Has your credit-impaired profile stopped you from applying for loans even when you desperately need one? We’ve all been there at some point, considering that the ‘good credit score’ requirement is necessary to apply for any loan type.
The reality goes far beyond that. No credit check loans allow individuals with bad credit scores to apply despite a credit score that isn’t worth flaunting. However, in this category as well, you’ll find numerous further loan-type divisions. We’ll help you understand the major so that you can get started with your application. If you want to explore best loans without credit checks online, head to the WeLoans website.
What are No Credit Check Loans?
No credit check loans, as is hinted in the name, is a loan type that exempts credit checks. This loan is especially beneficial for people with non-existent or bad credit scores.
This does not mean a lender won’t review your credit history. Instead, lenders are well within their rights to conduct a soft credit check, which doesn’t damage your credit report by adding a credit check and lowering the score. Apart from that, no credit check lenders don’t base loan approval decisions on credit scores. In fact, they review your overall application, primarily keeping your repayment ability in sight.
WeLoans has some of the premium no credit check loan lenders on their network. Additionally, they have almost every no credit check loan type out there. But before that, learn about WeLoans and its services.
Pros and Cons of No Credit Check Loans
Like any other loan type, no credit check loans generally have their own advantages and drawbacks. Knowing what you’re signing up for is necessary for financial decision-making, so here are the pros and cons:
- Higher Acceptance Rates: Individuals notorious for delayed repayments, high debt-to-income, or multiple loans often get refusals from traditional lenders. No credit check lenders have more than 95% acceptance rates because they accept bad credit applicants as long as their repayment ability is solid.
- Minimum Criteria: Where traditional lenders and even other loan types require several factors to fulfill their criterion, no credit check loans keep it as minimal as possible. You only need to be of legal age, have an active bank account, have US citizenship, and have a sustainable income.
- Fast funding: No credit check loans, especially those like emergency loans, same day loans, and quick cash loans, have quick processing and funding times. Depending on the loan type, you can get the money as soon as within a day.
- Higher APR: A single major drawback of no credit check loans is their higher interest rates than their counterparts. Lenders charge more on no credit check loans to balance out the risk than loans that allow a hard credit check. The interest rates also depend on the no credit check loan type but may go up to 36% in all other cases and 400% in payday loans.
Types of No Credit Check Loans
Yes, even no credit check loans are further divided into types. Each has its own features, so here’s an overview of them that’ll help you decide the best loan for your needs.
If you need a short-term loan that gets you through the rough waters until your next payday arrives, it’s this one. Most lenders only allow around 2-4 weeks as the repayment period, while others can give up to 8 weeks. However, payday loans are not accessible in every state because of regulations on their exceptionally high interest rates.
If you and short-term loans aren’t meant for each other, you can always opt for a long-term loan. Installment loans can take those financial worries away, especially if you can’t repay a loan as a lump sum and would rather break it up into a monthly repayment plan. You can borrow up to $35,000 and repay the money within 1-4 years.
When individuals need more than a couple of thousand bucks only, and their credit scores won’t land them a good loan, another great solution is to put up your vehicle’s ownership as collateral in exchange for the money. Until full repayment, the lender legally owns your vehicle, but you can still use it. Multiple missed repayment deadlines allow the lender to take away your vehicle.
How to Apply for No Credit Check Loans?
Ready to get those funds and not worry about another rejection from the lender due to them taking a hard dig at your credit report? These steps can guide you through the process of applying for your next no credit check loan within minutes:
Fill Out the Application Form
You’ll find an application form for your preferred no credit check loan type on the WeLoans website. Note that all their loans are no credit check loans. The website will automatically redirect you to an application form once you’ve selected a loan amount. Fill it out and hit the submit button.
Choose a Lender
Lenders associated with WeLoans pre-qualify your application before sending an offer, reducing the risks of rejection. The offers will pop up within minutes, after which you can review each in detail. Finally, select a lender whose offer sounds the best for your requirements.
Receive the Loan
The lender will take you through a few formal steps before approving your loan request. After that, it takes some time for the funds to go from your lender’s account to yours.
Unlike traditional loan types that require good credit scores, you can soar through the application process for no credit check loans even if you have a bad credit score. All you have to do is select the right no credit check loan type that aligns with what you’re looking for in a loan. Do that, and then apply right away within minutes through WeLoans!