- 1 personal loans no credit
- 1.1 Personal Loans that Fit Your Life
- 1.2 Bad Credit is No Longer an Issue
- 1.3 Advantages of Loans with No Credit Check
- 1.4 The Benefits of Loans with No Credit Check
- 1.5 Get Loans With No Credit Check
- 1.6 Search Your No Credit Check Loans Options
- 1.7 Compare Rates, Terms, and Other Details on Loans With No Credit Check
- 1.8 Ask Questions About the Loans Without Credit Check
- 1.9 When you Need an Immediate Loan
- 1.10 Loans with No Credit History Check
- 1.11 How to Get a Loan with Bad Credit
- 1.12 Requirements for Getting a Loan with Bad Credit
- 1.13 Common Features of Online Personal Loans
- 1.14 How to Use the Money from an Online Personal Loan
- 1.15 Debt Consolidation Loan Bad Credit
- 1.16 Debt Consolidation Loans bad credit accepted
- 1.17 Benefits of Consolidating Your Debt Into One Loan
- 1.18 Loans with No Credit Check at Nation21
- 1.19 Bad Credit Wouldn’t Bother You Anymore
- 1.20 The world of No Credit Check Loans
- 1.21 Why does checking credit matter?
- 1.22 How do No Credit Check Loans work?
- 1.23 How do loans through OppLoans work?
- 1.24 Why Loans through OppLoans are different.
- 1.25 Applying for a Loan with No Credit
- 1.26 What Does Having No Credit Mean?
- 1.27 Reasons Someone Might Have No Credit
- 1.28 Requirements to apply for our personal loans?
personal loans no credit
No Credit Check Personal Loans
Credit problems can erupt at any time without any prompting. If you are searching for personal loans with bad credit, you will think that perhaps it might be difficult. To get through personal loans process easily with bad credit can be overwhelming for some people. For them no credit check personal loans are offered.
Are you looking to get some cash in your pocket rather quickly to deal with an emergency or something else? Do you want to find a way to get the money that is necessary to get you out of your jam? There are many lenders that do no credit check personal loans for people with bad credit and you can be one of them. Here is what you should know.
First, you need to think about where you already have a relationship. If you have a bank account of any sort with a bank, then this is a great place to start. Some banks even have programs for those that have not developed a credit score yet. This will be the best type of loan you can get if your bank will work with you.
Overcoming your personal financial needs are urgent, it is really difficult when you are short of reserves. In addition, disruption of credit reports that you take some apprehensions? This is a situation experienced by many of you. Those who have sufficient cash reserves can effectively treat their needs, but those who do not need to worry! By opting for no credit check personal loans that you can recover the cash necessary for your personal needs. Now, faced with bad credit records like arrears, late payments, arrears, CCJS, by default, does not pass the payments and other similar documents mai a request for assistance accordingly.
How to find the best low rate personal loan offers?
Despite the fact that the no credit check loans are given at high rates, you can still try to get a relatively low rate loan by doing comparison shopping. This will take a little time and the job will actually be easy if you are considering the services of a broker web site. A broker web site will list all available offers and may even offer comparison of different loan offers side by side. This is why searching through a broker web site will save considerable time for you eventually. Another way to get the lowest rate offer is to resort to the option of secured loans. I know that most of you will be annoyed at this option but the truth is that it will be very helpful to people who are most concerned about losing cash in the form of interest to the lender.
If You Need Fast Cash, A PayDay Loan Online Is a Very Quick Process
Online payday loans can get you fast cash through a very quick process. By processing applications online and depositing money into your checking account through direct deposit, you can have your cash advance within hours.
Applications are processed electronically for near instant approval. There is no credit check involved with the cash advance company, so all they need to verify is your contact information, employment, and checking account. It is a faxless process, so you don’t have to have copies of old bank records or pay stubs.
Better Rates For Longer Term Credit
Short term personal loans don’t work for every type of credit need. If
you expect to carry your debt for more than two weeks, then plan on
opening a new credit card account. However, with the more strict credit
requirements, credit card applications take at least a week to process.
