If you’ve ever had any experience with loans, you probably already know how good credit can greatly improve your chances of getting a loan. Lenders often want to be assured they are dealing with a borrower who’s in the past handled their debts responsibly. So what do they do? Check your credit score to determine how credit-worthy you are.
Your chances of getting approved for a loan get trimmed by half or more if it turns out you have a bad credit score. The good part is that this is only true with some lenders. There are bad credit lenders that provide bad credit borrowers with loans for bad credit no credit check.
These lenders pay more attention to your ability to pay your debts going forward than how you’ve handled debt in the past. They may run soft credit checks, also known as ‘no credit checks’ rather than the usual hard credit inquiries traditional lenders carry out.
This article discusses all there is to know about no credit check loans for bad credit, including how US Installment Loans can help you with getting one.
Let's get right into it!
What Are No Credit Check Loans for Bad Credit?
No credit check loans for bad credit are loans provided by bad credit lenders to applicants on carrying out soft credit checks on their profiles.
Usually, when you apply for a loan, the lender is obliged by financial regulatory laws to look at your credit file to see how much risk you pose as a borrower. It’s a hard credit pull or inquiry when they request this credit report from any major credit bureaus (Experian, Equifax, or TransUnion). If done, these hard credit inquiries reflect on your credit report and can greatly affect your credit ratings.
Some lenders elect to run only soft credit checks on borrowers’ profiles to protect people who have an already ailing credit score. Since these checks do not reflect in your credit report, they are as good as no credit checks. These loans are ideal for people with bad credit.
Common Types Of No Hard Credit Check Loans for Bad Credit
A personal loan is one form of no hard credit check loan available to bad credit borrowers. Basically, a personal loan, also known as a consumer loan, is a lump sum of money borrowers take out to cater to personal needs. They can be used for just about any purpose, typically involve larger amounts, and may have longer repayment terms (3 to 72 months).
A payday loan is a short-term loan taken out against your next paycheck. The highest you can get depends on the lender and your state’s lending laws. However, US Installment Loans can connect you to lenders who offer applicants up to $5000 payday loans.
Car Title Loans
You can apply for a car title loan if you are the outright owner of your car and have a lien-free title on it. The loan limit is usually somewhere between 25% to 50% of the car’s value. The interest charged on secured loans is also generally lower than what’s charged on unsecured loans.
How Can I Take out a Hard No Credit Loan With Bad Credit?
The process of requesting a hard no credit loan with bad credit is pretty basic, just as straightforward as taking out any other loan. But this is only the case with certain lenders or loan brokers. US Installment Loans is one broker with a pretty simple application process.
Within US Installment Loans’ network are lenders with very high approval rates, a major reason why it’s a common choice among many borrowers.
Here’s how to apply for a loan on US Installment Loans
- Fill out the short, simple form. This should take not more than three minutes. You will be asked a few basic questions about yourself and your financial standing. Make sure to supply only correct entries to avoid any hitches in the future.
- Submit the form, and you will be connected to some lenders who have loan products and offers designed for applicants like you. These lenders would usually run affordability checks on you and assess you for approval.
- A lender who approves you for a loan will send you a quote containing the approved loan amount and a few other things. Review all the quotes you get. Pay special attention to interest rates, loan amounts, and repayment terms, and make your decision based on this.
- Seen that ideal quote yet? Sign it, and your cash could get to you soon after! Most applicants get their approved loan amount as soon as the same day or the next business day, depending on the lender’s funding policy and your bank’s processing speed.
How Much Do You Want?
What Factors Will Be Taken into Consideration Before Lenders Approve My Request?
Multiple factors come into play when assessing an applicant’s ability to take on more debt or how much they can afford to borrow. Some of them include the borrower’s income, debt-to-income ratio, employment history, and how long they’ve been at their current job. You must also satisfy some basic eligibility requirements to get approved for a loan. These requirements include that you;
- are at least 18 years old;
- have a government-issued ID;
- have a checking account;
- have a monthly income of at least $800.
How much can I borrow with loans for bad credit no credit check?
This depends on the loan type, lender, and your state’s lending laws. Personal loan applicants, for instance, may get approved for higher loan amounts than payday applicants. US Installment Loans can connect you to lenders offering up to $5000 payday and $35000 personal loans.
When I can receive my funds?
You can get funded as soon as the same day or the following business day, depending on the time of the day you applied, the lender’s funding policy, and your bank’s deposit processing speed. US Installment Loans’ partner lenders act with a sense of urgency and should help you with your requested cash as soon as you need it.
What are the alternatives to loans for bad credit no credit check?
Have you considered getting some money from a relative or loved one yet? These kinds of loans typically have zero interest. If this isn’t viable, you may try side hustles like freelancing on a platform like Fiverr or working as a dispatch rider. What about loans from credit unions or local nonprofits and charities? These are options to explore if the interest rates on bad credit loans feel too much to handle.