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Tuesday, October 14, 2014

Personal Loans With No Credit Check: Pros and Cons to Consider

The challenge of getting loan approval in the current financial environment is quite stark, but certainly not impossible. The stumbling block is generally the credit score an applicant has. But the availability of personal loans with no credit checks means that there is a way to secure vital funds, and very quickly too.

Often speed of access is the most important aspect from the point of view of the applicant. This is usually because some emergency financial situation dictates that a significant sum must be paid as close to immediately as possible, so fast loan approval is almost.

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However, it is important to understand that some compromises always need to be made, so what advantages there may be with no credit checks are balanced off by a set of disadvantages, such has higher interest rates and lower loan limits. This should be taken into account when applying for the personal loan too.

What No Credit Check Means

Simply put, getting personal loans with no credit check refers to the approval process excluding the normal practice of checking the credit history of the applicant. This is done to assess the risk of the applicant defaulting on their loan, and therefore the interest rate that may be charged if approval is given.

By removing the condition of checking the credit history, the chances of approval for a large number of applicants is improved greatly. Those with terrible histories are given renewed hope with fast loan approval despite their extremely low credit score. Meanwhile, those in need of emergency funds are also given the chance of accessing the cash they need within just 24 hours.

However, there are some compromises to be made, not least the rate of interest to be paid and the size of the loan available. But of these are acceptable then the personal loan can be secured fast.

The Reality Check

The positives that come with getting a personal loan with no credit check are balanced off by a number of negatives. It is matter of assessing if these are acceptable or not, but the benefits usually do outweigh them. The chief compromises are the size of the available loan, the interest rate charged and the term by which the loan is to be repaid.

A fast loan approval is great, but the loan itself is limited usually to around $1,500. This may not be enough to make a huge impression in existing debts, but can be enough to handle the pressures of an emergency or unexpected expense. The loan is usually charged at high rate of interest (in some cases 30%), and the repayment term is within 30 days.

And given that the personal loan repayment is made in full, directly from an upcoming paycheck, it can be something of a major hit for borrowers. It can play havoc on monthly obligation so it is important to properly budget the deal first.

Where to Find the Loan

Finding the right lender is an important consideration before trying to get a personal loan with no credit checks. Not every lender is willing to offer these terms, though they are growing in popularity. The Internet is the best place to search, with online lenders tending to offer the best terms, and with the lenders themselves known experts in lending to people with bad credit.

Fast loan approval is also assured, since the application process involves quickly filling out an online form and pressing the apply button. All that is needed is for the requested information to be supplied, and then approval can be confirmed in a matter of hours. And when the personal loan is approved, funds can be transferred directly into the bank account.

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