No Credit Check Loans: Exploring The Possibilities

Posted on: 13 January 2015

Share

Do you have less than perfect credit, or perhaps no credit at all? If so, you may find it quite difficult to secure a personal loan when making large purchases or dealing with an unexpected expense. However, you should know that there are several loan products available that are designed specifically for people like you. In most cases, these loans will not require a credit check. Instead, your approval will be based solely on your ability to repay the loan.

Below you will learn more about a few of these no credit check loans and what you can do to qualify for the cash you need:

Payday Loans

Payday loans are the most common type of no credit check loans. These loans are designed to be extremely short term and will often need to be repaid in full on your next payday. Consequently, these loans are ideal for dealing with emergency repairs and other unexpected expenses that must be covered immediately.

In order to qualify for a payday loan, you will need to provide the lender with proof of income. This is traditionally done by submitting copies of your most recent pay stubs or bank account statements. You will also be required to have an active checking account from which your loan payment can be deducted.

In most cases, your paycheck will need to be direct deposited into this checking account to ensure the funds will be available on the day your loan is due.

Auto Title Loans

If you own a vehicle, you may be able to obtain an auto title loan. While these no credit loans are also designed to be short term loans, the repayment schedule for these loans can stretch several months rather than needing to be repaid in a matter of days or weeks.

Since auto title loans allow you to borrow against the value of your vehicle, it is possible to obtain a much larger loan than you could when using a payday loan. Consequently, these loans are ideal for making large purchases or paying off past due debts.

In order to qualify for an auto title loan you cannot have any active liens against your vehicle, such as a car loan or mechanics lien. This is because your vehicle will be used as collateral in order to secure the loan. If you do not repay the loan, the lender will have the right to seize your vehicle and sell it in order to cover the amount of your loan. Contact a company with experience for more help understanding loans in your situation.