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Monday, August 5, 2013

How to Get Cash Now With No Credit Check

Getting cash with no credit check is easy when you know where to turn. Before you know what you're doing it seems like you're in a position to be scammed or ripped off by a shady industry, but after you read this article you'll have a much better understanding of the cash loan industry and know what to do next to get cash without a credit check.

Being broke is extremely stressful and can lead to making bad decisions. It's good that you're spending the time to do a bit of research before running out and getting a loan, so I'll keep this short so I don't waste too much of your time.

The most common no credit check loan is the payday loan. These loans use your employment status as a guarantee for the loan rather than your credit score. The amount of income that you make will determine the amount that you can borrow, so the more you make the more you can borrow. On average, your first loan from a company will be around $500, but it could be more if you have a substantial income.

The reason that these loans don't require a credit check is that the low amount that can be borrowed and the short terms of the loan make your credit score irrelevant to your ability to repay the loan. Most payday loans are to be repaid in two weeks, so whatever credit shortcomings you had in the past probably won't have much affect on you over the next two weeks.

Even though most lenders don't check credit, most will use a service by a company called Teletrack that will look into your financial past to see if you have outstanding payday loans, lots of overdrafts on your checking account, or multiple bankruptcies. This is much different than your credit score since it's based on specific criteria instead of a crazily formulated score.

Title loans are also a common loan that doesn't check your credit. Instead of you and your employment guaranteeing your loan, your paid off vehicle will. These loans are secured like a home loan, which means that if you fail to repay the loan they will repossess your ride. Since the amount you can borrow is based on the value of your car, there is a higher likelihood that you will be able to borrow more money.

No credit check loans are all around, and now that you know how they work you are in a much better position to make an intelligent decision on which is best for you.


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