126 million Americans own a home. Are you ready to join their ranks by purchasing your first condo?
There’s just one problem: One-third of Americans also have bad credit. A low credit score makes it more difficult for them to buy a home or condo.
It can also be difficult if you have no credit, creating the never-ending cycle of not being able to establish credit because you have no credit.
One way to reduce the stress of moving while building or rebuilding your credit are loans with no credit check.
In this article, we’ll go over some of the reasons why this type of loan might be the solution to purchasing the condo of your dreams.
Renting is More Expensive Than Buying
Renting, over the long-term, is much more expensive than buying a property. If you buy a home, its an investment, meaning you’ll get money when you sell it. Most often, homes appreciate in value except in rare circumstances.
Most young people and people with bad credit get stuck in a cycle of renting because they can’t get the credit they need to purchase a home. Thus, they’re constantly throwing their money away on rent. And they could even be paying less per month for the same space if they owned the property.
Getting a no credit check loan can help you reduce your monthly outgoing costs exponentially.
You’ll Get on the Property Ladder
The property ladder is a great way to move up. However, you can’t climb it if you can’t even grab on to the lowest rung.
With a no credit check loan, you can get on the property ladder. As we mentioned before, a no credit check loan allows you to buy a condo. While this can lower your monthly outgoings, it also gives you leverage when you’re ready to move.
If you and your partner or family decide you want to move out of town, you can sell your condo and buy another place from the money from your sale. You may not have been able to do that had you not gotten a loan originally to help you buy the condo.
Starting on the property ladder gives you an exciting glimpse into your future, and you’ll always be moving up.
It Helps You Take Out Other Loans
Often times, you’ll need some kind of collateral to take out big loans. This might be an issue when it comes to taking out student loans. But if you own a property, this gives you instant “credibility,” as you have collateral if needed.
This will instantly improve your credit and allow you to take out loans for other big ticket items like a car or school. Of course, you won’t be able to do it immediately, but as your credit builds from purchasing your condo (and making on-time payments), you’ll continue to get more and more benefits.
You Can Get Your Money Sooner
No credit check loans often come through a lot quicker than other loans. This means that you can put the money toward the purchase of your condo immediately. Often, you’ll hear the outcome of the loan in only a few days. Once you get approved, you can start the moving process.
You’ll be well on your way to your dreams of homeownership a lot quicker than you thought.
You Can Rebuild Bad Credit with It
Many people have bad credit, and they spend years trying to repair it. If you’re one of them, there’s no need to feel shame. Instead, you can work to rebuild your credit through the no credit check loans.
These types of loans may have a higher interest rate, but they do allow you to use them against your credit. That means, as long as you make monthly payments toward your loan, it will count positively toward your credit.
You can’t rebuild your credit without actively doing something about it, and this option allows you to do so. It will then help you secure future items you’ll need in your life, like other loans, credit cards and finance options for things like computers and office supplies.
You Can Use It For Just a Portion of the Condo’s Actual Cost
Say you have quite a bit of money saved up to put down on the condo. That’s great! That means you don’t have to take out a loan for the entire cost of the home. Instead, you can use it to pay for only a part of the loan instead of its entirety.
Use Your Loan for Moving Expenses
You already know that moving isn’t cheap. In addition to down payments, you also have to pay for things like moving services and someone to come to get your heavy items. You might even have to pay to have things shipped interstate or even across the country.
With a no credit check loan, you aren’t beholden to use it for one thing. Therefore, it doesn’t have to go to the payments for your condo. Instead, you can take out more than your condo is worth and use part of it to help you get from Point A to Point B.
This can make the moving process a lot less stressful. This is especially the case if you’re able to hire someone to haul your stuff for you. You only have to worry about getting yourself to your new home.
You can rest easy knowing professional movers are getting your items to your new home.
Use Your Loan for New Furniture or Decor
What’s a better excuse to splash out for new decor than moving? If you have items you’re not super keen on, why not sell them on and get something new?
You can use some of the money from the sale of the old items toward new items. But, that won’t make up the entire cost, unless you’re selling some type of rare antique.
This is where your loan comes in. Again, you don’t have to use the loan explicitly for the payments on the home, so you can use it to redecorate it to your liking.
Pick out new couches, a new bed, and a new dresser to suit your new lifestyle.
Then, you can pay it back as you pay back your loan. It won’t matter what you spend your loan on. The amount won’t change the way a credit card would, and your monthly payments won’t increase.
This is why taking out a loan to do things like redecorating when you move is a better bet than putting the new items on a credit card.
Instead of extending your credit line and having variable payments each month, you’ll be able to make one payment per month. You won’t have to keep up with annoying credit card statements either.
Plus, most loans, even no credit check loans, have much lower APR rates than credit cards. That’s especially true if you use a credit card meant for someone with bad credit.
This makes it much easier to handle your finances as you get the new place spruced up!
Use It to Remodel
Found your dream condo but aren’t in love with everything about it? No problem. You can use some of the money from your no credit check loan to remodel.
Redo the kitchen or replace the doors on the closet to your exact liking. You can even take out a wall or add one, or redo all the hardware on the cabinets in the kitchen. And repay it with the same monthly payment you use to pay on your home each month.
That way, you won’t have to take out and manage an extra loan to ensure that you get everything you want done to your new condo.
Loans with No Credit Check and Personal Finance
You should use caution when taking out loans with no credit check, as you should with any big financial decision. Don’t decide to take out a loan you know is unrealistic for you to repay, even if it does mean you can land the condo of your dreams.
If you can’t repay it, you may find yourself in further trouble. Therefore, it is important that you only take out a loan that you, or you and your partner, can manage together.
Don’t get caught out with a loan that’s far too big a burden.
For more tips on getting approved for loans with no credit check, visit us here. If you would like us to connect you with lenders, fill out this form and we can find a lender to meet your needs.