Where to obtain personal loans with no credit checks

July 21, 2019 0 Comment

Are you in need of cash but have poor credit? You can get a personal loan by choosing sources that use credit checks to determine your creditworthiness. Some of the sources of such personal loans are discussed below:

Credit unions

Being a member of a credit union increases your chances of getting a personal loan with no credit check. This membership may be based on your residency or employer. A community-based credit union does not judge people based on their credit scores. They focus more on your character and ability to repay the loan.

This is like a small community bank that accommodates everyone, including those with poor credit. You can get a personal loan with good terms from a credit union. If you are part of a particular group, you can quickly get a personal loan without going through a credit check. Since most of the credit unions look for borrowers, they offer better terms to attract more people. Using this source can help you save some money.

Online lenders

Some online lenders such as Lending Club and Upstart also offer personal loans to borrowers without focusing on credit checks. The lenders look at other features of your profile to determine if you can repay the loan. They look at other factors, such as your job history and education level.  You can get up to $ 50,000 from an online lender.

 You will not spend so much time trying to apply for a personal loan when working with such online lenders. They simplify the application process so that you can get the money fast and use it for debt consolidation. Online lenders do not charge their borrowers pre-payment penalties or application fees.

Payday loan companies

If you don’t want a credit check, you can also look for a payday loan company to apply for a personal loan. This, however, comes with high annual percentage rates, which makes it not suitable for every borrower. Apart from the high fees, these loans also come with short repayment durations. You have to be sure that you will get the money to pay back the personal loan within weeks.

Title loans

You can also qualify for a personal loan without a credit check by borrowing a title loan. In this option, you have to give the lender the title of your vehicle. Since your car acts as the collateral, the lack of repaying this loan can make you lose the car. The loan amount that you receive from this option is equal to the value of your vehicle. Ensure you don’t default of payments. You should only use this a title loan if you are in desperate need for money since it also comes with high-interest rates and expensive fees.

Look for a cosigner

Look for someone you trust who has established credit to help you secure the loan. The lender can set the terms of the loan based on the credit report of your cosigner such that they don’t focus on your credit rating instead. This makes the cosigner responsible for the loan repayment if you default.