Bad credit can seem to limit your options. You do not have to live under the scrutiny of bad credit any longer. You can have access to the money that you need through online personal loans with no credit check required.
How Online Personal Loans Differ from Other Loans
Basically, there are two types of personal loans that most people tend to look at. First, there are secured loans, loans requiring some form of collateral to secure the loan. Secondly, there are unsecured loans which are loans that do not require any type of collateral to secure the loan.
Traditional banks and lenders have requirements and stipulations for potential borrowers, especially when it comes to credit score thresholds. Typically, those with bad credit and no credit are not under consideration for personal loans, especially not for most types of unsecured loans. The beauty of online personal loans based on income no credit check required is that they have a simple, straightforward process that allows them to stand out from other lending agencies and banks.
The terms of these personal loans are as follows:
- Duration of the loan up to 18 months
- Competitive fixed interest rates
- Monthly payments
Criteria for Online Personal Loans Based on Income No Credit Check
These online personal loans do not require a credit check and are based upon the applicant’s proof of income. However, there are a few criteria for the personal loans.
- Applicants must be U.S. residents between the ages of 18 and 65 years old
- Applicant must have an active bank account for repayment of the loan
- Applicant’s income must be verified by bank transactions
- Applicant must have an active cell phone that can receive phone calls and SMS text messages
- Applicant must also provide a debit or credit card to serve as a backup payment solution
Various Usages for the Funds from the Loan
You can use the funds from these personal loans for different things. There are no restrictions on how you use the cash. You can use the funds for:
- Family vacation or holiday/ weekend getaway
- Buy a used vehicle or put a down payment on a new vehicle
- Go back to college
- Make necessary car repairs
- Complete some home improvement projects around the house
- Take care of some past due bills and pay off long term, high interest credit card debt
There are all sorts of things that you can do with the money from these personal loans based on income no credit check required. You just have to meet the criteria as previously noted and accept the terms of the loan, and then you can have access to cash without the red tape of loans from traditional lenders and banks.
Do not let your bad credit history continue to keep you at a low point with your financial life. Utilize personal loans based on income no credit check required to rebuild your financial life and start on a pathway towards improvement.