People might be searching for payday loans with no credit checks or similar, perhaps because they have a less than perfect credit score and do not want to be rejected on this basis.
Unfortunately, pretty much all US lenders use credit checking to decide whether a person is eligible for a loan or not. By accessing this information, they can get an indication of other outstanding loans and previous payment histories – and use this to determine if the person will likely repay or not. When they are processing hundreds or thousands of applications a day, using credit checking is an effective way to score and check eligibility of customers.
But if you are looking for no credit check loans, Pheabs can still help you get the money you need. We connect you with a number of US lenders who are looking to fund loans and will accept different credit histories. You simply need to enter your details into our loan form – complete the 5 step process and you will receive a decision instantly.
To boost your chances of being accepted for a no credit loan, you should certainly have a stable income and be able to show proof of your earnings each month. This gives the lender confidence that you will have money in your account available each month for repayment.
In addition, if you can avoid getting too many loans or credit cards, this will make you seem less of a risk – otherwise it will raise some warning signs.
Be realistic in the amount that you wish to borrow. If you want to borrow $500, this should be realistic based on your salary. But if you are unemployed and have lots of debt, looking for $30,000 may not be sensible.
Plus, anything you can do to improve your credit score can only help you get the loan you need. Consider closing down any store cards, credit cards or accounts that you are not using. Think about paying off any debts that you can little-by-little. Maybe disassociate yourself that you share a bank account or mortgage with if they have bad credit. Finally, be sure to check your credit score regularly using free trials and tools, just to make sure that your score is always approving.