Can You Really Get a Loan without a Credit Check?

by Darwin on October 3, 2014

When it comes to borrowing money every personal situation is a little bit different, and each borrower has their own reasons as to why they have the need to secure a personal loan. The good news is that in this day and age, many people who do not have a great credit score are still able to obtain various types of personal loans that do not require a credit score assessment or credit check. Although these types of loans will likely come with a higher interest rate, lenders now offer them due to the fact that for many families it can be much too difficult to provide sufficient credit worthiness, especially during bad economic times. Here are a few ways to obtain a personal loan with no credit check.

Find a Lender 

Keep in mind that not every lender or bank is willing to offer people a personal loan without a credit check. Make sure that you do your research in order to find the best lender for your situation who is willing to offer a no credit check loan.

Show Assets and Incomes

For many types of personal loans that don’t need a credit check, having collateral, assets or another way to prove your ability to repay the loan will aid in lowering your interest rate, as well as help you qualify for the personal loan you want without a credit check. If you are self-employed then you should ask about any provisions that are available to you. Many no-credit-check lenders will offer personal loans that are less restricted for those that are self-employed and less able to prove income.

Cash Advances

It is crucial to research lenders thoroughly when it comes to cash advances. There are dozens if not hundreds of different lenders to choose from. In order to find the right fit for you, you should find out some pertinent information such as what is the maximum and minimum amount that they are willing to offer? As well as what is the interest rate? This can vary dramatically from lender to lender. These types of no credit check loans are a viable option in some circumstances.

Title Loans 

Title loans can be a quick way to borrow money and work by trading in the ownership of your automobile’s title in exchange for cash. In many cases they will require a set of your keys on top of the title. If you are unable to repay the loan then you will have your car taken away. The rates of these types of personal loans are similar to payday loans, however due to the fact that your car secures it, you often can receive a substantially higher amount of cash as well as longer terms with this type of loan. In order to obtain this loan, you will generally have to apply online by filling out an easy and quick form with some pertinent information about you car such as the mileage, model and make. They will also ask about your personal situation and your financial situation.

Secured Government Loans

In order to get this type of loan it is important to do your research on government programs that are applicable to your given situation. In some cases these types of government-insured loans will aid borrowers in avoiding the types of extra expenses that often come with private loans. For instance, joining an FHA title 1 program will help some people finance repairs on their property if they own a home.

Evaluate Fees and Costs

For any type of private loan that you choose to obtain without a credit check, you must look out for any significant costs or fees that may be applied. Don’t be afraid to say no to any deals that look too expensive.

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