Online Loans with no Credit Check at GreenPlaceLoans
If you are in a hurry and need cash fast, a no credit check loan will put money in your hands faster than a loan requiring a credit check. For many people, this is a primary reason to apply for such loans.
Types Of No Credit Check Loans
There are a variety of loan types that do not involve a credit check. Here are just a few of the most common ones:
- Pawn shops.
- Title loans.
- Payday loans.
- Installment loans.
No Credit Check Pawn Shops
Pawn shops offer a very old-fashioned type of no credit check loan. They will lend you money based on holding an item to secure the loan.
They don’t check your credit or even investigate your ability to repay. The loan is given based entirely on the value of the item used for security.
You physically go in person to their place of business. You bring along some small item of value, such as gold or silver jewelry or electronics. They give you a fraction of the value of the item as a short-term loan.
When you don’t come back with the money in time, they sell the item you left with them. If there is any question that you might be unable to return, it is a bad idea to leave anything with them that you can’t afford to lose permanently.
When they are unscrupulous, they may sell it immediately and you may never get your item back. If you want to use electronics as security, you need to worry about information security as well.
This can add substantial hassle to the process. Wiping all your important personal data from the device and restoring it can be very time-consuming. It also may not work if you aren’t extremely computer savvy.
Because they lend you so little in comparison to the value of the item and you risk losing it, it may make more sense to sell something of value instead. You will most likely get a larger portion of the value of the item and you don’t have to worry about getting the item back.
No Credit Check Title Loans
Title loans have a few things in common with pawn shops. For starters, they involve collateral. They also don’t involve credit checks.
In this case, the collateral – or security – for the loan is the title to your vehicle. In most cases, you can still physically keep the vehicle and use it for transportation.
However, there are some issues with title loans. The two biggest problems are:
- You have to have a free and clear title to qualify at all.
- If you default, you lose your transportation.
The first issue means that relatively few people can even qualify for a title loan. Most people on the road are still making payments on their vehicle, so they don’t own the title to it free and clear. It is already being used as collateral for their car loan.
The second means that if you fail to pay, you may lose the means to get to work on time every day. This can result in you also losing your job.
Thus, a title loan is potentially a slippery slope that can take you out of the frying pan and into the fire. If you are already in a financial pickle, a title loan can be a step that can help lead to your entire life coming unraveled.
Title loans also typically charge high interest rates. In many cases, the terms for title loans qualify them for the label of predatory lending. We will go more into that later.
No Credit Check Payday Loans
Payday loans are another type of no credit check loan. Typically, they just want to verify that you have enough income to pay the loan in full on your next pay date.
In most cases, payday loans are very short-term products. They usually need to be paid back with your very next paycheck.
In some cases, this may mean you are borrowing the money for about a month. For example, if your most reliable source of income is an alimony check, you probably get that once a month. They may expect you to pay them back when you get your next alimony check instead of your next small check from a very part-time job.
In other cases, it means you will be paying them back in under two weeks because that’s when you will get your next paycheck. That’s the essence of the idea of a payday loan: It gets paid back on your next payday.
Payday loans charge high interest rates and usually only provide one hundred to a few hundred dollars. Many people view payday loans as a form of predatory lending, but there can be situations where a payday loan makes sense for you.
No Credit Check Installment Loans
The term installment loan can be a little confusing. Technically, it just means a loan paid back in installments over time. In other words, a payday loan gets paid back all at once, but an installment loan gets paid back with multiple smaller payments.
Mortgages and car payments are both forms of installment loans, but when someone refers to a loan as an installment loan, they usually don’t mean a car loan or mortgage. They usually mean an unsecured loan, also known as a personal loan or a signature loan.
An installment loan usually involves borrowing more money than a payday loan. The interest is usually lower than for a payday loan, but it typically higher than on a bank loan involving a credit check.
Installment loans tend to be for a thousand dollars to a few thousand dollars. The exact limits will vary and some may be for a few tens of thousands of dollars.
