No Credit Check Loans Online Instant Approval
No credit check loans online, instant approval? A lot of other loan companies promise that they can offer “no credit check” loans online, or “instant approval.” The truth is, these options don’t really exist.
What they mean when they say “no credit check” is that they offer an alternative type of check that does not involve running your complete credit history through a major credit reporting bureau.
Instead, they look at your pay stub and see what your monthly income is like versus your monthly expenses and make a decision about whether you will receive an approval based on this information. It’s less invasive than a typical credit check, but it is still a credit check.
It’s dishonest to claim to offer a “no credit check loan” when even verifying employment is technically considered a credit check, and we believe borrowers should be aware of how the process works when applying for a loan, even if it says no credit check.
How do I qualify for a no credit check loan?
While you can’t truly get a “no credit check loan” you can get a loan for bad credit from the direct lenders working with Personal Money Network. The fastest way to ensure that you receive an approval is to apply during regular business hours on a business day. If you apply over a holiday, you might have to wait longer to get your decision.
You should also be sure that all of the information you provide on the form is accurate and that the spelling is correct and that you have filled in every box. Failure to do this may slow down the process because it could require someone to call you to verify your details. So be careful to make sure that the form is filled in completely and accurately when requesting loans online.
Instant approval loans, for real?
Instant approval is something else that companies claim to offer, but they don’t exactly provide. What they mean is that some of the lenders they work with are capable of providing an instant decision on an approval. It’s not necessarily an approval. You could receive a decision and not get an approval later, but the decision may give you some confidence while you wait for a formal approval.
Some of the lenders working with Personal Money Network offer instant decisions, so you will have an idea of whether or not your loan request will be approved right away, but not all of them do.
Instant approval isn’t possible, because no lender can guarantee that everyone will be approved. You should also know that “instant decision” might mean you’ll have to wait a few minutes while your loan request is reviewed by a lender. Also watch for claims from some lenders of guaranteed approval, which is very similar and also misleading.
Request loans, even with bad credit.
Have bad credit? A lot of people with bad credit search for short term loans online. It is our philosophy that everyone has the right to request loans online, regardless of their credit score. That’s why Personal Money Network works with multiple lenders and puts your request in front of as many as possible.
This increases your odds of receiving an approval from a lender over simply applying with one lender at a time. Also, because some of the lenders working with Personal Money Network are capable of doing a less invasive type of credit check, that means that requesting a loan may not impact your credit score.
The lenders that work with Personal Money Network typically work in smaller dollar amounts, usually of less than $1,000. This allows the lenders to be more flexible with the types of borrowers they work with, because there is less risk for them in lending smaller amounts of money.
Are online loans better?
That depends on your point of view. Online loans can be faster than applying with a traditional bank or a store front lender. Many of the lenders working with Personal Money Network offer instant decisions and can deposit funds quickly using a direct deposit into your checking account. This sometimes happens as soon as the next business day after you have received an approval.
One reason that borrowers consider online loans is the convenience over applying through a store front lender. There’s no need to wait in line to apply. You don’t have to find your keys or get a ride to a location during their business hours. You can apply online and do so at a time that is convenient for you and you don’t have to go out into bad weather, or try to run to a store front location on your lunch break and hope you make it back to the office on time.
When using the online form onPersonal Money Network’s website, all you have to do is take out your smart phone, tablet or computer and apply from the comfort of your desk. This allows you to request a loan at a time that works best for you, which can save you the time and frustration of working within limited store hours.
Is it safe?
It’s important to keep an eye on who has your financial details. Identity theft is something that you should always take precautions against. That’s why Personal Money Network uses industry standard best practices for internet security. We value your privacy and understand that you don’t want anyone to see your financial information who doesn’t need to look at it.
Internet security is definitely something you should take seriously when considering submitting details when applying for a personal loan. There’s also the advantage of applying online in that you control where you fill out the form to request a loan. You aren’t required to stand at a counter and fill in a sheet of paper that gets put into a filing cabinet where it can be forgotten about. There’s also no need to worry about someone that might be looking over your shoulder, reading your sensitive financial information.
Is there another option besides loans online?
There are a number of alternatives. You could apply through a store front lender, but that would require you to leave your home or find a location that’s open at a time when you can get there. That severely limits your options for applying for loans online.
It depends on why you need to borrow the money. If you are having difficulty making payments, you might be able to work with your creditor to see if they can reduce your payments or change your payment schedule. You could also consider getting a cash advance against your credit card, if you have one. Many banks and credit unions also offer short term loans, but if you have bad credit, you might not qualify.
It’s advised that you do your homework to determine what other options may be available to you, and never borrow more than you can repay come your due date.