What Is A No Credit Check Loan? Your Easy Guide

by Credit Faire June 23rd, 2020

Got bad credit? If you do, it can feel like getting a loan of any kind is impossible. Most legitimate lenders are going to run a credit check, and you’re worried that the second they see your score, they’ll turn you down, right? However, there are lenders who will still lend to people with bad credit, and some even offer a no credit check loan. If you’re asking yourself, “what is a no credit check loan, and is it too good to be true,” then read on. 

Below you’ll find information on what kind of no credit check loans are available and also how Credit Fair-E might be the solution you’ve been looking for – without all the risk.

Everything You Need To Know About What Is A No Credit Check Loan

Let’s discuss a few things about credit checks, and why a direct cash installment loan with Credit Fair-E can help you build up your credit. 

Difference Between Hard Credit Checks vs Soft Credit Checks

We will start by defining what a hard credit check means. Basically, it means they pull a full copy of your credit history, and it typically happens when a person is applying for new credit options. If you do this too many times, then lenders will view all of these hard checks as a sign that you are desperate for credit. It will be highly unlikely that lenders will give money to someone who has these hard checks on their credit history. In fact, usually a hard credit check lowers your credit score by up to five points.

On the other hand, a soft credit check shows much less data than a hard check. Instead of pulling a full report of all of the credit reported over your lifetime, a soft credit check simply provides lenders a brief overview. Soft credit checks don’t require authorization, while hard checks do. Have you gotten “pre-approved” credit card offers in the mail? It’s more than likely that these companies ran a soft check on you before sending you those offers.

The great thing about soft credit checks is that they don’t show up when other people or lenders are looking at your credit report. You’ll be able to see it if you pull it yourself, but other parties will only see the hard credit checks. This means that they have no affect on your credit score – which is good news for you if your score is low.

What Is A No Credit Check Loan?

Now that you understand the differences between a hard and soft check, let’s answer the question “what is a no credit check loan.” No credit check loans are funds that are given by direct lenders that do not conduct a hard credit inquiry. Instead, they’ll review your income, your bank information, and ask for other personal details to help them decide whether or not giving you money is worth it. Typically these loans can be a variety of things, including installment loans, payday loans, or even lines of credit.

Borrowers seeking these types of loans are only looking for them to meet a pressing need, and they’ll want to pay them back quickly and on a short term basis. If you’re in need of quick cash, these types of loans are alluring, especially since they don’t appear on your credit report. The downside is that these loans usually come with fees and high interest rates that really add up if they aren’t paid back in a timely manner.

Credit Fair-e Is A Great Alternative To An Expensive Payday Loan

You’ve most likely been warned that no credit check lenders go hand in hand with payday lenders. The reason that payday lenders don’t often check their customer’s credit is because they don’t care if you can’t pay back their loans – they’re just trying to get you into a further debt cycle.

At Credit Fair-E, we want to help you apply for a direct cash loan that positively affects your credit score. Our loans are different from payday loans, our loans work on an installment basis. Unlike payday loans looking to trap you and make you pay for more than you need, our loans are designed so that you can actually pay them back. We don’t want you to have to keep borrowing over and over, we want to help you rebuild your credit profile with successful loan payments. We only give you what you can afford to pay back, and we’ll review your budget to ensure that you can afford it. 

If you need cash quickly in Kentucky or Ohio, we’ve got solutions to actually help you and fit your needs. We make it easy to get started. Simply fill out our easy online form, and get your results back right away. We’ll go over your information and within 24 hours, you’ll be notified about whether or not you’ve been approved for our no credit check installment loan. 

You can even get access to funds within one business day! Are you ready to get yourself out of the painful debt cycle? Start here.

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