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No Credit Check Loans: Get Instant Cash, Even With a Bad Credit History

March 05, 2012 | Comments: 0 | Views: 149

At times when a person needs instant access to money, but is plagued by bad credit, no credit check loans can provide relief. These special loans are given for a short period of time and are meant to serve a purpose similar to a credit card without the hassle and bad feelings created by a credit check. If you feel like the use of a no credit check loan is a good option for you, this article will give you a basic run down of the application process and the information you will need to get fast instant to cash.

Bad Credit Is No Problem

One of the problems people with bad credit often encounter is that they fail to qualify for credit cards and have no way to receive a personal loan. This is because these types of financing rely heavily on credit checks to determine if you will receive the money you seek. Therefore, those with bad credit are immediately denied for such options or else are offered such high interest rates that taking the loan is no longer a relief.

However, no credit check loans operate in a different fashion. As their name implies, these loans do not require borrowers to undergo a credit check. The interest rates are relatively fixed and the principle amounts loaned are determined based on your income alone. Therefore, having a history of bad credit will not negatively impact your ability to borrow.

The Qualifications You Do Have to Meet

That isn't to say that anyone can just get a loan with no qualifications. Rather, no credit check loans just simplify the qualifications that you need to meet. If you meet their requirements, you will get a loan and have nearly instant access to the funds. The basic qualifications for a no credit check loan are:

· Proof of U.S. citizenship or Permanent Residency.

· Proof of regular employment for a minimum of 6 months with a steady paycheck.

· Proof of a current bank account, which can be either checking or savings.

· Proof of age - minimum 18 years old is required.

As long as you have documentation that supports these qualifications, you can receive a no credit check loan. Because you provide a bank account and routing number as part of the application process, once you are approved, your funds will be deposited directly into that account, allowing you instant access to cash.

What You Can Expect

No credit check loans are different from many of the more common loans people know, such as auto loans, home loans and student loans. Instead, these kind of loans are given for a short period of time and for low principle amounts. These kind of loans are also called payday loans for this reason. They generally equal no more than one payday's worth of cash ($100-$1,500) and are repaid within the course of one to two pay periods (2-4 weeks).

For this reason, your proof of employment is the real necessity when applying. The lender that you talk to will base the amount of money you get and the amount of time that you get it on the frequency and amount of your regular paycheck.

A Great Alternative

Persons with bad credit often feel lost when they need instant access to cash. There are few options in the form of credit cards or traditional loans for them. That is why no credit check loans are so handy. They offer a great alternative to these other methods for accessing funds swiftly without the hassle of credit checks and bad credit rejection.

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Military Loans for Bad Credit. Hilary publishes informative articles about Bad Credit Loans and other financial topics at

Source: EzineArticles
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