No matter what your reasons to apply for No Credit Check Loans are, you should consider all the alternatives available before submitting a short-term loan request. There’s high risk of coming across predatory lenders that offer loans with no hard inquiry. You may end up getting in more debt than you have now.
Let’s figure out what are the most common no credit check loans with short repayment terms, study their pros and cons and learn how to benefit from them.
Short Term Cash Loans approved with No Credit Check
Borrowers often seek for 30 days, 3 month, 6 month short term loans to cover urgent financial needs and repay the money as soon as possible. Many of them have bad credit and naturally want to avoid hard credit checks that may damage it even more. Here short-term cash loans with No credit check come as the easiest loan solution.
However, you should keep in mind that at least a soft inquiry will be done to make sure you are creditworthy. And if the lender promises guaranteed loan approval with no credit check, it should make you grow suspicious and think twice before borrowing from such a company. It may turn out a scam.
Types of short term loans available with no credit check
When you search for short term financing, you usually need to borrow small amounts from $100 to $5,000. There’re a few options offering small-dollar cash loans for a short period with no hard pull:
Borrow up to $1,000 for a short term of 14 – 30 days till you get the next pay check. Typically the loan is instantly approved and transferred into your bank account the same day.
You can borrow up to $5,000 for a few months. Same day financing is also possible.
Borrow up to $35,000 for 12 months or more at affordable rates even with bad credit.
Borrow up to $10,000 for a month or more with the loan secured by your vehicle as collateral.
How No Credit Check Loans work?
- The application process is designed for a quick and easy way to get instant approval. Once approved, the funds are deposited into your bank account the same or next business day with no hard credit check.
- Get instant approval decision regardless of your credit score.
- When you apply for short-term loans online, lenders look beyond your credit score to determine your creditworthiness and make approval decision.
- Get the money to repay it within a short term of a few months
- If approved for a no credit check loan, you get the financing asap and choose a payment schedule to fit your budget. Repay the money in a lump sum or in fixed installments.
What to watch out for with no-credit-check loans?
First of all, be careful with interest rates and other fees. No credit check loans tend to be rather expensive as lenders risk offering money to bad credit borrowers.
For example, a short-term $2,000 loan at 400% APR will cost you $667 monthly payments within 2 years.
Together with no credit checks, these short-term loans don’t check your ability to make payments on time which may lead to debt.
What alternatives to no credit check loans shall I consider for short term financing?
If you are looking for instant cash advance, you can find alternatives to expensive no-credit-check loans. Some of the most common short-term financing options available with no hard inquiry are:
- Credit unions
- Loans from banks
- Secured loans
- PAL (Payday alternative loans)
- Online lenders
- Tribal Loans