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No Credit Check Financing: Your Options
_Not every financing transaction involves a thorough check of your financing condition in order to provide funds for you.
Called "no credit check" financing, credit reports are typically not pulled and your credit score isn't revealed for what it probably shows: bad credit.
Yes, a no credit check financing is easy, and is typically reserved for the customer who has bad credit and makes pulling credit reports an unnecessary and costly expense.
So, who provides no credit check financing? Well, you may be surprised to learn that many different types of lenders do.
You can get no credit check financing through the following loan providers:
Payday Loans: All you need is a checking account and perhaps your last two pay stubs in order to qualify for payday loans.
Of course, you'll receive near loan shark rates as lenders charge you anywhere from $10 to $30 per $100 borrowed. No credit check financing at it’s most expensive! This should only ever be a last resort, to be used in emergencies.
Personal Loans: Some storefront lenders will be happy to lend you money at 29% or above interest for several months or for a year or longer.
You'll pay and pay and pay on this loan and through the nose too. Expect to be asked for a checking account and pay stubs, perhaps your tax return too.
Home Mortgages: If you think that a mortgage lender is going to lend you $150,000 without checking on your credit then you are seriously mistaken.
Don't believe the ads: someone, somewhere will be pulling your credit reports to assess your risk. Sure, they already have you pegged as a bad credit risk, but they also want to confirm your credit history, amount of monies currently owed, whether you have filed for bankruptcy, etc.
Likely, you'll be given a loan that is a full two points above the going rate – that is if you are approved in the first place.
A "no credit check" request is a clear signal to lenders that you are one of their highest risk customers, likely someone with bad credit who doesn't want the lender to fully grasp just how bad their situation really is.
No worries, but a lender who wants to find this information out can do so by pulling up your credit reports and credit scores at any given time.
So, the next time you see what looks like an easy no credit check offer, please know that if you are approved you'll pay too much and if you aren't approved, then someone may be doing you a big favor.
Called "no credit check" financing, credit reports are typically not pulled and your credit score isn't revealed for what it probably shows: bad credit.
Yes, a no credit check financing is easy, and is typically reserved for the customer who has bad credit and makes pulling credit reports an unnecessary and costly expense.
So, who provides no credit check financing? Well, you may be surprised to learn that many different types of lenders do.
You can get no credit check financing through the following loan providers:
Payday Loans: All you need is a checking account and perhaps your last two pay stubs in order to qualify for payday loans.
Of course, you'll receive near loan shark rates as lenders charge you anywhere from $10 to $30 per $100 borrowed. No credit check financing at it’s most expensive! This should only ever be a last resort, to be used in emergencies.
Personal Loans: Some storefront lenders will be happy to lend you money at 29% or above interest for several months or for a year or longer.
You'll pay and pay and pay on this loan and through the nose too. Expect to be asked for a checking account and pay stubs, perhaps your tax return too.
Home Mortgages: If you think that a mortgage lender is going to lend you $150,000 without checking on your credit then you are seriously mistaken.
Don't believe the ads: someone, somewhere will be pulling your credit reports to assess your risk. Sure, they already have you pegged as a bad credit risk, but they also want to confirm your credit history, amount of monies currently owed, whether you have filed for bankruptcy, etc.
Likely, you'll be given a loan that is a full two points above the going rate – that is if you are approved in the first place.
A "no credit check" request is a clear signal to lenders that you are one of their highest risk customers, likely someone with bad credit who doesn't want the lender to fully grasp just how bad their situation really is.
No worries, but a lender who wants to find this information out can do so by pulling up your credit reports and credit scores at any given time.
So, the next time you see what looks like an easy no credit check offer, please know that if you are approved you'll pay too much and if you aren't approved, then someone may be doing you a big favor.