As like the name suggests, these are the types of short term cash advances whereby the lender does not perform a hard credit check.
In short, your creditworthiness is determined without necessarily doing a credit check. They require a credit check but it is minimal.
No credit check loans are usually an appealing option for borrowers with poor and bad credit scores. But as much as no credit check loans may seem to be a good deal, these are also some drawbacks involved.
It is therefore important to educate yourself on these loans in order to make a safe borrowing decision.
There are different variations of loans with no credit check and some of them are safer compared to others.
These loans have no hard credit checks and are often advertised as “no credit check loans” but it is not 100% true. The lender will need personal information.
Payday loans are short term in nature with a limited repayment term. We offer installment loans that come with lower interest, longer repayment terms and higher loan amounts.
Here is a quick summary of the difference between installment loans and short term loans.
|OakPark loans||payday loans|
|Loan||$400 – $5,000||$200|
|% rates||90 – 200%||600%+|
|Time||Up to 3 years||14 days|
|Lose your vehicle?||X||X|
No lender will guarantee you a loan without doing a ground-check on your details. This is know as a soft credit check and looks at rudimentary factors such as your address, salary, address.
A hard credit check is a test performed on your credit history by a bank or major lender. These checks are more aggressive and may affect your ability to get credit. This is why a no credit check loan may be appealing to those who wish to apply with minimal credit issues. Poor credit is not an issue.
The following details are generally needed by lenders
No credit check loans are offered online by reputable and legitimate lenders. The fast loans are available for all borrowers regardless of their credit type.
If you want to know the difference between a reputable lender and a scammer ensure that you pay attention to the loan term, rates and ability to pay the debt.
Interest rate is the cost of borrowing a loan. It is a percentage that is usually charged on top of the principal amount. APR, which is the short form of Annual Percentage Rate, is the rate that you will pay on a yearly basis.
Loan term is how long it will take you to pay off the loan. It is the time between funding up to when the loan amount plus all interest and fees are paid in full.
Ability to pay simply means whether you can afford to pay the whole loan, including the interest and associated fees. Every time you borrow money, ensure that the lender focuses on whether or not you are able to pay the debt. This can be clearly shown by the rate they offer.
In case you cannot qualify for an unsecured credit card and you can’t borrow from friends and family, applying for start-up loans with no credit check may be a good deal.
Ensure that the loan term and rate is convenient for you. Also, ensure that the lender is interested in your ability to pay back the debt.
If they do not perform a hard credit check, they should at least consider your income and employment status through a soft credit check.
No credit check loans have an APR ranging from 90% to 600%. These rates vary depending on the state.
Amounts start at just $100 and go up to $1000 on the payday loan side. This is a short term loan that is due in from 1-4 weeks. With an installment loan, the amounts got beyond $5000 with longer terms.
If you submit your loan application by noon, it will be processed and approved on the same business day. Applications made afternoon are approved on the next business day.
If you are looking for a no credit check loan in your state or city it is perhaps better to consider the online alternative. IN any state where short term lending is legal we are there to assist. From Alabama to Wisconsin we have an online solution to receive funds fast
The benefit of store locations is a possible immediate payout instead of waiting a day with an online lender. If you have bad credit then you could also be wasting a lot of time driving only to be refused. You could use that time on no credit check lenders instead on the internet.
A Fico score under 600 puts you in peril of not obtaining a loan from a large intuition.
This also includes the major online lending corporations as they use the same process to check your credit score. If you have a sub 600 Fico score then a loan from OakPark Financial may suit your needs.
The natural answer is yes. If you qualify for a loan from a bank with good credit then the fees should automatically be lower as you pose less risk to the lender. Lenders with poorer credit score have a higher default rate and our interest rates reflect this.
When you need cash for an emergency then a short term loan can be a real boon to assist you. There are many situation in which a no credit check loan can real save you. Here are some examples
Insurance can be expensive and many Americans have none at all. You may also only be partially covered with a deductible amount. This can run into thousands of dollars fast. A loan can pay down these expenses to pacify your creditors.
Getting to work is one of the most important factors when you have a job that needs a car. If you have no funds to fix it then you could lose your job.
Imagine your heater breaking in the middle of winter and you cannot heat your home. A loan can assist you to immediately pay off the repair so you and your family can keep warm.
Yes, they are lifeline if you have bad credit and cannot get a bank loan. A bank loan cannot be done as fast as an online bad credit loan either.
Because of the lower barrier to entry people with poor credit score have a better chance of receiving a loan.
If you have debt collectors on your back and those calls are getting too frequent. A no credit check loan can keep them at bay for a short time. In this instance you probably need payday loan consolidation though as the long term payments will be smaller.
High-interest rates and fees are a feature of these small business start up loans with bad credit. For most people, this is manageable if they pay back in time.
If you roll-over your loan or take out several loans then the fees and interest can be a dangerous factor. You should always work out if you can pay back the loan in the time allotted.