Comparing Payday Loan Stores
You can quickly compare online payday loan stores to find the lowest rate. By federal law, lenders must post the rates in terms of annual percent rate, even though your loan could only be for a short period. This makes comparing the APR rate easy. Be sure to look for any application fees too.
In order for the lenders to advance you with a no credit check personal loan, the applicant must be of age or in other words be over 18 years of age and have a valid checking account on which the loan amounts will be deposited. The checking account must have been in operation for the last six months prior to application of the loan. The applicant must also be gainfully employed or be self-employed and must be earning a monthly salary of not less than $1000. The applicant must also proof that they have a permanent physical address on which they must have been residing for the past 1 year. If these requirements are met, the lender is left with no other choice other than to provide the borrower with the required amounts.
Thoroughly go through all the terms and conditions, which is the fine print of the loan. And consider the annual percentage rate which is the sum of the interest rate and other costs such as brokers fee, legal fee etc.
No credit check personal loans are just like any other loan, which satisfies the financial needs of a person. But it provides a freedom to all those people who have been refused for personal loan just due to the reason of their bad credit.
Unless the credit stipulates that it is available only with the issuing bank, all credits must nominate the bank, which is authorized to negotiate. In a freely negotiable credit, any bank is a nominated bank. Thus, the negotiating bank may be specifically nominated by the credit or any bank where credit is freely negotiable.
When you need money, there’s a good chance you don’t want to wait days, or even weeks to see if you’ve been approved. You also don’t want to fill out mountains of paperwork, have your credit and income put under a magnifying glass or answer invasive financial questions. What you want is easy to request loans, with no credit check.
There is a quicker, easier and less invasive way to get the funds you need. How? Request a personal loan with no credit check necessary. This gives you the money you need and plenty of time to pay back the loan – it’s a whole new world of lending.
Personal Loans that Fit Your Life
There are personal loans that have been uniquely designed to help you get the funds you need when you need them. The request process is easy. The request form requires some income information, but, in most cases won’t require you to send any documentation, and the request process is simple. Another benefit of online loans is that you can have up to 18 months to pay the money back. This means there is no worry about having to repay a large sum of money on your next payday or even the next month.
Bad Credit is No Longer an Issue
If you have bad credit, you may find securing a loan is virtually impossible. Traditional lenders require quite a bit of documentation and a credit rating that is good. Bonsai finance is the ideal solution when it comes to online cash loans.
While some information will be required about your credit score, it will only be visible to you, which means our inquiry will not further hurt your credit rating. The online loans we can help you find are a quick and easy source of emergency fun. The loans will be available right away, rather than having to wait days or longer. This is why all the request processes and formalities are kept straightforward and simple.
Advantages of Loans with No Credit Check
Our loans have been uniquely designed for borrowers who have a low credit score and who find it challenging to get loans from more traditional sources. They are not based on credit history and don’t require a credit check. Instead, they are based on your current position, the amount of income you have coming in on a regular basis and how easily you will be able to repay the loan within the agreed upon term.
The Benefits of Loans with No Credit Check
If you are tired of hearing “no” and want to find a new way of borrowing money, then it is time to consider an online personal loan. With this, you can get loans with no credit check. Simply indicate the amount of money you would like to borrow, and how much time you need to pay it back. You will finally be able to get back on your feet financially; you will love the way we lend.
Get Loans With No Credit Check
When you’re in need of quick cash to pay a bill, make repairs on a vehicle, or buy needed household items and you can’t wait for payday, you may be wondering where to turn. If you have poor credit, you might wonder if you will be approved when requesting traditional loans because lenders will definitely check. You might feel like you have hit a wall.
To qualify for some loans, credit must be above a certain score, and many people don’t qualify. You may also be required to provide collateral for other loans, and there are many who do not have the assets to do so. If you’re in this situation, you should consider personal loans without credit check options.
