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No Credit Checks: whats the deal

When Sam took his first job he decided to buy a car for himself, with low funds at hand he had to pick up an auto loan to meet the total cost of his new car. Things went on smooth for some time but then a medical emergency arose and he missed out on two of his monthly loan payments. The result was devastating as his credit rating fell drastically. After one year when he wanted to pick up a family vacation loan he was worried as to how could he proceed further with his bad credit record.

If you have faced something similar and are finding it difficult to get a loans no credit history, then its time to put your tension aside and try your hands at the latest catching up trend of no credit check loans.

One small blemish on your credit rating can make you ineligible for a loan for the next many years, which is until the time you fix up your bad credit problem. And if fixing your loans no credit problem doesnt seem easily manageable you can always choose the other alternative of taking up a bad credit loan and end up paying a higher rate of interest. But what we suggest is to make a wiser choice and apply for a no credit check loan. The trend of such loans is catching up fast and many lenders have adopted the policy of granting loans without a credit check, and if you worried about the procedure, it surely is not difficult to get one such loan.

Your past credit standing and consequent bad credit scores are irrelevant, with the new genre of no credit check loans which are completely hassle free.

When you are aware that your credit standing in the past has been pretty bad, it can be very embarrassing to apply for a loan and go through a credit check. One look at your credit report, which classifies you as bad credit, will certainly make most of the lenders unwilling to grant you a loan. This is because lending to people with bad credit ratings is seen as a major businesses risk by most lenders.

The procedure and the time required to get a loans no credit is much shorter because the time that is usually spend on making credit checks is saved in this type of loan programs. Even with a reasonable credit score some people prefer to go in for a no credit check loan simply because it is much faster, and this speed is what you need in times of emergency.

If your thoughts are moving around why would a lender be willing to take up such a great risk

of granting a loan without checking the credit history of the applicant, then its worth noting that he is in fact trying to increase his business. Such loan offers will attract more number of borrowers coming to him. And to neutralize the risk factor he charges a somewhat high rate of interest, but still this interest rate is much lower to that on a bad credit loan.

It is not difficult to qualify for a no credit check loan as the criteria are very basic such as

1. A stable source of income for the past six months.

2. A monthly salary of more than $1000.

3. A bank account into which the monthly salary checks are deposited.

4. Above eighteen years of age.

If the borrower has something that he can offer as collateral for the loan, then there would be no need to furnish details about employment and salary.

The internet can serve as the basic platform to begin your search for a no credit check loan. Get on to a good search engine and you will be surrounded by hundreds and hundreds of options. Even when youre faced by a real emergency you should never take a hasty decision, rather you must research and find out the best options by evaluating the terms and conditions of each offer. When making comparisons an important tool that can help you out is the APR. The APR for no credit check loans is in the range of eight to eighteen percent a month, with such a wide difference it is really important that you scan through different options to get the best deal with the lowest possible APR and comfortable terms and conditions.

On the internet most of the lender websites have the provision of free quotes, using which you can instantaneously find out the monthly payments that would apply on your loan over the term specified by you. This gives you an opportunity to settle on a loan program which goes best with your current and expected future financial situation.

At the time of comparison the two important things to be included are the interest rate and the processing fees charged by the lender. The cost of taking a no credit check loan is usually somewhat higher when compared with the cost of a good credit loan, and you need to aim around getting the lowest APR. APR reflects the total cost of the loan on a yearly basis. Ideally a no credit check loan is better taken for small amounts and shorter durations.

The approval process for such loans is short and simple, and it is quite possible to get the loan approved online itself. The procedure for applying online is to begin by filling in a web form provided on the lenders website and sending the required documents over the fax. On approval of the loan the lender will inform you of the same either over the phone or through email. Once approved, it usually takes 24 to 48 hours for the money to be transferred to your savings account.

The payback procedure is easier and the lender makes monthly withdrawals, for the monthly payments, from the savings account of the borrower. This is done in accordance with the agreement signed up by the borrower at the time of taking the loan.

These loans can be taken up for any purpose like home improvements, family vacation or medical emergencies and similar other things. But before you take the final decision check out the two different types of loans no credit secured and unsecured. The terms for each of these are fairly different and you can settle on the one which blends well with your financial situation.

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