What Is No Credit Check Installment Loans
A no credit check installment loan is an unsecured loan offered by online loans lenders to those with a poor credit history or non-existing credit. The amount taken out is usually repaid in installments until the final payment. When applying for a no credit check installment loan, a lender will only carry out a soft credit check to ensure you will be able to repay the loan in record time. This type of loan is suitable for those who need quick cash for an emergency.
How to Choose No Credit Check Installment Loans
Choosing a no credit check installment loan can be a headache if you do not have the right information. There are a number of factors to keep in mind as you look to choose a no credit check installment loan, including:
Check The APR
The first thing to look out for when you are ready to choose a no credit check installment loan is to check the APR offered by the lender. Knowing the loan's APR will help you evaluate whether or not you will be able to repay the loan in record time. Ensure you see the loan APR before signing the dotted lines. Failure to check the APR offered by your selected lender could quickly add up to your total repayment amount.
Assesses Your Ability to Repay
The next thing to lookout for when looking to borrow money is to assess your ability to repay the loan in record time. Compare the requested amount with your monthly income and see whether the loan repayment will not affect your family finances.
Understand the Repayment Terms
It is important to know the repayment terms whether you want to repay the loan in a week or in a few months. Strive to know the repayment method and the consequences of not meeting up with the repayment schedule. Remember, you are not under any obligation to accept loan terms you are not comfortable with.
Beware of Scammers
Lastly, be wary of scammers because they are everywhere looking for unsuspecting borrowers to dupe. No credible lender will request you to pay money or send a gift card before your loan application will be approved. Flee when you notice any action with the intent of scamming you.
How Does WeLoans Compare?
|Why Use Us?|
|How much am I allowed to borrow?||Up to $35,000||No hidden fees or charges|
|What are typically the loan terms?||Up to 36 months||Various repayment options|
|Do lenders check my credit?||Yes||Soft search only|
|Do lenders take bad credit?||Yes||Bad credit considered|
|Chances of approval||Good||Quick turnaround|
|How to apply?||Apply online||No paperwork needed|
No Credit Check Installment Loans Alternatives
There are so many alternatives to the no credit check Installment loans, including:
Payday loans are unsecured short-term loans designed for workers and those with at least a verifiable source of income. Payday loans come with a high-level rate, flexible repayment terms, and a decent APR. Borrowers are expected to repay the loan amount once their paycheck arrives.
A cash advance is another great alternative to the no-credit-check installment loans. In this type of loan, you take out the required amount for a short-term, typically within a duration of 6 to 12 months. Cash advance comes at a high-interest rate. For your cash advance to be approved, you must have at least a source of income and a checking account with any of the banks in the United States.
Same Day Loans
Same Day loans are unsecured loans offered by online lenders and other traditional financial institutions. In this type of loan, you will complete an online loan application form and submit it to a lender for vetting. Once you satisfy all the requirements that the lender has spelled out, the lender will approve your loan request and will credit the requested amount directly into your bank account on the same day that you applied for the loan. Same-day loans usually attract a higher interest rate and APR.
Short Term Loans
These are typically unsecured loans designed for a wide range of borrowers. You can take out this loan to pay or settle unexpected expenses like medical emergency bills, vehicle maintenance or repair costs, as well as a vacation abroad. The duration of short-term loans is usually between 6 to 12 months. Short-term loans can hurt your credit score if you fail to repay the loan within the stipulated time in the contract.
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Do Loans with No Credit Check Have Variable Rates?
Certainly, no credit Installment loans come with variable rates. However, before you sign any loan deal, ensure you read through the lender's terms and conditions so that you know your monthly repayment schedule beforehand before signing the dotted lines. Also, there are some lenders that offer a lower interest rate, with some pushing for flexible repayment terms.
Are No Credit Check Installment Loans Safe?
No credit check installment loans are now becoming very popular in the US, especially among borrowers with poor credit ratings. And yes this loan type is safe, provided you apply through a credible loan broker. The application process can be overwhelming if you want to do it on your own, but a broker can smoothen the process for you without any hassle. Additionally, there are measures on the ground to protect your personal and financial information from getting into the hands of fraudsters or internet hackers.
How Much Will a No Credit Check Installment Loan Cost
The amount depends on a number of factors as captured in the contract. If you are looking to take a no credit check installment loan, you should take note of the following factors:
- APR: APR stands for the annual percentage rate. This includes all fees and interest rates expressed as an annual percentage.
- Fees: Some lenders charge a wide range of fees, including late repayment fees, origination fees, and prepayment fees.
- Interest Rate: The interest rate on a loan is usually expressed as a percentage. It's the money paid in addition to the principal amount during repayment.