Do you have bad credit or just want to avoid having a ton of inquiries on your credit report? If so, it is possible to get loans without a credit check and today we are sharing a few ways to do just that.
If you just need a small loan for a short period, a personal loan can be beneficial. If the amount you need is small enough you can usually get no credit check loans. However, before signing up for the first company that appears in your search engine, it is important that you do research on the company. Check out reviews from past customers, interest rates, and their payment schedule. While personal loans can tie you over until your next paycheck, they can also be a revolving debt that you can never seem to put behind you.
Working Capital Loan
If you are a self-employed person who needs a loan to take your business to the next level, consider a working capital loan. You have two options when you take this route. First, you could go with a loan that takes a percentage off every sale that you make to pay off the loan while charging you interest up front. Alternatively, you could take out a loan with interest that charges you a set amount automatically each month until the loan is paid off.
Credit Card Loan
Many credit cards allow you to take a cash advance from your credit limit. This type of loan is good for those who already have credit cards because if you are applying for a new credit card to take the loan, the company is going to put a hard inquiry on your credit report. However, if you already have credit cards, you can take out a cash advance and pay it back as you would normally when you use your credit card. You will want to make sure that you check your contract though because cash advances may have additional fees that come along with them.
Peer to peer lending has become increasingly popular over the past couple of years. While some of the companies will run your credit to take out a loan from peers, many do not. Additionally, there are some sites set up that will allow you to take out a loan from family and friends, but they handle all of the legalities so your lenders can be confident that they will get their money back and you don’t have to ruin a relationship over money.
Bad credit does not have to stop you from taking out a loan during this day in age. However, when taking out a loan make sure that you can pay it back. Despite the fact that you are skipping the credit check, usually, if you don’t pay back the money in time, it will show on your credit. Therefore, make sure that taking out a loan is one of your last options to avoid a financial setback that could lead to serious results.
Be smart with your money and it will take care of you!