No Credit Check Loans: Get Instant Cash, Even With a Bad Credit History
If you have bad credit, getting a loan or a credit card for instant access to cash is nearly impossible. That’s why no credit check loans exist; they offer a great alternative to traditional loans.
One of the problems people with bad credit often encounter is that they fail to qualify for credit cards and have no way to receive a personal loan. This is because these types of financing rely heavily on credit checks to determine if you will receive the money you seek. Therefore, those with bad credit are immediately denied for such options or else are offered such high interest rates that taking the loan is no longer a relief.
However, no credit check loans operate in a different fashion. As their name implies, these loans do not require borrowers to undergo a credit check. The interest rates on no credit check loans are relatively fixed and the principle amounts loaned are determined based on your income alone. Therefore, having a history of bad credit will not negatively impact your ability to borrow.
The Qualifications You Do Have to Meet
That isn’t to say that anyone can just get a loan with no qualifications. Rather, no credit check loans just simplify the qualifications that you need to meet. If you meet their requirements, you will get a loan and have nearly instant access to the funds. The basic qualifications for a no credit check loan are:
- Proof of U.S. citizenship or Permanent Residency.
- Proof of regular employment for a minimum of 6 months with a steady paycheck.
- Proof of a current bank account, which can be either checking or savings.
- Proof of age – minimum 18 years old is required.
As long as you have documentation that supports these qualifications, you can receive a no credit check loan. Because you provide a bank account and routing number as part of the application process, once you are approved, your funds will be deposited directly into that account, allowing you instant access to cash.
What You Can Expect
No credit check loans are different from many of the more common loans people know, such as auto loans, home loans and student loans. Instead, no credit check loans are given for a short period of time and for low principle amounts. No credit check loans are also called payday loans for this reason. They generally equal no more than one payday’s worth of cash ($100-$1,500) and are repaid within the course of one to two pay periods (2-4 weeks).
For this reason, your proof of employment is the real necessity when applying for a no credit check loan. The lender that you talk to will base the amount of money you get and the amount of time that you get it on the frequency and amount of your regular paycheck.
A Great Alternative
Persons with bad credit often feel lost when they need instant access to cash. There are few options in the form of credit cards or traditional loans for them. That is why no credit check loans are so handy. They offer a great alternative to these other methods for accessing funds swiftly without the hassle of credit checks and bad credit rejection.
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ABOUT THE AUTHOR
Lara Sawyer is the author of this article. She works successfully as a financial advisor with years of expertise on Bad Credit Loans Guaranteed Approval. She publishes informative articles about Guaranteed Bad Credit Loans, home loans, credit cards, auto loans, business loans and others at http://www.fastguaranteedloans.com