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Cash Loans No Credit Check

Written By renie kolo on Monday, May 28, 2012 | 6:27 AM

Cash loans no credit check is a headline often made by what are called “bad-credit” and “sub-prime” lenders to entice people with bad credit to apply to their company. While seeing the headline cash loans no credit check may seem like a good offer, you must be aware that you will end up paying for the lenders leniency in providing such a loan via higher interest rates and fees. You also must be aware that you must perform your due diligence on any lender offering a no credit check cash loan, as many of the lenders providing these kinds of loans are merely posing as a reputable lender and do not in fact operate a legitimate business.
Cash Loans with No Credit Check

When most people hear the term “cash loans”, they immediately think of a small loan that is made to individuals in need of cash quickly. This assessment is not too far off from what cash loans really are. Cash loans are typically loans that can made to people either the same day of applying, or within a few days time period. The loan application process is different from a conventional loan application process in that you often times don’t have to submit to a credit check, and the actual approval decision is handed down within 48 hours.

If the lender is advertising cash loans no credit check then you can be assured that you will not have to be required to submit to a credit check unless you end up applying for a different loan product. Most lenders that make cash loans that don’t require a credit check will in fact require that you have a job and a demonstrable income. They will also require that you have a bank account that is in good standing.

When you first identify a lender that can make a cash loan, you must first determine if the lender is providing a payday loan or a personal loan. Payday loans are cash loans that carry exorbitant interest rates and other fees. Often times a lender will require that you provide a post-dated check in exchange for the cash you need. Once either a two or four week term is up, they will deposit the check and if it doesn’t clear then you will have to end up paying overdraft fees and additional fees from the lender. Payday loans are made for interest rates in the neighborhood of 380 to 720 percent per year, and the fees run the anywhere from fifteen to thirty dollars per one hundred dollars borrowed.

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Payday Loan Reality

Payday loans are different from personal loans in that they have much higher interest rates and fees, and while you will end up paying a high interest rate regardless of whether you obtain a payday loan or a no credit check personal loan, the payday loan’s interest rates and fees are completely absurd. It is much better to find a lender that will provide you a more conventional personal loan that doesn’t require a credit check because then you will at least be getting the kind of financing that you can reasonably payback. Payday loans are designed to take as much of your money as possible, and while a personal loan might not get you the best terms available, they will at least not be on the same level as the payday loan.

Payday loan lenders are widely available both online and from brick and mortar establishments throughout the country. Lenders that make personal loans that don’t require a credit check are also widespread throughout the Internet and the physical world, although finding a lender that will grant you a reasonable rate will be difficult. The key is knowing that these kinds of lenders do exist, you just need to do your own research to find them.

Finding That Lender

Finding a cash loan with no credit check that isn’t a payday loan can be tough, but if you’re willing to put the time in it can be accomplished fairly quickly. The best way to look is by doing the appropriate searches on Google or some other online search engine. Many of the results will be advertising cash loans no credit check, but many of these lenders will simply be providing payday loans with extremely bad terms. What you need to do is weed through the results until you find a lender that can provide you with the terms that are at least within reason compared to the terms you would get via a payday loan. As a borrower that is unable to submit to a credit check you need to understand that no matter what you are not going to get a good interest rate that is in line with national averages. You can however get a rate that is not on the level of a payday loan as long as you put in the time and effort to find a lender that can provide you with such a loan.

Once you have found one of these lenders, you must then perform your due diligence to ensure that the lender is in fact who they say they are. Once you have searched online and feel comfortable with the lender you have identified then it is time to apply. Lenders that provide cash loans with no credit check can typically give you a decision within 48 hours as long as you can supply the lender with all of the necessary information. Be prepared to receive a high interest rate and an assortment of fees tacked onto your loan. This is just something you have to be willing to accept vis a vis your unwillingness to submit to a credit check, and as long as you aren’t paying the ridiculous rates that come with a payday loan you should be all right with accepting those terms.

Finding a cash loan that doesn’t require a credit check can be difficult if you are unwilling to get a payday loan. While difficult, it is not an impossible task to find a lender that can provide you a personal loan that doesn’t require a credit check, and the key is to look online to find a lender that can meet all of your requirements. Doing this correctly will enable you to avoid paying the insane rates and fees that come with a payday loan, and will also allow you to get the money you need fast.

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