Are No credit check loans possible online?

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 no credit check loans 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.

Online loans no credit check

Why are No Credit Check loans needed?

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.” Or, you could be like one in five Americans that have no credit history or credit score. 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 you may wonder “where can I get a loan with no credit” and “are these types of loans actually possible”?

As this study from the Center for Microeconomic Data from the Federal Reserve Bank of New York shows, Americans are increasingly turning to loans, causing the total household debt to increase to $13.86 trillion in the second quarter of 2019. So clearly, lots of Americans are taking out loans, so read on to find out how you can find one.

  • Bonsai Finance

    Our take: Online marketplace that searches through lenders to find the best offer for your personal situation Show more
    Credit ScoreLoan Size/AmountLoan TermAPROrigination Fee
    All can apply$100 - $15,0001 - 604.99% - 1,386%Varies by lender
    Credit ScoreAll can apply
    Loan Size/Amount$100 - $15,000
    Loan Term1 - 60
    APR4.99% - 1,386%
    Origination FeeVaries by lender
    Our take: Online marketplace that searches through lenders to find the best offer for your personal situationShow more

How 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 personal loans no credit check possible?”

The first thing to understand is that, unlike traditional bank loan lenders, lenders of 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.

What is required for No Credit Check Loan approval?

While approval for no credit check loans is much more likely than a more traditional loan from a bank, there are certain requirements 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 loans with the lender.

As most applicants can meet these requirements, getting approved for a no credit check loan is highly likely.

7 Benefits of no credit check loans

no credit check online loans

There are many benefits to a no credit check loan, but here are the 7 most important:

1. Easy Accessibility:

You can request online loans from the comfort of your own home, so you don’t have to take the time to head to a bank.

2. Likely Approval:

Having to request multiple loans and getting disapproved on several of them can further hurt your credit score, but bad credit personal loans guaranteed approval have a very high likelihood of approval.

3. Simple forms:

The request forms are kept simple and straightforward, only asking for essential information.

4. Quick processing:

It takes only minutes to request an online loan, and approval is typically very fast. The cash is usually deposited into your bank account on the same or next business day.

5. 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 $15,000 and repay over the course of months instead of weeks.

6. Better rates:

Online personal loans for bad credit tend to have lower rates/fees than payday loans online, title loans, and even many credit cards.

7. 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.

After you’ve taken out a no credit check loan, and are working to build up your credit score, you can then check your credit score for free from Annual Credit Report. Federal law requires you to be able to access your credit score once per year from each agency (Equifax, Experian, TransUnion), so you should check with one of them each four months or so.

Why it’s important to check your credit score

While you may be searching for a no credit check loan, it is important to first understand your credit score, and what goes into it. This will help you know what you might be approved for, and what it will take to improve your credit score. Here are some of the basics:

Credit reporting is done by three agencies

TransUnion, Equifax, and Experian are the three major credit bureaus. Based on multiple factors, they will develop a score for you between 300 to 850.

Five factors determine your credit score

Regardless of which credit score you look at, they all consider the same five factors: Payment history, Credit utilization, Length of credit history, Mix of credit types, and Number of inquiries recent past.

The average credit score is 703

According to Experian, the average credit score is at an all time high since 2005, meaning that Americans are improving the way they pay back loans.

A score below 579 is considered “poor”

When your credit score dips down into the “poor” level, it becomes much more difficult to get approved for loans, mortgages, and credit cards. It can also affect things like a cellphone or apartment application.

You can improve your score quickly

There are multiple ways you can improve your credit score, including paying back any loans or cards where you’ve missed a payment. A no credit check loan can help you on the way to improving your 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 hard credit check could negatively impact your credit score.

We help you find an appropriate 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.

Bonsai Finance no credit check loans

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 with no credit check loans as quickly as payday loans no credit check 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. Our requirements 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. Bad credit 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.

  • Bonsai Finance

    Our take: Online marketplace that searches through lenders to find the best offer for your personal situation Show more
    Credit ScoreLoan Size/AmountLoan TermAPROrigination Fee
    All can apply$100 - $15,0001 - 604.99% - 1,386%Varies by lender
    Credit ScoreAll can apply
    Loan Size/Amount$100 - $15,000
    Loan Term1 - 60
    APR4.99% - 1,386%
    Origination FeeVaries by lender
    Our take: Online marketplace that searches through lenders to find the best offer for your personal situationShow more

Finding a no credit check loan Lender

The search for a lender that is able to approve you with a poor credit history can be daunting. Bonsai Finance helps pair you with the right lender.

Our goal is to find you the most convenient loan option and raise your chances of very fast approval. Potential quick loans applicants should visit our website and fill out the appropriate forms so we can begin the search. Our experts then narrow down the field, so you do not have to fill out numerous applications with companies you have never heard of.

The process is convenient and does not affect your credit score to apply. We also utilize a fully secured site, and have a tight privacy policy, so you know your information won’t be shared with anyone you don’t want.

How to use your Assets to get a loan

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.

If you are a homeowner you can use the value of your home to secure your loan. However, as this Federal reserve study shows, the percent of Americans with household secured debt has directly declined along with homeownership rate.

No credit check loan interest rates

Interest is a normal part of any credit situation. All payday 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.

How we can help

Financial hardships can be stressful. Your loan application, however, does not have to be. Bonsai Finance makes your 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 get the help you need. We do the legwork for you. Your finances and credit are both sure to improve after you receive your personal loans no credit check. Here are some other articles that you might find interesting:

Loans for the unemployed – do they exist and how to get one
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