When you need cash fast but lack the sterling credit history that many traditional lenders demand before approving a short-term loan, what are your options?
You may be tempted to think you are simply "out of options" or have no other recourse but a payday loan. But this is almost certainly not the case. At Bonsai Finance, nearly every applicant can get approved for a cash loan no credit check needed by going through a simple, upfront process that can be completed in a matter of minutes.
We understand how easy it is for your credit to be damaged during a "financial rough spot" in your life. In fact, around a third of all U.S. credit scores are "poor" or "bad" for this very reason. And many others lack any significant credit history at all, which also often becomes a barrier to loan approval at a local bank or more "traditional" lending institution.
But payday loans are not always a viable solution, for they may too greatly restrict loan amount, not give you enough time to repay, and charge you higher rates and fees than an online personal loan.
Personal loans, also called "installment loans," open up greater possibilities to those with bad or no credit. At Bonsai Finance, our personal loans give you greater flexibility and convenience than those of our competitors. Here are some of the benefits we offer:
Many times, those in need of a fast-cash loan assume that a credit check will be run and would quickly disqualify them — so they don't even apply. That is a big mistake. There are many lenders, in fact, that will accept bad or no credit applicants. And there are very good reasons for that, including these:
There are a number of situations in which people commonly opt for an online personal loan that has no credit score or credit check requirement.
Here are a few example scenarios of when a cash loan no credit check needed would make sense:
Every situation is unique, but this should give you an idea of when a fast-cash loan might be necessary. But, in reality, you can get approved regardless of the purpose of the loan, so long as you meet the basic requirements (which are quite minimal).
At Bonsai Finance, there are very few requirements for getting your personal loan approved. There is certainly no requirement regarding a credit score or any credit check being run. But here are some of the few requirements we do have:
If you already have an outstanding loan with us or failed to repay a personal loan to us or a similar lender in the past, that could disqualify you. But poor credit rates are not an issue.
We keep the approval process fast and easy. That is one of the advantages of online loans and of Bonsai Finance loans.
Our online application form will require a few basic pieces of personal information, a verifiable source of income, bank account information, a credit or debit card number, and an estimate of your monthly income, expenses, and the size of installment payment you can handle.
It will only take minutes to complete the basic information we ask for, and approval is nearly instantaneous. We do not waste time with a needless credit check. We understand that timing is important when you are taking out a fast-cash loan.
We will have to run a preauthorization check on your debit/credit card and direct debit $5 from your bank account. These actions are just to ensure all accounts are valid, and the small amounts used to verify this will be returned promptly.
Your cash will arrive in, at most, 7 days, but it could come much sooner in many cases.
At Bonsai Finance, unlike many other short-term lenders, we work with you on repayments and show leniency. We give you a five-day grace period on monthly payment due dates and may be able to extend deadlines where necessary to avoid any late fee. And even if a late fee is incurred, we charge a modest 1% on the outstanding principle and no more.
We have touched upon some of the important benefits of getting a cash loan with no credit check above, but we can summarize them here for your convenience.
In sum, we can say that cash loans no credit check "make sense" for lender and borrower alike. There is a real need for these kinds of loans and a real market demand that lenders are wise to meet.
The benefits of taking out cash loans no credit check needed are many, both as to solving an immediate problem and as to helping to improve your credit score down the road.
Cash loans no credit check may seem like they are "too good to be true," but in fact, Bonsai Finance provides cash loans no credit check needed to the vast majority of applicants on a regular basis.