Pros and Cons of A No Credit Check Direct Lender Loan
In today’s world, most people are surviving with very low incomes and typically less than adequate savings. This type of nearly paycheck-to-paycheck lifestyle can also lead to struggling credit scores, and in an emergency, it can be hard to qualify for a loan or get your hands on quick cash. If you’re in a situation where you need to get credit without making your credit score even worse, then a no credit check direct lender loan might be a good solution for you.
There are lots of companies that promise a no credit check or no hard credit check loans. Here we give you a brief guide to some of the ins and outs of no credit check loans from direct lenders so you can decide for yourself if it’s right for you.
Understand What Soft Credit & No Credit Check Loans Really Mean
Most local banks and credit unions consider a credit score of 620 or below to be pretty weak. Which means it can be pretty difficult for you to get a loan, even from online lenders. This is where Credit Fair-E can come into play, making no credit check loans from a direct lender very attractive.
Typical financial institutions usually run hard credit checks on their prospective borrowers. This is done so that they can determine the level of risk you carry before offering you any credit. They check your credit history, your credit report, and evaluate your overall scores. The downfall of applying for multiple places is that it takes a hit on your credit score. If you have several credit inquiries on your profile, you look desperate for money.
Though it’s not always a fair judgment, it could imply that you are not good at managing your money or you’re trying not aware of how your debt to income ratio looks. But what if you ARE a little desperate for money and your credit isn’t that great? You need an option that helps you in the short run without further risking your credit score.
Enter no credit check loans from personal direct lenders.
How Do These No Hard Credit Check Loans Work?
At Credit Fair-E, we don’t want you to feel trapped by debt. We want to improve your financial health over time. All of our loans are designed to help meet your needs, without bringing you further into a debt hole. Our goal is to help you improve your credit so that you may be eligible for better terms in the future.
First Things First
Once you submit your application, we make sure all of the info can be verified with our initial underwriting process. We will notify you within 24 hours whether or not you’ve been pre-qualified.
Get Your Paperwork In Order
Once you’ve been pre-qualified, we’ll need to verify your identity and your income. While each requirement is a little different for every applicant, here’s what we are typically looking for:
- A copy of your government-issued photo ID
- 2 most recent bank statements
- 2 most recent pay stubs and/or benefit verification letter
Submit Your Info
After you have everything in order, submit your documents to firstname.lastname@example.org. The minute we receive and review your loan application and necessary documents, you will receive a loan decision immediately.
Get Your Loan
Once your loan is accepted and verified we will electronically transfer the loan funds to your account.
Benefits of a No Credit Check Loan
Easy To Get An Approval
It’s our passion to help people get their finances in order. We want to make sure you can repay, so we only lend you what we know you can afford.
Easy, Confidential and Secure
Our application process is easy and confidential. We only need your basic information and we make sure it is secure so no one but us sees it.
The process is quick, the paperwork is minimal, and you get your funds as soon as one business day.
Our no credit check direct lender loans are different than a payday loan because it is an installment loan. We don’t design our loans to trap into a debt cycle. Credit Fair-E makes it so that you can repay your loan without having to re-borrow over and over. We want to help you build your credit profile by empowering you to make successful loan payments. Each loan is sized to fit your budget so that you never borrow more than you can afford to pay back.
Credit Fair-E is different than a lot of direct lenders because we actually care about our clients. We don’t want you to have to keep coming back to borrow. Our goal is your financial freedom, where you feel secure and stress-free.Let us help you find a solution that works for you. Contact us with your questions or apply today to see if you qualify for a loan that won’t negatively affect your credit score.