Getting a Loan With No Credit Check

People who have no credit history or a bad credit history are often ineligible for traditional bank loans. The situation limits their options when money is needed quickly for emergencies, car repairs, or medical attention. Payday loans are an option, but the extremely high interest rates are prohibitive. Borrowing the money from a family member or friend is a possibility for some people, but can result in strained personal relationships. Many borrowers tend to miss payments when they owe money to someone they know, which can cause rifts and resentment. There are a couple options open to everyone, regardless of credit scores.

A title loan requires collateral, usually a car or house, to secure the loan. That solution involves high risks because, if the loan cannot be repaid, the collateral is seized by the lender. Most companies that offer title loans will work with borrowers to facilitate full payment, but late fees and increased interest rates are applied to the original amount of money borrowed. That type of loan, because it is secured, does not require a credit check prior to approval. Consider that option carefully before putting up the title to a vehicle or a home. Be sure payments can be made on time and in full to avoid walking to work, or living in a homeless shelter.

Another option that provides fast cash with no credit check is a short-term loan with a reputable loan broker company. This solution is also not ideal but costs less than payday loans because the interest rate is slightly lower. The average interest rate on installment loans ranges from twenty-eight to thirty-five percent. The terms for repayment are also easier to manage than a payday loan. Instead of one lump sum, payments can be made over a longer period of time. Those eligible can select monthly installments over three, six, or twelve months time. Payments fit into the budget and do not result in the loss of a major asset if missed. Late fees are high but transparent. A missed payment can be added to the end of the loan but will cost an additional forty-five dollars. A deferred payment with advanced notice will cost an extra twenty-five dollars. People in need of a quick loan can go to this page for complete details and to fill out an application.