applying.
To be clear, this is a term that has evolved from somewhere which has no truth to it since practically all lenders check the risk of loaning money to someone. As a lender, it only makes sense that you would prefer someone borrowing money from you will probably pay it back, preferably on the due date.
While some are using credit scores to determine whether or not you can pay back your loan, some lenders that will check other things, like your pay check and employment, to figure out you are loan worthy for consideration. As the method used by lenders is confidential and proprietary, it is impossible to assure they are not using a hard credit check when assessing your application. At the same time, there are other lenders that might accept your application if you meet the minimum requirements, and a poor credit rating might not be an issue.
Some metrics that lenders refer to may be good indicators of current financial habits and trustworthiness, sometimes even better than an often out of date credit score. After checking these metrics, many lenders are generally able to decide on your loan application much more quickly than with traditional credit check loans.
For those with bad credit, a no credit check loan has its appeal, but it also has high APR. The APR, or annualized percentage rate, can be as high as 400% with a no credit check loan. But if your credit rating is bad and most lenders won’t allow you to borrow from them, the lenders that will consider your request for a no credit check loan tend to charge more due to the risk on their end.
Advantages of No Credit Check Loans
There are many advantages to taking out an unsecured short term loan.
For starters, your credit score may not directly impact the lenders decision to lend you the money you need. Though this may not hold true as the direct lenders we work with all have varying ways of determining the eligibility of the borrower for being approved for a loan. Another benefit of such loans is that some lenders can directly deposit your funds into your bank account after approval.
The fast decision process when applying through Personal Money Store means that such loans could be a valid financial option when you need a quick injection of money to make rent, afford school, or take care of emergency expenses. Where we work with multiple direct lenders, we place your application in front of as many lenders as possible, therefore increasing your chances of receiving an instant decision.
Many of the lenders we work with don’t usually require you to fax anything, although it’s ultimately up to the them. Most processes or loan applications are finished online, and the process also add to the overall speed of the loan’s return to the lender and lets you get back to your life sooner rather than later.
How Your Credit Can Hurt You?
Bad credit can be a shadow that follows your financial efforts for many years. It doesn’t even take much to end up with bad credit; only a few poor choices or moments of bad luck can lead any responsible individual to credit score ruin. Bad credit leads to a cycle of bad financial health since people with bad credit often have to take out loans that aren’t optimal for their situation. This can lead to further damaging your credit score when individuals can’t pay back their loan(s) on time. During times like these, bad credit loans could be an option to provide assistance when used properly.
How to Get a No Credit Check Loan?
Once again, the no credit check loan is a myth, and there’s no such thing.
Practically every lender checks an applicants credit, one way or another.
But to get started, even with poor credit, the best way to find out whether you qualify is to complete the online loan application and submit.
While the is no guaranteed approval, the best way to find out whether a lender is interested in approving your loan request is to apply.
To get started on the loan application, there are no lengthy forms to fill out and some minimum requirements usually include the following:
- valid identification such as a driver’s license or state ID
- a checking account that is in good standing
- your phone number and email address
- proof of consistent income and employment
- being at least 18 years of age or older, and a resident of the United States.
As you can see, all of this information is much easier to collect and doesn’t require you to wait for several days before hearing a response from lenders.
Once your application has been submitted, if accepted, a lender may get in touch with you shortly after you fill out the form for additional information.
A checking account in good standing is essential to provide a way for the lender to get the money you need in your hands as soon as possible.
The information on your paystub from your employer is one of the ways lenders check your ability to pay back the loan promptly. Paycheck history can replace the hard credit check for some lenders, and can be much more indicative of recent financial behavior.
These kinds of metrics can be valuable if you have made lifestyle changes and become more adept at handling your finances even if your credit score does not yet reflect this evolution.
The industry-specific credit reporting is necessary as a metric for loan acceptance as well. This credit reporting can be improved by ensuring that your payments are made on time and that you are not delinquent on any type of loan(s). Often, people can have excellent industry-specific credit while having a bad overall credit score due to past decisions or mistakes.
In addition, you need a working email address and telephone number when filling out the application form through Personal Money Store, and should you receive an approval, the direct lenders we work who will approve your loan, will contact you to discuss your options.
As you can see, the requirements for a so-called no credit check loan through Personal Money Store and lenders we work with are much more achievable than the rigorous requirements needed by traditional hard credit check loans. The system is designed to place your application before multiple lenders to potentially increase your chances of being approved for the money you need, even with a poor credit score.
If you’re in the military and looking for an no credit check loan of this type, there are regulations that govern the lending of military personnel that are meticulous than when civilians apply, which makes it more challenging to get approved as there are a much smaller amount of lenders that extend loans to military personnel. It isn’t to say it’s not an option, but the chances for being receiving an approved can vary depending on your circumstance.
How Much Does a Bad Credit Payday Loan Cost?
The cost for a payday loan depends on the type of loan being borrowed and the exact costs will be determined by the direct lender.
The direct lender will break down the total cost of each type of loan that will be lent that will best suit your financial needs following an approval . Following a conversation with the direct lender, you can make an educated decision about the kind of loan is right for you.
By applying through Personal Money Store, we redirect your application to the direct lenders we work with, therefore increasing your chances of receiving a near instant response.
How Long Will it take to Get a Loan?
Length of time until you get your money varies depending on the exact type of loan you have been approved for. But in general, the lenders we work with could provide the borrower with the funds within a few business days, should the application be accepted.
Most loans are decided upon within a few minutes by the lenders we work with, although some may take longer. If you’ve been accepted for a loan, the funds are deposited into the checking account you have specified, which usually takes up to 1 to 2 business days before the money can be withdrawn and used.
If you have bad credit and still need financial assistance, don’t give up. Personal Money Store might be the perfect solution for your as we direct your application to the direct lenders we work with. The direct lenders could help find the ideal loan for each case and provide borrowers with ways to get the money they need to continue working and living comfortably even if they have bad credit. Don’t wait, find out what Personal Money Store can do for you!