There are many reasons you might want to consider loans with no credit check when you need extra money. The most important thing to keep in mind is that there is a world of difference between a reputable lender offering no credit check personal loans and the sort of loan shark rightly demonized in the media. Many big name lenders offer so-called bad credit loans alongside their mainstream loans, and there are also respected and trusted companies with many years experience who specialize in the sub-prime sector.
There are many reasons you may choose a bad credit personal loan- you might have little or no credit history, as is the case for many young people who have just finished school and are about to start their first job. You may be living on a fixed income- you might be drawing a monthly disability check, or you might be retired, or in receipt of welfare benefits. You may be self-employed with your income fluctuating month-to-month. You might be recovering from financial setbacks after a period of illness or unemployment.
Whatever your situation, unforseen expenses are a fact of life- and there are also expenses you anticipate but still need help with.
Personal loans for people with bad credit have several advantages that make them right for you- they are much, much faster than your bank or credit union, with customers able to apply securely online in less than 10 minutes, and receive their payout into their account of choice within a few days. Because these are loans with no credit check, they do not show up on your credit record as you having searched for credit- ideal for when you want to keep your finances low-key and discreet. You can inquire about what you may be eligible to borrow and at what rate, without it adversely affecting your chances of a loan. Lenders offer very small amounts from $100, so you borrow only what you need, and thus repay less interest than you would with your bank’ minimum loan. This is idea for times you need a little extra and want to repay it within a week or two- for example you may have a short month at work and need a little extra cash to cover your family’s monthly expenses- knowing you are due extra on your next paycheck that will easily cover the repayment. Payday loans are designed to be repaid in this way and are intended as bad credit loans to meet small, and urgent needs such as car repairs, groceries and other short-term emergencies.
You may wish to borrow money for larger, planned expenses such as medical bills, tuition fees, a new kitchen, a vacation or home repairs. Personal long term loans for bad credit are a great way of meeting bigger financial needs, whilst keeping these expenses away from your mortgage lender.
You may be worried that you’ll pay over-the-top interest rates by using loans with no credit check but this is unlikely for most people, as the loan repayments are tailored to meet your financial needs and take into account your ability to pay. You can choose from lenders on our site who abide by a code of ethics designed with the customer in mind- and who are well-known names in the financial industry. This is a stark contrast to the greedy loanshark image characterised in popular media. Today’s lenders are sympathetic to their client’s needs and will work with you if you experience any difficulty in meeting repayments.
No credit check loans are right for anyone who needs to cover an expense and who has trouble getting credit elsewhere, or who wants to borrow money quickly. Like any other loan, you can rebuild your credit record by paying back according to the schedule agreed with your lender.