Nothing is as frustrating as not being able to secure a quick personal loan to consolidate your debts, fix your car, finance your home remodeling project or take care of any other pressing emergency. The reason could be, you have a bad credit score or have no credit history at all. If your credit score is the problem and your prospective target lender carries a hard check on you, then your overall credit score may end up being reduced by a few points.
If you don’t want to hurt your credit score when looking for quick finances, then the best way to go could be no credit check loans. With such loans, only a soft pull on your credit history is done for purposes of background checks and that does not affect your credit score, neither will it be visible to creditors.
There are many opportunities that no-hard credit loans present and here are some you can watch out for:
1. Access to Better Loan Packages Compared To Payday and Title Loans
With bad credit history, there are high chances of your payday or title loan request to potential lender being rejected. These forms of unsecured loans also come with predatory interest rates, averaging around 20 percent, which when measured in terms of annual percentage rates can go up to more than 300 percent. That notwithstanding, you’ll be required to pay the loan in a lump sum.
This cannot only be taxing but may also force you to roll over the loan, meaning more costs on top of the outstanding loan interest. So why go through the hassle while you can find a favorable option that will match your loan repayment needs?
2. Ability to Access a Loan Size That Befits You
Traditional lenders are always hell-bent on ensuring you pass a certain credit score for you to qualify for a loan. But with no-hard check lenders, only a soft credit check is carried out to determine how much you qualify for. That means getting a loan of any size, based on the established limits is possible with just a quick check at your employment status, income level, and finance history information.
3. High Possibility of Loan Getting Approved
With soft credit checks or inquiries, only a general overview of your credit history is generated and that’s not recorded on your credit report. That means even if you have the lowest possible score, you still stand a chance of your loan application being approved. When a no hard check is run on you, it points out to the fact that lender is considering your ability to repay. And this only increases your hope of securing the desired loan.
4. Have Access to Different Loan Packages
Just like payday and other unsecured quick loans, soft-check loans have a variety of lenders in the market, offering different packages. This presents an opportunity for you to shop around and pick a lender that offers the most favorable interest rates and repayment terms.
The time the lender takes to deposit funds into the borrower’s account also vary from one lender to another. But most lenders in the market right now do it almost immediately upon approval of the loan. However, this is something you might need to ascertain before submitting your loan request.
Now that you know exactly what to expect with no hard-check loans, you can go ahead to search and subsequently apply for one. The good thing with such loans is that they have no stringent terms, are easy to apply and can be credited immediately to your account upon approval. You certainly don’t have to go through the hassle of having your entire credit report checked and your credit score lowered while you have no-hard check loaning options at your disposal.