Every year in the United States, about 12 million people take out short-term loans, often called payday loans. People who take out these loans can be subject to high interest rates and impersonal service.
But now, there’s a better way. You can get approved for a loan other than loan with no credit check and have access to funds quickly. You might also have more personalized services, such as customized payment plans.
What are your chances of getting a loan? We can help you find out.
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Online Loans with No Credit Check don’t exist
First and foremost, it’s important to know that the only thing many online loan companies care about is your ability to repay their loan. In many cases, this is the key determining factor in whether or not you will be granted a loan.
And that’s how loans other than online loans with no credit check work.
Whether you have bad credit, no credit, or less than fair credit — like one-third of all U.S. citizens — you can work with an online lender in non-traditional ways.
Many online lenders aren’t banks and don’t expect to deal with their customers in the same way banks do. And they don’t typically have exorbitant interest rates like payday loans.
Requirements for Loan Acceptance
Although bad credit loans might not check your credit score, you will still be subject to some requirements. First, you must be at least 18 years old, and you must have a bank account from a domestic bank.
You will also have to show proof of a regular income, either by pay stubs, bank records, or other means. Different online lenders may accept different or certain methods of ensuring your income. Also, you cannot have other personal loans outstanding and awaiting payment.
Online lenders will help you determine the size and schedule of your loan repayment by measuring your ability to pay. If you don’t have $100 per week to pay, your online loan payments will likely be less. Make sure you are honest while filling out forms, and that you make arrangements to get your loan paid as soon as possible.
Loan Approval Ahead
While you are in the process of applying for a loan other than an online loan with no credit check, you will notice some benefits that make the process different than applying for a payday loan. Interest rates may be as high as 400 percent on a payday loan.
Online lenders typically cap their interest rates at less than 200 percent. If you have a higher ability to pay, that number can lower even more drastically.
You may also notice that the forms are simpler to fill out, and don’t require long processing times. Often, you can have your decision within minutes.
And the best part of all? Your credit score will improve as you pay off your installment loan. Online lenders often report to credit scoring agencies. Enjoy watching your FICO score rise and your debt decreases!
Learn More and Get Approved for a Loan
If you’re interested in learning more about alternatives to online loans with no credit check, there are many online lenders available to you. Bonsai Finance has blog posts and articles about the approval process, and you can apply for loans through many lenders right on our site!
Click here to learn more about the approval process. Here’s to your financial health!