Search Your No Credit Check Loans Options
When looking for a loans lender, checking for different options is the first place to start. There are a variety of loans with no credit check available and may be called a payday loan, personal loan, or unsecured loan. Make sure you do a thorough search to make sure you see all of your choices.
Compare Rates, Terms, and Other Details on Loans With No Credit Check
It’s important to know the terms of the available credits, financial information you’ll be required to submit, and other applicable information. While some loans may require above average credit, loans with no credit check do not have the same requirements.
Ask Questions About the Loans Without Credit Check
When you’ve narrowed down the list, contact a customer service rep and ask questions about rating, financial information needed, monthly payment options, and in what amounts loans can be secured. There are a variety of loans with no credit check available, so go with the company that makes you feel the most comfortable and provides you the options you need.
When you have less than great credit, it can often be difficult to qualify for traditional loans. Check your options in the form of unsecured loans with no credit check to find the best one to satisfy your needs.
You only get paid once every month. But your expenses pile up every day. Cars need to get fixed, bills need to be paid and student loans need to be reimbursed. You try to pay off as many of these expenses as you can, but often there’s that one missed payment installment that leaves you in debt.
So you try to go to the bank to get a loan to pay off the money you owe your lender. And there you are brought face to face with the fact that your poor credit history makes you unsuitable in the eyes of the bank for receiving a loan. What do you do now? Maybe try again next month for a loan? That’s a bad option.
When you Need an Immediate Loan
The thing about loans is that they never pop up at a time that is convenient for you. Lenders don’t care whether you’ve been sick, or unable to find work, or trying to pay up three other loans the same month. When the deadline arrives, either you pay back the money you owe, or you end up losing your house/car/personal belongings that you kept as collateral, or worse, end up in jail.
That is why the current method of getting a loan, where you have to provide full details about your financial history, fill out tons of paperwork, and then wait for days and weeks while knowing there is a good chance you may not get approved, is so cumbersome and unsatisfactory.
What if you could get a loan right away without first having to provide a credit check? Such an idea may have seemed impossible once upon a time, but thanks to the internet, it has now become a reality.
Personal no credit loans are a fast, easy way to get your hands on some ready amounts of cash. The entire procedure of requesting and receiving the loan can be completed online within a single day. You will be asked to supply some personal information, but no documentation needs to be sent over. Once you get the no credit check loans, you have up to 18 months to pay the money back.
Most people use personal loans to pay off their other loans with no credit that have been piling up for some time and demand immediate action. The beauty of personal loans is that since they are so easy to get and require no credit check, you can take out a single personal loan, and then use that one loan to pay off all the other loans. Now you only have one loan to worry about paying back, and the interest rate on your return should go down, since you are paying back a single loan instead of several. Your finances will become much less messy if you only have to pay a single loan instead of many no credit loans.
Loans with No Credit History Check
The biggest problem with traditional lending organizations is how difficult they make the entire process of requesting a loan. If you have bad credit, as does everyone at some point in their lives, it is unlikely the bank will give you a loan.
At Bonsai Finance, we understand that your credit history is not always under your control. That doesn’t mean you should be deprived of badly needed loans. Any kind of emergency may pop up over time requiring immediate funds. We kept that fact in mind while designing our website, to make sure the need for a credit history check was eliminated, and the process of requesting the loan is made simple and streamlined for a quick transaction with no credit check loans.
Of course, entering into an online transaction blindly can be a bad way to pay off your debt, so you need to be smart about it. While searching for a lender online, view the options each lender offers in terms of how much money you can ask for, how soon you’ll need to pay it back, and how much interest will be charged for no credit check loans.
The loan you decide to avail of may be a payday loan, a personal loan or an unsecured loan. Make sure you fully understand the terms of the transaction before you commit to a particular loan with a particular lending company.
Now that you have decided on the company, and the type of loan you think will best serve your needs, get in touch with the company’s customer support and ask them questions about their rating, payment options, required collateral, etc. for no credit check loans.
