Do No Credit Check Unsecured Loans Exist?
There definitely is such a thing as no credit check unsecured personal loans. People call them payday loans or cash advance loans. The reason there is no credit check is that these loans are not credit. All they are is an advance against your next paycheck. You do need some income. It also is necessary to have a banking account. Being an adult is the last qualification, and beyond that everything is quick and easy.
The payday loan industry does not do credit checks, but they do have their own system for checking to see if you have defaulted on previous quick cash loans. If you have not repaid another loan on time, or if you had to repay it on an extended payment plan, you may find that you are denied another loan. Most states have laws for these kinds of loans, and only allow you to have two at any one time.
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In the interest of the consumer, many states have additional requirements that try to keep you from becoming trapped in a payday loan endless cycle. Some allow you to have five consecutive loans, and then you must wait before you can take out a new loan. This may only be 48 hours, but the purpose is to stop you from continually living on these types of loans.
Fees can average $15 to $25 for every hundred dollars that is borrowed. Interest rates run from 456% and up to over 2000% APR, but that is not usually a problem because the loan term is only a week to a month. If you keep getting new loans, however, you will end up paying something very inflated in the long run.
Qualifying is easy. Just go to your neighborhood cash advance store and fill out the application. You will need identification, proof of income, and a recent bank statement. Most require that you write out a check for the amount of the loan plus fee, and leave it with them. When you repay the loan with cash, your check is returned to you, or shredded. Online, you fill out the application which includes all the above information and an ACH withdrawal permission, and get approval. Once approved, your loan is deposited directly into your bank account. Repayment onlline is done the same way, with an electronic withdrawal from your account. Both are a no credit check unsecured loan, not backed with collateral.
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Posted in Financial Services Post Date 03/16/2020