For an individual running a bad credit score and payment history, it is the No Credit Loans that play as the saviour. These are short term personal loans that are offered by financial lenders to the individuals who need instant cash.
In order to apply for No Credit Loans, one needs to qualify the eligibility criteria set by the financial lenders. These loans play a very significant role as they are quick, time saving, convenient and easily accessible to the individuals. The best part however remains that there is absolutely no credit check that happens and this voids away the chances of your loan getting disapproved. Even if you have gone through financial hurdles and the past and your credit score has been badly affected, these loans are always a saviour as they don’t need a credit check in any circumstances.
Finance loans – A Helping Hand
The financial lenders give a helping hand to the borrowers who have been loyal enough in their past payments but have been the victims of the economy downfall that left a tremendous effect on their credit score. Due to a bad credit score, generally the financial institutions and banks do not sanction the loans. On the contrary, there are many financial lenders in the market who offer financial help in the form of short term loans. All you need is to fulfil the basic requirements of the lender. The most important of which is to show the lender your capabilities to repay the loan on time. This can easily happen by proof of your steady employment which needs to be a minimum of six months. The individual is not penalized for having a bad FICO score but is judged on the basis of his repayment abilities through a regular income only. One can apply for these short-term loans and get an instant approval effortlessly.
These loans are convenient and incur no pain whilst the applying process. A simple loan process will include the following steps-
- Fill out the loan application
- Plunge in the required details
- Fulfil the required documentation
- The loan application is then received by the lender
- A loan offer is emailed to the borrower
- The borrower may or may not accept the offer, depending on the feasibility of the loan
- The borrower then compares the various loan offers received from other financial lenders with the APR, interest rates offered, terms & conditions, policies etc.
- Upon accepting the loan offer, the borrower will sent a confirmation email.
- The loan amount then gets directly deposited into the bank account of the borrower.
The entire process takes less than 24 hours and there is no credit check involved. Hence, tit is known as the No Credit Loans. The loan term varies from one lender to the other and hence it is recommended that one should have a thorough research about the pros and cons of the loan before applying for one.