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The Different Types of Personal Loans You Can Get (with Bad Credit and No Credit Check)
If you have tried applying for a personal loan before, you know very well that finding a lender that will grant you a loan despite a low credit score can be challenging.
Being rejected by a lender is not only stressful, but it can also make you turn to other financing options that will cause you more trouble in the end. Many people with bad credit who are in dire need of cash will consider “no credit check” loans without batting an eyelash.
Unfortunately, getting a personal loan that has no credit check requirements can be very costly. Personal loans with no credit check will unlikely be your source of financial health and stability. When you need a loan, it is important to look at other options before applying for an expensive no credit check loan.
Reasons to Avoid Loans with No Credit Check
What could go wrong with a no credit check loan? After all, no one really wants to be rejected when they apply for a loan. Lenders who offer no credit check loans are doing the community good because they offer financial help to borrowers with tainted credit.
Reality check: Loan providers that do not focus on their borrowers’ credit history are likely up to something.
No credit check lenders know that bad credit borrowers in dire need of money will accept high-interest rates in exchange for loan approval – hence, the lender’s tolerance for high-risk borrowers.
It’s no wonder that no credit check loans are characterised by exorbitant “finance fees” and interest rates. Borrowers who have very little knowledge computing loan annual percentage rates (APR) will have difficulty distinguishing whether no credit check lenders are indeed offering reasonable rates.
Some short term loans have an APR exceeding 430%. If that’s not bad enough, the principal amount plus fees will be due in a matter of weeks.
Reputable lenders use your financial history to make sure that their borrowers can comfortably pay back the loan. This is not the case with lenders that offer no credit check loan products.
No credit check lenders benefit from their borrowers being trapped in an unending cycle of debt. This occurs when a borrower renews their loan by paying the interest rates and not the principal amount. When you roll over a loan, you are paying interest rates and fees month after month.
Some no credit check loan companies may also ask their borrowers to provide collateral as a guarantee for the loan. So if you used your car as collateral for the borrowing, you can end up losing your vehicle if you are unable to pay back your expensive loan.
What are the Best Bad Credit Instalment Online Loans for Borrowers with Bad Credit?
A borrower with poor credit can apply for an instalment loan instead. It is easier to manage the loan repayments when the principal amount and fees are divided into several monthly payments.
Online personal instalment loans typically require credit checks so you should diligently research for reputable lenders who accommodate borrowers with poor credit history. You should consider comparing the rates of instalment loans through online lending networks. By working with an online lending network, you can connect with several reputable online lenders near you.
Take note that an instalment loan has other fees, like an origination fee, but it is usually included in the loan computation so that you can compare loan offers easily. Most people are not familiar with how loan fees and interest rates are calculated, thus, it helps when the loan origination fees are included in the annual percentage rate computation.
A personal instalment loan gives you more control over the monthly repayments which are also influenced by the terms and duration of the loan. If you prefer lower repayments monthly, you should request for a longer-term loan. A short term loan can be paid off much quicker but the monthly instalments are usually higher.
On the other hand, if you want to save money on interest fees, you should opt for a short-term instalment loan. A long-term instalment loan is more expensive because the longer you have to pay off a loan, the longer you are paying interest rates month after month.
How to Find the Best Bad Credit Short Term Loans Online
Not all short term loans are bad. Short term loans from a loan provider that does not verify your financial information or credit history can give you more financial troubles than you started with. When a short term lender performs a credit check, they can assess what kind of risks they will take when they approve your loan. If the lender sees that you are not a high-risk borrower, you can enjoy lower interest rates and fees.
It is recommended to take time to research and compare lenders to help you decide on the short-term loan product that best suits you. Online lending networks give you access to various online lenders in one go, making it easier to compare loan products with one application.
In general, an instalment loan has a lower loan cost than a cash advance or short term loan. You should opt for an installment loan if you are qualified to apply for it. However, if your needs are more suited towards cash advances or short term loans, make sure to work with a reputable direct online lender. Whatever type of loan you choose, only borrow an amount that you can pay for with ease.
How to Find the Best Bad Credit Card Loans
If you need money urgently but you have bad credit, a credit card loan may be a viable option. You should carefully assess your financial needs before deciding to obtain a personal credit card.
The advantage of utilising a credit card for your personal loan needs is that you can free up your credit line after paying off your balance, giving you a readily available line of credit anytime you need it.
The good news is that some credit cards for bad credit can be obtained quite easily because of the reasonable requirements. Most credit card companies subject applicants to credit history verification. The good news is that there are also companies that offer pre-qualification to applicants.
If you are pre-qualified to get a credit card, it is not a guarantee but rather an indication that you have a good chance of obtaining one.
Soft credit inquiries are performed without leaving any dent on your credit history, which is a good thing if your credit score is low and can go down further with a hard credit check.
Be Free from Bad Credit Worries
There is truth to the adage that something that appears too good to be true is most likely that – too good to be true. This adage suits loan products that promise no credit checks.
Don’t be fooled by loan offers that entice you with their no credit check promise. If you have bad credit, you can be easily tempted to grab any loan offer that comes your way.
Avoid no credit check loans as much as possible. There are many bad credit loan products out there that provide reasonable terms.
If you are thinking about grabbing a no credit check loan offer, carefully assess if you are capable of paying back the total loan amount on the due date – no rollovers, please. If you are unable to pay off the loan and know that you will end up rolling over the loan every month, it is best to refuse a no credit check loan offers.