No credit check loans guaranteed approval & instant payday loan
If you need quick cash to cover an unexpected expense, you may consider applying for no credit check loans. Regardless of your current credit rate, you will have a real chance of getting approval. But don’t let the name trick you though.
When it comes to legit quick loans online, lenders are not going to give you money just like that. They don’t conduct a detailed credit check but they use an alternative way of checking one’s creditworthiness — one that doesn’t influence your credit score. This is what they do at InstantCashAdvance. And this is what makes the loans with no credit check application process so fast and easy.
Why lenders perform a credit check?
Lending companies check your credit history to estimate your creditworthiness and ability to fulfill repayment terms. This way, they can identify the risk of lending you money. People with a bad credit reputation usually get loans with higher interest rates, because lenders see them as potentially unreliable customers. Many people with a low credit score below 600 face difficulties securing online loans with no credit check. So, every time they submit an application and get rejected, they get a record on the credit report, which pulls their credit score even more down.
You still have a chance to get approves, having a poor credit background. Compared to traditional hard checks, some lenders decide to perform “soft checks” that don’t affect your credit score at all. Thus, when you apply for a loan with no credit check, your application will be reviewed in terms of your employment, current loans, and other credit details.
What no credit check really means?
When it comes to loans, no credit check means that the lender doesn’t conduct a detailed examination of your credit situation. Instead, they conduct soft checks which focus on other factors, not credit rates.
Generally, the application for no credit check loans from direct lenders is straightforward. If you do it online, you will most likely get a response within 24 hours. In many cases, you can submit an application, get approval, and see quick loan money on your bank account or debit card the same day.
Credit score determining factors
A person’s credit score is estimated by lenders using the data from your credit report. The FICO scoring system takes the following factors into consideration:
- Payment background (35%): Your payment history gives a better understanding of your financial responsibility and punctuality.
- Amounts owed (30%): The so-called credit utilization demonstrates how deep in debt you are. It also determines whether you can handle the repayment scheme on time.
- Credit history length (15%): This factor demonstrates the period of time when you used a credit. The lengthier the period of your credit history is, the better your credit rate is.
- Requested type of loan (10%): Lenders consider your credit history apart from credit card use, installment loans, mortgages, and business accounts. It is not only the credit types that are tracked.
- New credit and inquiries (10%): Before you add a no credit check loan to your general debt, it’s important to understand how reasonable it is. Registering a few credit accounts within a short period can be risky, especially for those with a negative credit reputation.
Types of no credit check loans
At "Instant Cash Advance", you have access to a wide range of loans with no credit check. Depending on your personal preferences and needs, you can choose one of them:
Small Payday Loans
Payday loans are short-term unsecured loans that are issued with a credit check. They are often a costly option for the borrower as they tend to have an annual percentage rate (APRs) of 400% or even higher. The APR is the general value of the loan, which consists of your interest rate, fees, and repayment timeframes. If you have a bad credit score, you will most likely have to pay higher APRs.
Personal Installment Loans
This kind of online payday loans with no credit check comes along with extended terms, more attractive interest rates, and more secured options than payday loans. The total value of borrowing along with interests and other fees needs to be covered with a series of payments. You don’t have to pay for everything at once. Lower monthly repayments can be covered conveniently without challenging your budget.
Loans with no credit check eligibility requirements
Before you apply for a loan with no credit check, you will need to fulfill certain requirements. Without them, you will have problems submitting an application and getting approval. Thus, you must:
- Be at least 18 years or above in age.
- Be a US citizen or resident.
- Provide valid contact details, such as email and mobile number.
- Demonstrate a stable source of income, be currently employed, and/or have a long-term bank deposit.
- Have a bank account for the direct deposit of the loan value.
Pros&Cons of No Credit Check Loan
Guaranteed loan approval with no credit check is not really the case. But it doesn’t make this type of loan less attractive for applicants. In fact, there are certain pros and cons to know about.
