Loans that don't require a credit check are easily found, the hard part is figuring out which one is the best for you. How much you get for loans that don't require credit checks will vary from a few bucks, up to lots of money, this is dependent on what your income is and a couple of other requirements. If you're looking to get some money fast, learn your options by
reading the rest of this article.
Getting quick money is one of the great things about living here. There are hundreds of different options to get money without checking credit. You have choices like payday loans, cash advances, and auto title loans. So you can figure out which is best for you, we'll take a look at each one in a little more detail.
Due to their higher risk on the lender's part, no credit check loans cost more than traditional loans. This doesn't change the fact that they are needed by millions of people without a good credit history. Depending on these loans, however, is a very dangerous financial tactic. Missing a payment can send you down the deadly debt spiral.. No credit check lenders make a lot of money when you don't pay the loan back in penalties and extension fees. They expect that lots of people are going to struggle repaying them.
Payday Cash Advances
If you have a state ID and proof of your income, you're probably qualified for a payday loan. These loans are quite simple. You show them your income and some of your basic expenses and they lend you some cash until you get your next paycheck. To pay the loan back, you'll write a post-dated check with the date that your loan is supposed to be paid back. Some companies require that you give them your checking account info so that they can take the money from there instead of writing a check.
The risk with these loans is the interest rates. The popular rate is $25 per $100 borrowed. If you don't have good credit, you're going to have to suck it up and pay if you need fast cash. And don't forget that the payday lenders will stop at nothing to make sure that you re-pay them!
As far as unsecured loans go, payday loans are certainly the most common.. Almost everyone who applies is approved for a loan. If you live in an area that has multiple payday advance stores, be sure to take some time checking into their rates and terms. That extra time is going to save you lots of money!
No Credit Check Auto Title Loans
Title loan lenders don't care what your credit score is, and they don't pay a lot of attention to what your income is like, what they do care about is how much your car is worth and if it's paid off. Auto title loans are one of the few no credit check secured loans around. The amount you can borrow depends on what you car is worth, and then it's usually only up to 50% of that. Your car has to be paid in full, and most lenders have rules about the minimum value of a car before they can give you a loan (usually more than $5000). Since title loans are so easy, they've become very popular.
Your car will be repossessed if you don't make the payments.. Lots of people struggle with title loans because they borrow more than they can afford to repay. Title companies don't care about your employment history, so they can give you cash while knowing that you don't have a method to pay it back. Your car will be re-possesssed and sold, and you'll get nothing from it!.
These certainly aren't your only options when it comes to getting cash without a credit check, but are the most common and easiest to get.
Geoff Willis is an author of articles on every topic under the sun. His most current project is teaching people how to get fast cash and is a contributing author do the blog Fast Cash Authority. To learn more, please click here.
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