no credit check loans

Asked by Jackson Kristen 7 years ago

Eric Fay

A no-credit-check loan is a loan for which the lender (usually a bank) does not perform a verification of your ability to repay the loan before granting you the loan. Most banks and other lenders exercise prudence when granting loans and will check a potential borrower's ability to repay, based on the history of the potential borrower's repayments of other financial obligations which is collected by credit bureaus specializing in the collection of such information.


Mack Stewart

No credit check loans definitely exist but you really want to avoid getting one, if at all possible. The reason for this is they are probably the most expensive lending option because they are taking on a much higher risk due to the fact that they do not pull your credit report. They will still need to verify that you have a source of income and they may check references to make sure that you are who you say you are, but that is it.

If you are concerned about your bad credit, you will be to know that there are more bad credit lending options today compared to before. Not all of them are as expensive as they used to be either. If you own a home, you may want to consider looking for bad credit remortgages as they will most likely be more willing to lend to someone who has something to offer as collateral. I know has some great information and resources on how the process for obtaining a mortage with less than perfect credit works.


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