Are Online loans no credit check possible?
When an unexpected financial need suddenly arises, it is not always easy to know where to turn to for help. One the face of it, the available options might seem virtually endless, but realistic and reasonable options are much more limited.
If you are facing unexpected emergency expenses or don’t have the extra cash on hand to finance an important project or purchase, you may be exploring your financing options.
It may be that your credit score (like a full third of all US credit scores) is below “fair,” the credit-rating term for “average.” Yet, at the same time, you may have sufficient income to repay a short-term loan should you get approved.
If the above scenario is at all similar to your current situation, you are probably looking for an online loans no credit check to solve your short term cash need. But are these types of loans actually possible?.
Are Online Loans no credit check Possible?
Many with less than perfect credit would like to take out a personal loan to meet their needs but are hesitant because they wonder, “Are online loans no credit check possible?”
The first thing to understand is that, unlike traditional bank loan lenders, lenders of online personal installment loans are concerned with only one factor — your ability to repay.
Since loan approvals are not based on credit scores, they do run a credit check, but it is taken into account less than other factors.
Finally, note that there are certain requirements (though not credit history related) you must meet. These include:
- Must be 18 or older.
- Must have an active US bank account.
- Proof of regular, monthly income.
- Size of payments is limited by your ability to repay.
- Cannot have outstanding personal loans.
Most people, however, easily meet these rather minimal requirements.
7 Benefits of Online loans with Credit Check
Why should you choose an online loan even if no credit check loans are not possible?
There are many answers to that question, but here, we will explore just the main benefits of online personal loans:
- Easy Accessibility: You can request online loans from the comfort of your own home, not time and gas on needless travel.
- Likely Approval: Having to request multiple loans and getting disapproved on several of them can further hurt your credit score, but even those with bad credit are normally approved for online personal loans.
- Simple forms: While no-credit-check personal loans are not possible, the request forms are kept simple and straightforward, only asking for essential information.
- Quick processing: It takes only minutes to request an online loan, and approval is typically very fast even though it is not a no credit check loan. The cash is usually deposited into your bank account on the same or next business day.
- Greater flexibility: You can borrow more and get more time to repay with personal loans than is possible with most payday lenders. You can borrow anywhere from a $100 to $1,000 and repay across a few months or up to 4 years.
- Better rates: Online personal loans for bad credit tend to have lower rates/fees than payday loans, title loans, and even many credit card companies.
- Help your credit score: By taking out an online personal loan and making your installment payments consistently on time, you can rebuild a damaged credit score.
Our Commitment at Bonsai Finance
At Bonsai Finance, we are committed to providing fast, affordable online personal loans to our clients at highly competitive rates.
We do not base our loan approvals on your credit history nor do we run a credit check, for three reasons:
- There is no need for a credit check.
- A credit check would needlessly slow down the process.
- Running a credit check could negatively impact your credit score.
We do not penalize you for early repayment, like some other lenders do.
We work with you to help you make on-time payments and repay your loan.
We personalize your loan, in terms of amount, conditions, and the size of your monthly installments. We never allow your installments to be beyond a reasonable percentage of your monthly income.
At Bonsai Finance, we seek to fill a void in the online short-term loans market — affordable, flexible, and fast financing. We put cash into your account quickly because we realize that many of our clients are in financial straits and cannot afford unnecessary delays.
We do not put artificial restrictions on how you can spend the cash you borrow from us. That is fully at your own discretion.
We put ourselves in our clients’ shoes and do everything possible to make the experience of borrowing from us as simple and beneficial as possible. The requirements we have are designed to ensure you do not have trouble repaying your loan, but we seldom decline request and deliver your borrowed cash without delay.
Life sometimes comes with some financial requirements that are beyond our normal scope of income. It can be difficult to cover these expenses without securing some help. Loans are, unfortunately, often dependent on a good credit score. A positive loan agreement can even help to raise your credit score when you pay regularly. The saying goes that “you need credit to build credit.” Thankfully, there are some loans that are designed to help those with lower credit accomplish their financial goals. These loans can also help to replenish a poor credit score. A good loans lender can get you on the road to financial freedom.
Finding a Lender
The search for a lender that is able to approve you with a poor credit history can be daunting. Bonsai Finance can help to pair you with the right lender.
Your Positive Aspects
When looking for a loan, it is important to find a lender that is willing to focus on your positive points. Traditional credit based loans may not take in to account you entire payback potential. Many people with low credit are in great financial shape, otherwise. It can take time to bounce back from a credit failure, even after financial security has been achieved. Your income and assets are two things, other than your credit, that can be reviewed. Your loan amount may depend on the amount of money you bring in per month. Your bills and other financial responsibilities are also taken into consideration. All of this information is combined to find a custom loan just for you.
Interest is a normal part of any credit situation. All loans and credit cards come with a degree of interest attached to them. The rate terms are always explained to you prior to signing the loan agreement. The interest rate often depends on the type of loan and your ability to pay it back in a timely manner. Most loans offer the chance to pay off your loan early if you want to combat a large portion of the interest.
Without a credit check, companies cannot track your repayment history. This often puts them at higher risk for defaulted loans. While the interest rate may be a bit higher than a traditional loan, the benefits to your credit are worth the extra effort. Bonsai Finance prides themselves on giving you excellent recommendations. You are likely to be offered several different loan options with varying interest rates. You can choose from the one that best fits your lifestyle.
Financial hardships can be stressful. Your loan application, however, does not have to be. Bonsai Finance makes you loan search more efficient, organized, and successful. The online process means that you can complete your loan documents from the comfort of your home or office. In the past, loan seekers were required to go in person. This often takes hours and many locations may be visited before a loan is secured. With our secure site, it only takes minutes to share your information and clarify your financial need. We do the legwork for you. Your finances and credit are both sure to improve after you receive your new personal loan.