If you have bad credit, getting a loan can feel almost impossible. No credit check loans can help. Even if you have NO credit, you can sometimes be completely cut off from the benefits of the financial system. Before you sign up for a no credit check loan, here's what you need to know.
A no credit check loan is pretty simple in concept – it's a loan that doesn't require the lender to pull your credit history to qualify. Sometimes you could use your income or an asset such as your car as collateral for the loan.
Before you pursue a payday loan or other no credit check option, make sure you understand what your credit score is, and what it means. Your credit score can range from 300 – 850, with 300 being the worst and 850 being a perfect score.
Here are some of the most common loan options if you have bad credit and can't get funding from a traditional bank. 1. Payday Loans 2. Pawn Shop Loans 3. Title Loans
Credit Union Payday Alternative Loans: If you're thinking of taking out a payday loan, consider an alternative from a credit union. Most federal credit unions offer payday alternative loans (PALs) if you have been a member for at least one month.
Home Equity Loans: If you own your home, it can often provide a cheap source of capital. While credit score can factor into the interest rate you get, using your home as collateral makes the loan less risky to the lender.