At Bonsai Finance, we understand the anxiety that you must feel when you are in debt, and our primary aim is to help lessen your anxiety by guiding you through the transaction process and explaining every aspect of our business in a simple and easy to understand manner.
Here’s another reason why online loans with no credit are how a lot of our future transactions will be carried out: It’s way more convenient. Go to any bank in your neighborhood, and you will see a long line of hopefuls looking for a loan to end their money woes. Even if they have an impeccable credit history, getting a bank loan can be a long, torturous process that involves long hours of standing in line and repeated commutes to the bank building.
With online lending, the entire process of getting a loan is conducted at your own house. All you need is an internet connection and a comfortable chair to sit in while you fill in your personal details and the amount of money you need to get no credit check loans for.
So come join the ‘Loans with no credit history check’ revolution, and let Bonsai Finance take care of all your financial needs in your own home!
How to Get a Loan with Bad Credit
It might not seem like a big deal but getting a loan can be a major feat. With lenders tightening the purse strings on loaning funds after market meltdowns and financial crisis after crisis, landing a loan can become a huge endeavor. Throw in bad credit and the chances of getting a traditional loan become slim to none.
However, there are options for those who have less than stellar credit, even no credit history at all. Online personal loans offer an opportunity for potential borrowers with credit issues to get the cash that they need with little to no hassle and very few hoops to jump through in order to obtain the loan.
Requirements for Getting a Loan with Bad Credit
Here is how to get a loan with bad credit in a nutshell. You have to qualify for the loan by meeting some simple criteria.
- U.S. residency
- Between the ages of 18 and 65 years old
- Bank account to verify regular source of income and for making loan payments
- Active phone number with the ability to receive both voice and SMS text messages
- Debit or credit card for backup provision for repayment of loan
Meet these qualifying criteria and we can begin to identify the right type of loan and lender that matches with your needs in the form of an online personal loan.
Common Features of Online Personal Loans
Some of the common features of an online personal loan from one of our lending partners include:
- Clearly defined terms
- Competitive interest rates
- Fixed interest rates
- No origination fees
- No credit report required
While these might seem expected, these features are not always commonplace in the lending industry. When it comes to dealing with borrowers with a negative credit history or no credit history at all, our lenders have the potential to make loans on their own terms. These types of loans are perfect for those who wish to either rebuild their credit history as well as those who want to take the initial steps in establishing their own credit history.
How to Use the Money from an Online Personal Loan
Once you know how to get a loan with bad credit, you need to know what to do with the money from that loan. The beauty of it all is that you do not have to use the money based on any type of restrictions imposed by the lender.
You can use the money to:
- Buy a new or used car
- Go back to college and complete a degree
- Make repairs around the house
- Pay for a long awaited weekend getaway or an extended family vacation
- Pay off high interest debt like credit cards or student loans, even hospital bills
There truly is no limit to how you might use the funds from an online personal loan. You just need to know how to get a loan with bad credit or no credit as the first step to getting started.
A major issue with debt is admitting the problem early on. The descent to uncontrollable debt is often ignored. The realizing that there is a problem usually comes too late. It is important to take action early. Once late fees start piling up, the situation can decline quickly. Even one late payment can indicate that it is time to get help. Be honest with yourself about the situation. If you take action quickly, you can restore financial security in a short time period. Bonsai Financial has the resources you need to get control. This includes a debt consolidation loan bad credit option.
The first step to getting control is to consider all of your options. The most effective solution is a debt consolidation loan bad credit option. Payments have to be made on a regular basis, however, and they are usually much lower than the individual card payments. This option also stops further late fees from occurring, allowing your payments to actually make a dent in your balance. Take control of the situation by visiting Bonsai Financial’s website and filling out a simple request form. We can help you find the right lender for your situation.
Credit can be a major obstacle when it comes to achieving loan approval. Yet, a loan can be the answer to improving your credit. This scenario often discourages individuals from requesting help. The one thing that can help remedy the problem often seems out of reach. There are, however, special loans aimed at solving this problem.