People with very comfortable lives often also view installment loans negatively. Hey, if you can get a lower interest rate and all that, more power to you.
But if you can’t, there is nothing inherently morally wrong with taking out a higher rate no credit check loan. You just need to be careful and try to do so in a fiscally responsible manner.
Predatory lending involves loan terms actively designed to keep the borrower trapped in a cycle of borrowing. It is a means for lenders to milk people for money. Often, these are poor people to begin with and their lives just get worse because the loans are bleeding them rather than helping them to improve their lives.
There is no clear cut difference between a good loan and a bad loan. Obviously, if you can get lower interest rates, that’s better. But if you need fast cash, you will generally be paying a premium for it.
A lot of people want to believe that life can be simplified and complex decisions can be boiled down to a few simple rules. Such people often believe that certain types of loans are “bad loans” and other types of loans are “good loans.”
It usually isn’t anywhere near that simple.
Historically, people generally believed that mortgages and student loans were both good loans. Their reputations have suffered in recent years and some people now see both products as bad loans.
If you have read anything about the ongoing student loan crisis, you should be aware that student loans are not guaranteed to be a good idea. Large student loans combined with stagnant wages and a general rise in degree-seeking students has put an end to the idea that simply having a college degree is practically a guaranteed road to a high salary career and the good life.
Nonetheless, some loan products really are designed to be especially aggressive. Such loans can help create a situation where the loan is nearly impossible to pay off because the cost of the loan is so very high and the loan terms are so extremely unfavorable.
The best protection against predatory lending practices is financial literacy. You need to educate yourself so as to know what you are getting into and you need to read the entire contract before signing it.
In any loan transaction, there is a point at which it is clearly a good loan and a point at which it is clearly a bad loan. There is also a whole lot of gray area in between where it isn’t a slam dunk judgment as to whether this loan in this time and place is good or bad.
Most people talk a lot of trash about the terms of the loans. They like to believe that loan terms are the primary determiner here.
But it’s really not that simple. A lot of it depends on who you are, why you are taking out the loan and what you are going to do with that money.
So, in other words, a lot of it depends on you. Plus, some portion of it is contextual. What is going on in your life and where is this going in the long run?
If you are in a financial pickle, the smartest thing to do may be to borrow money to resolve the problem as quickly as possible. But that shouldn’t be your entire solution for everything in life.
You Can’t Borrow Your Way Out Of Debt
This is an old saying. It sticks around because it’s a simple truth. That should be obvious on the face of it.
If you frequently find yourself in need of quick cash, it may be time to start wondering why that is and what you can do about it. Ultimately, more loans won’t fix that.
Here are a few things you may need to work on to resolve it:
- Improve your financial literacy.
- Learn to live on less, which is much easier said than done.
- Improve your earning capacity and increase your income.
Getting the cash you need quickly may give you a tremendous sense of relief. It may make you feel like “Problem solved! I don’t need to worry anymore!”
But if it is a chronic problem, that is the wrong answer. An injection of quick cash is only a short-term solution.
If you frequently find yourself in need of fast cash, you need to start looking at the big picture. You need to keep the peddle to the metal on working on those long-term solutions.
Let’s get started on that journey of better financial literacy right now. Let’s go over a few basics you need to understand in order to make a good borrowing decision now.
Hard, Soft And “No” Credit Checks
There are actually two types of credit checks. One is called a hard check or hard inquiry. The other is called a soft check or soft inquiry.
If you want to read up on a detailed explanation of the difference between the two, you can. But if you don’t really know all that much about money, that might just confuse you.
The primary thing you need to know is that a hard check can negatively impact your credit rating. A soft check will not.
In fact, a lot of loan products that advertise themselves as “no credit check” really mean they will not make a hard credit check. They may still perform a soft check to gather enough information on you to help inform their lending decision.
If you go to a pawn shop, they genuinely will make no credit check at all. But a “no credit check” installment loan may make a soft check. They realize a lot of people don’t know the difference.
