It may be tough to obtain a loan if you require immediate cash for an unforeseen expense and have a bad credit score. Traditional loans, including credit cards, are typically limited to people with good credit. To be qualified for a loan, many, if not all, credit unions and banks require you to undertake a hard credit check. So, what can you do if you need a loan but have a bad credit history?
Fortunately, nowadays, websites that work with large networks of third-party lenders are ready to provide loans without hard credit checks. Thus, people with poor credit scores or no credit history at all are eligible for no credit check loans.
Types of No Credit Check Loans
Payday loans and personal installment loans are the two types of loans available online that do not require a hard inquiry.
Paydays are small short-term unsecured loans that can come with relatively higher interest rates. This type of debt is due within a month or until the client’s upcoming paycheck. Online lenders never require collateral to secure the money. Instead, they need some proof of employment to feel confident about the borrower’s ability to pay the debt back. Borrowers cannot solve big money issues with payday loans, as the amount ranges from $100 to $2500. However, paydays can save people from undesirable debts and are suitable to cover urgent bills or small unexpected expenses.
Personal Installment Loans
Compared with payday loans, personal installment loans are designed to solve more significant problems, as the amount ranges from $3000 to $50000, sometimes even more. The money is due in 12-60 months and can be used for any reason. The interest rate you pay might range from 6% to 36%, depending on the lender and his requirements.
Benefits of Online No Credit Check Cash Loans
- It is entirely free to apply.
- The application process is simple, quick, and straightforward.
- The online form is easy to fill out and only takes five minutes.
- Lenders do not perform a hard pull.
- You can get a loan in as little as 24 hours.
- The platforms own thousands of satisfied clients.
Process of Application
No-credit-check loans offer a simple application process and are usually generated swiftly, allowing you to acquire a loan quickly without having to worry about your credit history. You will be requested to share information about your job and bank account in order to apply for a no-credit-check loan. Lenders also require some personal data like name/surname, home address, date of birth, phone number, email address, SS number, and a government-issued ID. Lenders use this information to determine the amount and terms of the loan you qualify for.
How to Get an Online No Credit Check Cash Loan in a Few Simple Steps
First, take a visit to the lending website and thoroughly investigate the platform for validity to ensure that you can rely on them and then provide the information they require.
- Read and adhere to the website’s terms and conditions.
- Complete the online application.
- Submit the form once it's been filled out completely.
- Wait for the approval.
- Sign the contract.
- Get the money directly deposited into your bank account.
- Enjoy your money!