Debt Consolidation Loan Bad Credit
The best loan for getting debt under control is a debt consolidation loan for bad credit. These loans are specifically created for those with low credit scores. A lender does not expect applicants for this type of loan to have a perfect credit score. That would defeat the purpose of the loan. A low credit score results from failure to keep up with credit payments. You should go into the request with a feeling of confidence. This action is the first step to regaining your financial freedom.
There are many reasons why credit card payments get behind. Your personal reason may actually help achieve loan approval. Keep all documentation that proves the reason for your lack of payments. If you lost your job, provide termination papers or unemployment letters. If an illness or injury kept you away from work you can submit medical statements and bills. This shows the reason for missing work and states increased monetary responsibility. Valid reasons for missing payments demonstrate a temporary complication. Lenders also like to see a solid payment history up to the time when the financial hardship began. Keep track of all paperwork that helps define your personal situation.
Contact Bonsai Financial today to learn more about your options for a debt consolidation loan, even if you have bad credit.
Debt Consolidation Loans bad credit accepted
One situation in which a no credit check loan may be needed is with debt consolidation loans.
Many times, people with bad credit get into a situation where they have multiple loans “breathing down their necks,” meaning too-high and too-many monthly payments and unacceptably high interest rates and fees.
Late fees pile up. Creditors start calling and don’t stop. It becomes clear that unless you find another way to manage and pay back you debt, you’ll never get it off of your shoulders.
“Isn’t there another option?,” you ask. And, indeed, there is. One of the most accessible and quickest way to fix these problems is through debt consolidation.
Benefits of Consolidating Your Debt Into One Loan
The main principle behind debt consolidation loans is that a single loan is much more manageable than multiple loans. When you have only one loan to think about, one interest rate, one monthly payment and due date, and one creditor to deal with, things get a lot less “complex.”
But what other benefits might there be to a debt consolidation loan?
Here are 6 good answers to that question:
- You can often get a lower single monthly payment than the sum of your multiple current monthly payments.
- You can often get an interest rate that’s lower or just as low.
- You frequently can get more time to pay your debt off. Of course, that means you’ll be paying longer, but it also means the pressure on you is let up.
- There is little risk of late payment and other fees since your monthly payment has a single due date and is more within your ability to faithfully pay on time.
- The endless calls from creditors finally really WILL end, giving you peace of mind and evaporating your fear of answering the phone.
- You will be in a better position financially to start rebuilding your damaged credit score.
At Bonsai Finance, we can assist you in weighing the pros and cons of a debt consolidation loan. And we can use our powerful search engines and longtime personal experience with numerous lenders to help you identify which debt consolidation loan best fits your needs.
We know how to steer you clear of disreputable consolidation lenders, and help you find not just a good but the best available deal.
And we can search and match based on any criteria you want, including finding lenders that accept bad credit and that do not run credit checks on loan applicants. We can find you your lowest APR or your best lender based on other important factors like payment size and loan term.
Whether you are consolidating student loans, car loans, personal loans, or a combination of loan-types, and regardless of your past credit history, we can find debt consolidation loans bad credit won’t keep you from getting approved for!
Fastest Funding With Best Rates
Money Available In Installment As Well
Easy Quick Approved Application
Loans with No Credit Check at Nation21
Credit checking is one of the steps that disqualifies most people from accessing the traditional loans. Also, the application and documentation process often takes too long and can be very frustrating. This makes the traditional loans unideal for emergencies.
At Nation 21, we connect you to a network of lenders that specialize in providing loans with no credit checks. These lenders have been vetted to ensure they are trustworthy and safe for our clients to borrow from.
Through this platform, Nation 21 has made it much easier for you to access loans without the formalities associated with getting a loan from banks and other mainstream financial institutions. The entire process takes place online and thus can be done from the comfort of your home.
This saves you the time it takes for you to get the money you need thus helping you get out of your find a solution to your financial emergency. By avoiding the credit checks, our lenders also protect your confidentiality and you also don’t have to worry about being disqualified for a loan by your poor credit.
