For bad credit borrowers, there is a great attraction to loans that promise no credit checks as part of the approval process. After all, the negative impact that a low credit score can have should be kept out of the equation if the best terms are to be secured. But what chance is there of getting unsecured loans with no credit checks?
Actually, the chances are not too bad at all. There are conditions associated with them, of course, most notably higher interest rates and very low loan limits, but when an applicant needs fast cash, or emergency funds, then they are hard to beat. With fast loan approval a standard feature, it is possible to quickly manage the tightest financial situations.
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Still, there are real risks in accepting unsecured loans that are awarded quickly and are limited in their size and use. To that end, it is important to have a clear idea of what is being gotten into before agreeing to sign up to any such loan deal.
The Criteria to Meet
All loans have basic criteria that must be met before lenders begin to even entertain the idea of approving the application. After all, granting unsecured loans with no credit checks is designed to remove some of the unnecessary bureaucracy associated with loan approvals, not to provide a lending free-for-all.
There are lending regulations that must be adhered to. They come down to the applicant being over the age of 18, being a US citizen, and having a reliable source of income. Another point is that the applicant has an active bank account, and after these four criteria are satisfied, then a fast loan approval is possible.
Of course, the bank account is not part of the regulations set out by law, but is a practical feature added by lenders who want an easy way to distribute funds (if the application is approved), and to withdraw repayments. With unsecured loans, this at least provides a modicum of security.
Getting Around Low Ratings
Low credit ratings are supposed to be more trouble that they are worth, but the fact is that they can be easily sidestepped. This is because they are not the key element in any loan application, thus making unsecured loans with no credit checks something that is feasible.
As far as lenders are concerned, such matters as the income of the applicant is more important. This is especially important when something like a fast loan approval is offered, where the only indication that the loan will be repaid rests on there being sufficient income. And when the loan is small, like a payday loan of just $1,500, often the income is required to repay the loan in one go.
These small unsecured loans usually come with high interest rates and repayment schedules of as short as 14-30 days. And with the entire sum withdrawn from one paycheck, they can have a bad effect on normal monthly obligations.
Answer for Special Situations
These high costs and short repayment terms make payday loans high-pressure loans, but there is little doubt they are also ideal for specific purposes. In getting unsecured loans with no credit checks, the uncertainty that come with applying for loans is drastically reduced, while the fact that fast loan approval is provided means that necessary funds can be secured within matter of hours.
In a financial emergency, this is the ideal situation as the problem that needs immediate attention can often be dealt with within 12 hours of it developing. So, an unexpected bill or final notice can be cleared fast. And while it is true that these high-cost unsecured loans can require some real effort to repay, the immediate problem is at least dealt with.
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