Most types of loans are offered only after the loan provider conducts an extensive check on the applicant’s credit history and financial antecedents. Individuals with bad credit find it difficult to acquire loans because of this very reason. In fact, they detest these checks as they decrease their chances of getting a good loan offer. The good news is, loans without any credit check are nowadays available.
Types of No Credit Check Loans
There are two main types of no credit check loans. These include secured loans and unsecured loans. Secured no credit check loans take any asset owned by the borrower as the collateral. The loan amount offered with such type of loans is proportionate to the value of the collateral. Generally, the interest rates associated with secured no credit loans are lower and the loan amount is large. The typical interest rate range is 8%-20%. The repayment terms are also very long and can go up to several years.
The unsecured no credit check loans don’t require any collateral. They don’t pose any risk on the assets owned by the borrower. Since there is no collateral, unsecured no credit check loans are a risky investment for loan providers. So, they charge higher rates of interest on them. Generally, the loan amounts offered are very small (i.e. up to $1,500) and the interest rate range is 15-35%. They are also known as payday loans and they are very fast. In fact, you can acquire the loan on the same day. The repayment period is usually 7-14 days. No credit check loans same day are the most popular type.
Requirements and Criteria
Since there are no credit checks, loan providers look at other avenues to make sure that borrower has the capacity to pay back the loan. Loan providers ask for proofs of employment or a steady source of income. They ask for the duration of the employment as well before offering no credit check loan. Apart from this, there is also a minimum salary limit on the applicant. In this way, loan vendors ensure that they are dealing with people who are financially stable to a certain extent. Other common requirements include, the age of the applicant (it must be at least 18), bank account status, citizenship, etc. The salary or source of income of an applicant is a deciding factor for determining the loan amount in case of no credit check loans same day.
How to Get a Good Deal
To get a good deal on no credit check loan, it is recommended that you search for the right offers. The good news is, nowadays doing this is quite easy thanks to the internet. Majority of loan providers offer their services online and you can get quotes and compare terms and conditions, interest rates, repayment schedules, etc. at the click of a button. By applying online, you can ensure fast approval of your loan application.
Overall, no credit check loans same day are an excellent solution for individuals with bad credit looking to gain quick access to money to cover their unexpected expenses. Be sure to fulfill the loan provider’s requirements and apply online. If you have provided the correct information and you fulfill all the criteria, you can expect to acquire the loan on the same day even if you have bad credit.