The formal process of accessing loans makes it hard for people to access money when they need it most. Sometimes an emergency comes up in the middle of the month and all you need is a couple of bucks to get you through till the next paycheck.
Other times the emergency may even affect your productivity e.g. having the vehicle you use to go to work break down. At such times formalities such as credit checks lengthen the loan application process making the emergency worse.
The Nation 21 platform connects borrowers to lenders that offer no credit check loans. This type of loans come in handy during emergencies since they are easy to apply for. It also gives a chance to people with bad credit scores. The process also takes a short period of time allowing you to access the cash in good time to take care of the emergency.
If the application is done during weekdays, you will probably have the loaned amount in your account within 24 hours after approval of the application. For most of our lenders, all it takes to qualify for this loans is to be 18 years of age; proof of US citizenship; proof of your residence in US; and proof that you have been employed for the three months leading to the date of application.
Bad Credit Wouldn’t Bother You Anymore
Individuals with bad credit find it practically impossible to get loans from the traditional financial institutions. If you find yourself in such a situation, loans with no credit check are just the thing for you. The lenders providing this type of loan on Nation 21 only need a proof that you are earning enough to repay your loan within the specified period regardless of your credit score. In some instances, having a reputable guarantor may help to increase the limit that you can borrow.
Pawn shops and similar businesses that deal with no credit check loans require you to provide collateral before being granted the loan. Such traders are also specific on the items that can be used as collateral, usually preferring jewelry and items of high value.
The loan is often just a fraction of the amount loaned and you risk losing it in case of delayed payments. Nation 21 lenders only require proof of your income and no other collateral. Through this system, the borrower is protected from exploitation.
Nation 21 offers a multitude of lending companies for you, the borrower, to choose from. While all these companies offer no credit check loans, their rates, and terms and conditions differ in one way or another. Once you have applied for a loan, our crew will match you with a number of lenders that they feel provide the type of loan you are applying for.
This gives the borrower the chance to assess the lenders and their terms thus enabling him to choose the one that suits them best. Some of the terms offered by our lenders are also flexible and therefore you can renegotiate the deal to make sure the terms fits your needs best.
Qualifications for Loans with no Credit Check
Our lenders have varied requirements for the different loans they offer. However, there are some qualifications that are generally applicable for all lenders. They include:
- Be a minimum of 18 years of age
- A valid US national identification document: At the moment, all the lenders in our network are US-based and serve only US-citizens.
- Proof of residence: Most of our lenders also serve only people residing in USA. In addition, some regulations differ from one state to another and the proof of residence helps the lender determine such issues.
- An active checking bank account: Once the loan has been approved, the money will be deposited in this account. Deductions or for loan repayment are also made from the account. This is where the money from your lender will be deposited and where your loan repayment will be deducted.
- Proof of income: The lender use this to determine the amount you can borrow and also to draft your repayment schedule. Since credit scores are not a factor in these type of loans, your income serves as proof of your ability to repay the amount borrowed.
Ease of Application and Repayment
To create a profile on Nation 21, all you need is a device that can access internet. Once the profile has been created the process of matching you with suitable lenders is also online and subsequent negotiations can be done online. Once you have been granted the loan the lender deposits the amount in your account directly.
Our lenders work with your bank to ensure that the agreed amount is deducted from your account automatically every payday till the amount is fully repaid. Since the repayment amount is deducted from the account automatically, there is low risk of late payment. The borrower is therefore protected from charges that they may have incurred as a result of late repayment.
Using Loans without Credit Check to Repay other Loans
Loans without credit check are relatively easier to apply, access and repay compared to other loans. As such, one can use this type of loan to service other loans that the borrower may have stalled in repayment.
However, this should be done with caution because the rates and interests of loans without credit check are also relatively higher than traditional loans. If caution is not exercised, you may find yourself in a cycle of debts.
Other Advantages of Loans without Credit Check
At Nation 21 we value the privacy of customers highly and therefore do protect your privacy as well as is humanly possible. To achieve this, we only provide personal details to only the company that you have agreed to borrow from.
