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The Reality Of No Credit Check Loans

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The Reality Of No Credit Check Loans

The chief attraction of no credit check loans is that the bad financial habits of the past will not return to haunt the applicant. But there are some real issues that anyone thinking of applying for one needs to aware of.

There are clearly positives to be enjoyed, such as the fast approval process that means applicants can know their success within hours. But all matters relating to money have to be taken seriously.

Unless the consequences of securing the loan are examined thoroughly, borrowers might discover that this unsecured loan could quickly lead to further financial strife.

Who Qualifies?

The simple answer is that anyone can qualify for a no credit check loan. There are conditions to these loans, of course, but the required criteria is basic. To that extent, the ability to secure an approval is relatively straightforward.

As mentioned, the criteria is basic, with four key conditions that need to satisfied. In line with general law, applicants have to be over the age of 18 before they can even be considered. They must also be either a citizen of the US, or have permanent residency. Having a bank account is also a must, while all applicants must be in gainfully employed, with sufficient income.

Once this criteria are confirmed, then applicants can look forward to a fast approval process. But it is important to keep in mind that, as with all unsecured loans, the loan limit is low and other terms are restrictive.

Common Terms to Expect

The attraction of no credit check loans is that even those applicants with very low credit scores can be approved. This is in sharp contrast to normal loans, where the influence of the credit score can be detrimental, even if it is not decisive on its own.

However, applicants are limited in other respects. First and foremost is the size of the loan available. Because the lender has foregone the right to check on credit histories, the risks are quite high, so the loan size is small - often a maximum of $2,500. This is enough to make a real difference in easing financial worries, and coupled with a fast approval process, the popularity of these loans is still high.

Also, as is the case with all unsecured loans, lenders have set very high interest rates. This means that the overall costs can be crippling if the income of the applicant is not high enough.

What the Borrower Must Consider

It is tempting to believe that a no credit check loan is nothing but good news for borrowers, but while there are obvious advantages, there are aspects that need to be considered before making an application. After all, all loans must be repaid with interest.

The lifespan of these types of loans are as short as the loan limit is low, and while a fast approval process means funds seem relatively easy to secure, the short repayment period places huge pressures on borrowers. Even with a sum of $2,500, the repayment period may be just 3 months, and (with interest) monthly repayments could be as high as $1,000.

This means that the borrower has to have a considerable amount of disposable income before being in a position to be approved. Collateral is not necessary with an unsecured loan, but this only increases the monthly pressure. The repayment must be made, and the normal monthly obligations also.

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