Important Facts About Installment Loans No Credit Check
Do you need cash urgently to solve a financial crisis but don’t have any savings to fall back to? In this case, a low-interest loan from a traditional bank, credit cards or even a line of credit from a financial institution would be your best bet out of that pit hole.
But what would you do if you have maxed out credit cards and have a poor credit score? You are now wondering what to do with a low income, bad credit, and a nagging financial emergency, right?
Stress not. Installment loans no credit checks can provide a safe and affordable solution to your predicament.
what are installment loans no credit check?
Before lending out any money, most lenders perform credit checks to ensure that borrowers are creditworthy. Because of the risk involved, no lender would lend to anybody with a bad credit report. This makes it difficult for people with bad credit history.
There are, however, lenders who don’t perform credit checks and approve loan requests quite quickly. These are, after all, installment loans with instant approval. Installment loans no credit checks are, therefore, loans that borrowers can repay through regular, fixed and scheduled installments. They are flexible and allow the borrower to pay bit by bit until the whole loan amount is fully repaid.
The beauty of these loans is that you don’t have to worry about the numerous credit checks and the invasive personal financial questions. Nobody wants that especially when dealing with an emergency.
How do installment loans work?
Unlike payday or check loans, you don’t have to repay this loan in a single lump sum. All you need to do is agree with the lender on an amount you are comfortable paying an installment. The loan term can be stretched up to 18 months.
Once you receive the amount in your bank account, you will have to make weekly or monthly installments as agreed with the lender for a fixed period. You can also make prepayments to offset your debts faster without fear of penalties.
The more consistent you are with payments, the better it is because if your lender reports your consistency within a period of six months to credit bureaus, your credit scores are likely to increase by 35 points.
Benefits of installment loans no credit check
- You don’t have to worry about bad credit history – these loans offer affordable solutions out of financial emergency to borrowers with poor credit scores.
- Fixed and scheduled installments – borrowers can repay their loans in flexible and manageable installments over an extended period. This makes it easier and affordable for individuals with a low income to repay their loans and still live a quality life.
- These loans are amortizing – every payment you make reduces a portion of the interest and principal at the same time. The fixed amount never changes, and it makes it easier for you to know in advance what you still owe.
Qualifications and requirements for installment loans no credit checks
To qualify for these loans, you have to:
- Be at least 18 years old.
- Have a source of income whether it’s employment or business income.
- Be a permanent resident of the state you are borrowing from.
- Have an active bank account.
- Produce your actual contact details, for example, your active phone numbers, email address.
Important tips for borrowers
- Before choosing any lender, do your research and choose lenders with affordable interest rates.
- Make sure you read and understand the terms of the loan before signing an agreement.
- Borrow what you need and can afford to pay back in time.
- Use these loans for short-term financial needs only.
Why choose us for your loans needs
We connect borrowers to a large network of trusted lenders who will approve loan request instantly. After filling out our application form online, we forward your applications to a pool of lenders who will then review your request, and approve it.
Loan requestors will have to attach relevant documents and once their loan requests are approved, they will read the lender’s terms.
Getting affordable credit doesn’t have to be a daunting task, let us make it easier for you.
Rudi is a credit analyst who writes articles about credit scores, building credit, and consolidating debt. His know-how on poor credit and credit unions make his input invaluable to our company. There is no credit score out there that Rudi can’t help with.