This company may seek some information about your credit score but this information will only be visible to you and the lender. By doing this, we ensure that the enquiry does not have a detrimental effect on your credit score. None of your information can also be used without your authorization.
We all desire to be financially stable in order to meet all our obligations. Unfortunately, most of us earn just enough to sustain us from one paycheck to the next. Sometimes emergencies that can’t wait for the next payday happen and direct cash loans help in such situations.
The process of applying for a direct loan is much shorter because they don’t involve much documentation. For most of our lenders, the entire process is done online and you can have the money in your account within 24 hours after application.
For one reason or another, you might get yourself with a bad credit score that prevents you from borrowing money from the traditional financial institutions. No credit check loans prevent this by using your current income as the main factor to determine whether you can get a loan and the maximum amount.
Loans without credit check can save you from a financial crisis during an emergency. However one should not attempt to use them as a means to financial freedom. Instead, they should be used to support you while you venture into more sustainable projects or improving your credit score to enable you secure traditional, less expensive loans.
They are best used during emergencies because the rates and interests are relatively higher and if not used carefully may hurt the borrower’s finances.
To avoid this, ensure:
- You repay your old debts
- Pay your current loans on time and as agreed with the lender
- Avoid accumulating loans by taking loans before finishing to pay off the previous loan
- Make systematic effort to deal with your financial problems. Be patient as it may take time.
The financial reality for many people these days is that they have low income, no savings, and weak or no credit. When an emergency happens—like a car repair or an unexpected medical situation—options can be hard to come by. In these cases, a loan may be very necessary. But which loan? And how do you apply for one without harming your credit even more?
The world of No Credit Check Loans
If you have weak credit (typically a FICO score of 620 or below), it can be difficult for you to get a loan from a bank or even from most online lenders. A no-credit-check loan from a direct lender can then be very attractive.
But you need to take several things into account before making that final decision. Spend a little time doing research, and you’ll be much better off in the long run. Avoid predatory loans from payday and title lenders at all costs. If you don’t, you may go from “no credit” to “no paycheck” or, even worse, “no car.”
Why does checking credit matter?
It’s important for borrowers to understand credit checks because, generally, each time a lender or financial institution checks your credit, your score is actually lowered. It doesn’t seem fair, does it? You need to borrow money, but to borrow money, a lender checks your credit—which can ding your credit score, making it harder to borrow. What’s up with that?
Many traditional lenders and financial institutions perform what’s called a “hard credit inquiry”—or hard credit check—when they review your credit. This means they’re judging your credit score, credit report and credit history to determine how risky it will be to lend you money. So why does a hard credit check hurt your credit?
A number of hard credit checks in a short amount of time is often interpreted as a sign that you’re desperate for money—it may look like you’re either mismanaging the money you have or simply trying to accrue more debt without paying off the money you currently owe. It makes you look risky—and your credit score is then lowered to reflect that risk.
If you need fast cash, then you’re likely only concerned about getting the money you need now and not letting a bunch of hard credit checks further lower your score. In these cases, a no credit check loan may seem like just what you need. But be careful!
How do No Credit Check Loans work?
If a lender is offering you a loan without looking into your credit at all, they’re probably a predatory payday or title lender. Predatory lenders offer loans at astronomically high annual percentage rates (350 percent and above) and for very short terms (usually 2 to 4 weeks). This toxic combination of high rates and short terms amounts to a loan that can be impossible to repay. Why would someone loan you money that you can’t repay? Good question. Loans like these are designed to trap borrowers into a cycle of debt through an action called rollover (a persistent pattern of “extending” the loan while incurring new fees and interest charges). This means you keep paying and paying… and paying… and paying, but you’re just paying the interest on the loan—not on the principal of the loan itself.
How do loans through OppLoans work?
At OppLoans, we provide access to loans that take into account a number of factors outside of your credit score. These include proof of regular employment for at least the past two months, and a traditional bank account in your name with at least 90 days of history. This—along with utilizing alternative credit data—all adds up to a picture of your ability to repay your loan.