Arguably, calling it a no credit check loan works as good communication by telling you the most salient details: First, it won’t impact your credit score. Second, it will be quicker than a loan requiring a hard check.
The reason a hard credit check can hurt your credit score is that it sends the message that you are borrowing money again. It can make you look needy and irresponsible.
The irony is that borrowing money may help you resolve an immediate problem and prevent worse things, such as late fees piling up. It can be the best decision.
But if you have long-term goals, such as purchasing a new car or buying a house within the next two years or so, it is in your best interest to have the highest credit score possible. Thus, a no credit check loan may help protect your credit rating so that you can get better terms later on a larger loan.
A high interest rate on a small loan will cost you a lot less than a high interest rate on a large loan. If you are trying to position yourself to buy a house or a new car, a no credit check loan may be the best way to cover a short-term financial need while looking out for your longer-term financial goals at the same time.
A no credit check loan may not actually involve no credit check at all. It just may involve a soft inquiry that doesn’t register as anything that matters to the people who decide your credit score.
Reasons For Wanting A No Credit Check Loan
A lot of people seem to think there is only one reason anyone would want a no credit check loan: They have bad credit. So they won’t qualify for a loan if you check their credit score.
It’s not true. There are a variety of reasons a person would be interested in getting a no credit check loan.
Hard credit checks take time. If you want or need money in a hurry, credit checks can delay the process. When time is of the essence, a no credit check loan may be the wiser choice, even though the interest rates will generally be higher.
Protect Your Future Credit Rating
As noted above, if you get too many hard checks, it can harm your credit score. If you have long term plans, like wanting to buy a house, you may not want it on your record that you borrowed money.
There can be personal situations where you don’t want any record of the loan to show up on anyone’s radar. Maybe you are going through an ugly divorce, so you want the future ex to know as little as possible about your finances.
Or maybe you fled an abusive relationship and don’t want to be readily found. No credit check loans can be a tool to help you “fly below the radar” and continue to go unnoticed while you start your life over.
Simple And Low Hassle
No credit check loans involve less paperwork. This keeps the loan process streamlined and reduces that amount of hassle involved.
If you are having a crisis, you may be able to afford the extra interest it will cost to get a no credit check loan. You may not be able to afford the extra hassle and headaches of doing more paperwork to get a lower rate.
If you are young and have no established credit record, or if you are starting over after leaving a long marriage, you may not qualify for most loans without either a co-signer or collateral. A no credit check loan can preserve your independence at a time when that is the single most important thing you need to do.
It can mean you don’t need to go to a friend or relative and ask them to co-sign the loan. If are trying to establish yourself, seeking permission from people close to you can be a bigger problem than paying the higher interest rate involved in most no credit check loans.
Before You Start
You should have some idea of how much you want or need to borrow. You should also gather your important documents before you start the application process.
Although such loans involve less paperwork, they do still involve some paperwork. So there will be a few things you need to provide in order to prove you qualify. This includes things like:
- You are at least 18 years old.
- You have a valid photo ID.
- You have a source of income.
- You have a bank account.
- You have an address.
In some cases, a bank statement plus photo ID will be sufficient. A bank statement will likely have your address and show deposits from your employer or another source of income. A valid ID will also prove your age.
Whether you apply online or in person, you generally need to go ahead and gather those basic documents together before you get started. You certainly don’t want to show up at a lender’s establishment and find you have to turn around and go home to get the right documents.
If you are going to apply someplace in person, it can be a good idea to call them before you go and ask exactly what documents they expect. Then gather your documents and take them with you.
But you don’t have to handle it that way. You can just apply online.
Get Started Right Here, Right Now
We can help you get hooked up with the right loan for you. You can start your application online from the privacy of your home.
One of the advantages of applying online is that if you need any other paperwork, it’s likely to be somewhere in your house. You can just get up from the computer, retrieve it, return to the computer and continue the application process.
Applying online is the ultimate in convenience. Just click here to start your no credit check loan application.