Need a loan? No credit check loans might be an ideal option for you.
The people who most often need loans are commonly denied them due to bad credit. Additionally, since most hard credit checks reduce your credit score by a predetermined amount, these checks keep your credit score from improving and prevent you from getting loans when you need them the most.
When it comes to no credit check loans, this is related to short-term loans where lenders aren’t inquiring with the main credit reporting agencies like Equifax, Transunion and Experian that could affect your credit score. Instead, lenders of no credit check loans are more likely to look at employment history and/or similar indicators instead.
Personal Money Network is different. We understand that credit checks can be a barrier instead of an incentive. Instead of forcing you to struggle further, we offer no hard credit check loans and payday loans that can give you the money you need quickly to maintain your standard of living and keep working.
These types of loans allow even people with bad credit or no credit to get the money they need.
How a No Credit Check Loan Works
Instead of using credit scores to determine whether or not you can pay back your loan, Personal Money Network’s lenders will usually check other things, like your paycheck to figure out your loan worthiness for consideration.
These metrics can be good indicators of current financial habits and trustworthiness, sometimes even better than an often out of date credit score.
After checking these metrics, lenders are generally able to decide on your no credit check loan much more quickly than with traditional credit check loans.
No Credit Check Loan Advantages
There are many advantages to taking out a no credit check loan.
For starters, your credit score will not decrease as a result of the lender checking your credit score. No decrease means that your credit score can continue to grow as you pay back the loan and make further steps to financial stability. You’ll be able to take out better loans in the future for more money and better terms. You can get a payday loan as a no credit check loan in some circumstances.
Another benefit of a no credit check loan is that you’ll receive the money quickly.
The fast approval and disbursement mean that no credit check loans can be valid financial tools when you need a quick injection of money to make rent, afford school, or purchase emergency supplies for your kids. No credit check loans don’t need to take extra time to examine your credit score, and your loan will be approved much more quickly.
Personal Money Network has several specific benefits, too. For instance, we don’t usually require you to fax anything, although it’s ultimately up to the lender. And all of the processes are finished over the Internet. The online process also adds to the overall speed of the loan’s return and lets you get back to your life sooner rather than later.
Personal Money Network also has direct lenders that can help you determine the perfect loan for your needs. Instead of shoehorning everybody into a one-size-fits-all loan, your loan is tailored for your financial situation. In this way, you aren’t chained to a loan that leads to further financial instability.
How Your Credit Can Hurt You?
Bad credit can be a shadow that follows your financial efforts for many years. It doesn’t even take much to end up with bad credit; only a few poor choices or moments of bad luck can lead any responsible individual to credit score ruin. Bad credit leads to a cycle of bad financial health since people with bad credit often have to take out loans that aren’t optimal for their situation.
This leads to further bad credit when individuals can’t pay back their loans in time. Personal Money Network wants to remove this cycle and give you a way to get the money you need now without compromising your credit score even further. By removing the consideration of your credit score, Personal Money Network is in a position to evaluate people based on other metrics, and offer a way out of financial instability.
Bad credit loan can help dig you out of the hole when utilized properly.
How to Get a No Credit Check Loan?
Finding the right no credit check loan for your needs is easier than ever with Personal Money Network. Specifically, the steps required for your no credit check loan doesn’t require any complicated terms or debts formulas.
There are no lengthy forms to fill out and no extended credit check sequence where you have to wait to see if your credit score is even high enough to be considered for the loan.
Instead, you’ll need the following:
- valid identification such as a driver’s license or state ID
- a checking account that is in good standing
- your phone number and email address
- proof of consistent income, since this is one of the metrics checked instead of credit
Also, to be 18 years of age or older, and live in the United States.
As you can see, all of this information is much easier to collect and doesn’t require you to wait for several days before hearing a response from lenders.
Instead, Personal Money Network will get into contact with you shortly after you fill out the form.
How to Qualify for a No Credit Check Loan?
To qualify for loans with no credit, you need three things:
a checking account in good standing
a paycheck history from your employer
good industry-specific credit reporting
Let’s explain these in further detail.
The checking account in good standing is essential to provide a way for Personal Money Network to get the money you need into your pocket as soon as possible.
The paycheck history from your employer is one of the ways lenders check your ability to pay back the loan promptly. Paycheck history replaces the hard credit check but is much more indicative of recent financial behavior.
These kinds of metrics can be valuable if you have made lifestyle changes and become more adept at handling your finances even if your credit score does not yet reflect this evolution.
The industry-specific credit reporting is necessary as a metric for loan acceptance as well. This credit reporting is improved by performing well at your workplace and by earning money consistently from the same employer over time. Often, people can have excellent industry-specific credit while having a bad overall credit score due to past decisions or mistakes.
In addition, you need a working email address and telephone number to fill out the requisite loan forms and allow Personal Money Network to get in contact with you to discuss your loan options.
As you can see, the requirements for no credit check loan from Personal Money Network are much more achievable than the rigorous requirements needed by traditional hard credit check loans. The system is designed to allow you to get the money you need even if your credit score is poor.
If you’re in the military and looking for a no credit check loan, there are regulations that govern the lending of military personnel that are more strict than when civilians apply, which makes it more challenging to get approved as there are a much smaller amount of lenders that extend loans to military personnel. It isn’t to say it’s not an option, but the chances for approval are less.
How Much Does a No Credit Check Loan Cost?
The cost for your no credit check loan depends on the type of loan you receive. For instance, short-term loans often have fees ranging from between $15-$351, with plenty of variation in between. The exact fee total has everything to do with how much money you want to borrow.
In other circumstances, there may be no fee although this is again dependent on the type of loan you take out. This is why Personal Money Network is dedicated to having real conversations with you about your financial future. They can explain the total cost of each type of loan so you can make an educated decision about the kind of loan that is best for your needs.
For instance, if you are strapped for cash in can’t afford the fee, Personal Money Network may be able to find a loan that doesn’t have a fee to accommodate your financial requirements.
However, you will need a bank account in good standing to get a loan from Personal Money Network. This requirement is partly to determine your financial worthiness for a loan and partly to provide a vector for the disbursement of your money. Personal Money Network deposits loans into the bank account you specified. A checking account allows your money to reach you quickly (as opposed to mail).
How Long Will it take to Get a No Credit Check Loan?
Length of time until you get your money varies depending on the exact type of loan you receive. But in general, Personal Money Network is able to provide you with the money from your loan within 1 to 2 business days following loan acceptance.
Most loans are decided upon within three minutes, although some may take longer. However, the time for acceptance is usually short as a result of Personal Money Network’s checking functions. By not checking your hard credit score, Personal Money Network can generally provide you with a decision relatively quickly.
Once you’re accepted for a loan, the funds are deposited into the checking account you have specified. This takes up to 1 to 2 business days before the money can be withdrawn and used.
If you have bad credit and still need financial assistance, don’t give up. Personal Money Network might be the perfect solution for your needs thanks to their versatility and flexibility. They work with direct lenders to help find the ideal loans for each case and provide people with ways to get the money they need to continue working and living comfortably even if they have bad credit. Don’t wait; find out what Personal Money Network can do for you!