For borrowers with a bad credit score, the fear of more rejection from a loan company often keeps them from applying. When you hear a negative response to your loan application over and over, it discourages you from applying for future loans. But how will you ever improve your bad credit score if you do not have a chance to prove yourself? Fortunately, there is now a loan product available even for those with bad credit in the form of no credit check unsecured loans. These loans are unsecured which means you do not have to put up collateral in order to receive the loan.
Everyone Qualifies For The No Credit Check Loan
No credit check loans are for everyone because a not-so-great credit history does not matter. It is also good for people who either do not have or simply do not want to pledge collateral in order to get approved for the loan. You can basically get the money that you need by doing very little. There are a few qualifying measures to receive this type of funding. You must be at least eighteen years of age. You must be gainfully employed or have a steady source of documentable income (Social Security, SSI, retirement, etc.). You must have an active checking or saving account that has been open for at least six months in order to receive your no credit check loan proceeds by direct deposit. Those borrowers who do not have an active bank account can elect to receive a paper check delivered via the U.S. Postal Service.
Borrow Up To $2,500
To determine how much money the lender can offer you, they will review your monthly income and determine your ability to pay back the funds requested. The more money you earn each month, the higher amount your loan can be. The amount of the loan can vary anywhere from $1,000 to $2,500. The repayment period for this type of loan can range from two weeks to six months, but since this is a short term loan, and a risky one for the lender, payments are usually not set up to extend past six months. Because the lender will base his or her decision on the amount you can borrow largely on the amount of disposable income you have coming into your household, be sure to list all income sources - although you are not required to divulge child support or alimony unless you wish them to be considered for the purpose of determining your loan availability amount.
Is This The Right Loan For You?
Unfortunately, since these loans require no collateral, they have a higher interest rate. However if you need the money and do not have the collateral, then the unsecured loan was designed for you. The benefit of these loans being online is that you can request free quotes and compare the deals of various lenders all at the same time. You can even apply for several of these loans and see who offers you the best rate and repayment terms. The application process is quick and simple and is completely done online. You usually hear back with a decision relatively quickly as well.
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