Finding a Loan without a Credit Check: A Guide to Borrowing with Bad Credit
Gone are the days when having a bad credit history makes it difficult for you to obtain loan of any sort. Nowadays, it is possible for one to get a loan with a bad credit score all thanks to AutoLoan Service. For with them, you can get fast, and secured loans no credit check.
The limitation that comes with getting loans that fits your requirements especially with a bad credit history is high. Financial institutions involved in giving out loans such as banks and credit societies usually derides at the credit state of the potential borrower and sometimes there may be a loan denial before digging deeper into the financial records of the potential borrower. This is the reason for a choice of “no credit check” loan. However, a clear disparity exists between loans of this nature and the conventional loans.
Understanding loan options
Despite having a bad credit, there is an a wide range of options to choose from when it comes to getting a loan. However, there is a restriction in the capability to make a choice. Securing a loan of a higher amount that could be repaid within longer time period is a special privilege afforded to those who are in possession of a landed property. Acquisition of secured loans in the range of $5000 to $75,000 could be done anywhere. The value of your home or land will be ascertained. In this case, you can lose your property especially when you fall short of meeting up with loan repayment.
Another option exists for those who cannot or will not bear the risk of losing their property. Loans of an unsecured nature exist for such individuals. There are also cash advance loans which aimed at individuals who require money for a small timeframe. These loans are obtained with non-stringent requirements attached to it.
Get Loans no credit check
Loans no credit check is easy to obtain provided certain basic requirements are met. These requirements include:
- An evidence that shows that the person is 18 years or older
- A proof of the individual’s present employment status (at least 6 months on a job) with a good income ability
- An evidence that shows the person is a citizen or permanent resident of Canada
- A proof of your present bank account status.
This information will be required in order to gain approbation of a “no credit check” loan.
Expectations from a lender
Before undertaking a loan application, you need to know what exactly your lender wants. Most loan value is from $100 to $1500. However, some lenders may extend the value of no credit check loans to up to $5000. An agreement on the timeframe (typically between two weeks to two months) for loan repayment is made between the potential borrower and the lender. The plan behind this is to refund the lender once you receive your pay check. The short term nature of this deal gives the lender the confidence in issuing these “no credit check” loans; the income of the potential borrower forming the basis for the money offered.