Loans through OppLoans utilize alternative credit data in looking at your abilty to repay—which you may also hear referred to as a “soft credit check.” Credit inquiries using alternative credit data only return a high-level description of your creditworthiness—and most importantly they do not affect an individual’s traditional credit score.
Why Loans through OppLoans are different.
If you’re worried about your traditional credit score and you need money now, there are basic actions you can take to protect yourself and improve your financial reality.
Remember to avoid the debt trap of predatory lenders like payday and title lenders. They target the financially vulnerable and can take your situation from bad to disastrous.
Secondly, if you already know your traditional credit score isn’t ideal, you might want to avoid the typical hard credit inquiries performed by many traditional lenders. Your credit score can be further negatively impacted making it more difficult to secure credit and loans in the future.
Instead, seek a personal installment loan from a lender that offers loans that utilize alternative credit data that won’t affect your score when determining your creditworthiness. The installment loans offered by OppLoans are cheaper, safer, and more responsible than the predatory payday and title loan alternatives.
OppLoans is here for you. If you need financial assistance in the form of a safe and secure personal loan, apply today for a personal loan that can help improve your credit!
Applying for a Loan with No Credit
No credit? No big deal, right? Wrong. How much money do you have in your checking and savings accounts (or under your mattress)? How long would that sum tide you over if you lost your job? Would it be sufficient to pay for an expensive car repair or emergency medical procedure? Credit is a safety net you can fall back on when you need emergency personal loan. It's also necessary if you want to finance a new car or home purchase. Loans with no credit can help you secure a credit history.
What Does Having No Credit Mean?
Every person with credit has a credit score. For example, a common scoring system, FICO, rates credit scores as follows:
Excellent (750 to 850 credit score)
Good (660 to 749 credit score)
Fair (620 to 659 credit score)
Poor (350 to 619 credit score)
Having no credit does not mean you have a zero credit score. It means you've never established a credit history. Lenders don't know how risky it would be to lend you money.
Reasons Someone Might Have No Credit
If you've never borrowed money from a bank or credit union, never had a credit card or never had a utility bill in your name, you may have no credit, or a thin or non-existent credit file. You are, essentially, living off the credit grid. There's nothing wrong with paying cash through life. However, even if you prefer to live a pay-as-you-go lifestyle, it's still wise to build a credit history. You never know when an emergency will arise, and you'll need to borrow money. When you have no credit, securing personal loans from traditional lenders can be tricky.
Requirements to apply for our personal loans?
If you need cash or wish to build a credit history, we encourage you to apply for a LendUp loan. We do not conduct traditional credit checks, and we lend money to people regardless of their credit scores. Whether you have good, bad or no credit, you may have a chance of being approved for a LendUp personal loan if you meet the following criteria:
Live in a state in which LendUp is licensed
Are 18 or older
Have a recurring source of income
Have an active checking account that accepts electronic transfers
Have a valid phone number, e-mail address and physical address
Are not an active military member or the dependent of an active military member
LendUp's mission is to offer a hand up to those who are in dire need of emergency funds. What’s more, LendUp offers free online financial education courses to empower you with financial knowledge to get you on a better path the financial health!
LendUp offers loans with no traditional credit checks to its customers. And with the LendUp Ladder, we strive to provide a path for customers in eligible states to move up and earn access to apply for more money at a lower cost. See The LendUp Ladder for details.
Unlike payday lenders, LendUp gives clients opportunities to improve their credit. For example, we have a program that rewards points to customers who make responsible choices. Clients who accumulate specific numbers of points may be eligible to borrow more money at lower interest rates and have a longer period of time to pay off these loans.
LendUp does not penalize applicants for what they lack. LendUp’s personal loans don’t require a good credit history, and taking our free online financial education courses can help improve your credit score in the long run.
Disclaimer: LendUp is not providing financial, legal or tax advice. If you need or want such advice, please consult a qualified advisor.