With all the ups and downs in the economy and job markets, it’s not unusual for Americans to find themselves looking for personal loans with no credit check required.
Car accidents, medical costs, rent, bills — when you’re short on money, every situation is difficult. If your credit is less than perfect, the situation goes from difficult to dismal.
Banks and credit unions use your credit score as a way to “rate” your financial history, and decide whether they should risk lending you money. If you’ve been through some tough times, it can be difficult to prove your worthiness through a credit score. Luckily, several options, including online personal loans with no credit check, are available.
A payday loan (cash advance loan or a check loan), is best for a small loan to make ends meet until payday. Typically, this means less than $1,000. The interest rates and fees can be high, but if you only need a few hundred dollars to make rent before payday, it might be worth paying the extra fees to avoid a late penalty or eviction notice.
How to: Try to repay the entire loan with your next paycheck. Although larger payday loans can be structured over a longer period, borrow the smallest amount you can, and pay the money back quickly.
If you own your vehicle, motorcycle, ATV, motorhome, or boat outright, you can use your title to obtain a collateral loan. These may be offered by pawnshops, cash advance offices, or sometimes even a local bank. Simply offer up your title as collateral in exchange for a small loan. Once you repay the loan, you receive the title back.
How To: Pay attention to the fine print and understand your limits. In most contracts, if you don’t repay the loan within the time specified, you lose the vehicle.
It’s rare, but possible to get a credit card without a credit check. If you are lucky enough to be approved for a credit card with an introductory 0 percent APR, you can use the credit card as your own personal loan. Just be sure to pay off the entire balance as soon as possible.
How To: Experts tell consumers to use caution with credit cards and be careful not to fall down the credit card rabbit hole. Pay off the entire balance before the introductory rate expires to avoid a high interest rate.
No credit check personal loans
Just type “online loan no credit check” in your search engine and you’ll be inundated with promises of instant cash for next to nothing. A reliable online loan lender may get you the cash you need in minutes. Take the time to research these options thoroughly before jumping in.
First, ensure the lender is licensed in your state. If not, steer clear. Double check to be sure they follow all state regulations, and check the website for a phone number. Chances are, if you can reach a representative easily over the phone, they may be a legitimate option.
How to: Call and ask the representative about the company history, fees associated with the loan, how the process works, and the best way to contact them in the future. A reliable lender should be open and honest with you to put you at ease about the entire process.