Everywhere you turn you will find multiple sites and companies promoting that they offer no credit check loans, but when you investigate the matter further you find that it end up being a payday advance loan company using no credit check loans wordplay to gain your attention. On average, payday loans usually have annual percentage rates of 391%. Due to high annual percentage rates and the requirement that the loan has to be paid on their clients next payday, this often cause most payday advance loan clients to have to renew their loans each payday and before long they are in a never ending cycle. By the time the payday loan advance customer grasp what has happened they find out that small $300 dollar loan has cost them almost $1200.00 by the end of the year. It is advisable that you avoid acquiring payday loans and obtain true affordable no credit check loans.
The common questions most people ask is: how is it possible to acquire no credit check loans? If there is no credit check, then what does it take to qualify for these type of loans? What is the difference between these type of loans and payday loan advances? No credit check loans cater primarily to the segment of the population that have poor credit scores which is often referred to as the sub-prime market. When a person has been rated as having a low credit score they are deemed as being a high risk person to extend any type of credit or financial assistance. Due to the majority of the populace in the United States being afflicted by this problem there came in to existence lenders who decided to offer loans to this under served group. These progressive minded lenders came to the conclusion that even though people credit scores may not be intact they still are earning income and have the ability to pay bills with or without credit.
The evaluations / qualifications that lenders most often use to determine whether or not you may qualify for no credit check loans are: the length of time you have been employed currently on your job, the length of time you have had a checking account, the amount of income that you earn each month from verifiable sources such as a job, unemployment compensation, and disability payments. They may evaluate your bank checking statements for usually a minimum of three months to obtain a gauge of how responsible you are with managing your checking account. Most lenders feel if you don’t have non sufficient fund entries on your statements then it is likely you may be a good risk for them to lend money to with minimum risk of you defaulting on their loan. No credit check loans help many people who normally wouldn’t qualify for traditional lending by allowing them to obtain loans they can pay back with small affordable monthly payments. If you find you are in need of no credit check loans I advise you contact the consultants at the thenocreditcheck.com.