Bad credit history prevents people from getting low-interest loans from banks, so they try to find anonymity in the medium, such as the Internet, hoping that online lenders are different from traditional brick-and-mortar lenders, and don’t have the means or will to check their credit record.
No escape from credit check
If you’re looking for a no credit check loan, you have to ask yourself a simple question first – Why do lenders perform credit checks n the first place? Imagine a stranger coming to you, asking for a loan, what would you do? The most likely answer is, you would give that person a definite No Way. It’s pretty much the same with lenders. They are in the business of giving money to strangers but they have to make good decisions. There are a lot of people who want to borrow money, and lenders have limited resources, so they have to be selective. They perform credit check because that is a good tool to check the person’s past credit performance, which is likely to be reflected in their future performance as well.
Guaranteed online approval
This is an often used slogan, which in fact means absolutely nothing. If a lender advertises his/her services, offering no credit check loans or guaranteed approval, believe it or not, it is just a trick to attract you to apply with the lender. The credit check is a must because not every application can be approved. Here goes the guaranteed approval then. Some application will be declined.
The truth about no credit check payday loans
Although payday lenders are more flexible and lenient toward bad credit history, they didn’t fall off a turnip truck. They know exactly what they’re doing. Some customers with bad credit record will receive a payday loan, because those loans are rather small (up to $1000). If a customer holds a steady job, has some possessions that can be held as a collateral. lenders don’t risk that much.
Large personal loans and no credit check
There is no way a lender will approve a customer for a $10,000 loan without verifying the customer’s employment and credit history. Any claim to the contrary is just a pure boloney. Even if a customer has a bad credit but has some collateral, a lender can make a decision to extend financial assistance to that individual as long as the principle is secured.
No credit check merchant cash advance
Impossible! Period! Can you get a merchant cash advance when you credit report is really bad. Yes! As long as your business shows large revenues coming from credit card sales, and your business has a good potential for income, bad credit will not be an obstacle in getting an advance.This will be more expensive funding but it might be beneficial to both sites.
Your voice counts
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