- Easy application procedure whenever you need money;
- Fact approval that takes minutes;
- Available for different types of credit background;
- Covering short-term and long-term borrowings.
- Higher cost associated with the borrowed sum of money;
- High interest rates due to associated risks;
- Chances of getting into a debt cycle;
- Possible need to demonstrate a source of income or a bank deposit;
- Possible penalty and fee in case of a missed or delayed payment.
When you need some quick cash advance online, a credit check can slow down the loan application process and even prevent you from getting a loan approved. Having a bad credit score can trap you in a hopeless situation where you can’t apply for a bank credit or any other serious loan.
Once you have an active bank account, source of income, and a national ID, you can request no credit check online loans. You will complete an application form without leaving the comfort of your home. And this usually doesn’t last long.
The maximum size of your loan will depend on your creditworthiness. Even if we can’t give you the full loan, we will cover at least half of the requested sum of money.
Benefis of No Credit Check Loans from InstantCashAdvance
No credit check loans online issued by InstantCashAdvance offer a wide range of benefits. Before you claim some funds from them, make sure you know all the good things about them.
Fast Approval Online
Time is a valuable resource that can’t be wasted. This is why InstantCashAdvance tries to do everything fast and easy. With no inspection and little paperwork involved, you may get approval and a quick loan itself the same day.
The application routine associated with a no credit check online loan is quite direct. Being a customer-oriented service, we try to keep things simple and clear. Once you provide us with all the necessary information (your employment, recent payment background, credit history, and required sum of money), we promise to come back to you with our verdict in a few hours. In some cases, it takes just a few minutes. Anyway, you have a pretty high chance to get your money on the very same day.
Loan Amount up to 5000$
Apart from small payday loans online with no credit check, the lender provides from $1000 to $5000 for your expenses. This is more than enough to help you survive your financial emergency. However, the final amount of money you'll be approved for usually depends on your application. Compared to many loan providers, InstantCashAdvance offers more flexibility.
Possibility to improve bad credit score
For individuals with poor credit scores, applying for maximum or minimum loans can actually affect their credit score in a negative way. For no credit loans, the lender doesn’t conduct detailed research and analysis of your financial situation. Instead, it takes a quick look at your current income and existing belongings. This kind of brief check doesn’t affect a credit score at all. But you should make sure to make instant and quick loan payments on time.
Alternatives to No Credit Check Loans
Payday loans with no credit check are not the only options you have. At Instant Cash Advance, they offer the best guaranteed quick loans online that serve as good alternatives. Let’s check them out!
Guaranteed Approval Loans
This kind of emergency quick loan can be approved with no credit check. The reality is that no lender can promise you a 100% positive result. In fact, about 70% of all bad credit loans receive approval. But this is quite a high possibility rate for small loans.
Direct Lenders Loans
By contacting a direct lender, you can request a holiday quick loan for a short-term period. You can agree to pay a smaller amount of money each month over a particular period of time. But you should be ready for higher interest rates under a payment plan.
A cash loan is known as a short-term type of borrowing that aims to help people address unexpected needs. They are usually suitable for small sums of up to $1000. Thus, it won’t be a problem for you to repay everything on time.
A secured loan is a type of loan that needs to be supported by collateral. In other words, you need to set up your valuable belonging, like a home or a car, for a loan protection. In case, you can’t cover your debt, the lender will have the right to possess your belonging. Generally, secured loans are easier to get for borrowers with good and bad credit rates.
Friends or Family Help
If you're in financial trouble, you shouldn’t necessarily rush to a lending company to get a loan. Instead, you may try to find the necessary sum of money in your nearest circle. After all, it can be easier to borrow money from friends and family. You don’t have to prove your creditworthiness, sign an agreement, and pay high interest rates. Of course, if you don’t have such an opportunity, you may check loan places near me and get to Plan B with loan borrowing.