As a person with bad credit, your ability to find a loan to suit your needs may be limited. Generally, traditional lending institutions like banks and even credit unions scoff at the state of your credit and deny you for a loan before they look too deep. That is why there are options for loans without a credit check. Though the circumstances surrounding these loans are clearly different than what you may be accustomed to, the options that they provide by way of fast cash are unrivaled.
Understanding Loan Options
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Even with bad credit, loans are available in several forms. Generally, however, your ability to take one type of loan versus another may be limited. If you are fortunate enough to own a home or a piece of land, you can qualify for a secured loan which will give you a larger amount of money over a greater amount of time. In general, secured loans can be acquired for anywhere from $5,000 up to $75,000. You use the value of your home or land to secure the amount of the loan, but in doing so you risk losing your property if you fall into delinquency on the loan.
For cases when you cannot or will not leverage property, unsecured loans exist for people with bad credit. And, if you only need money for a short time, then there are options to get loans without a credit check. These loans, also called cash advance loans, are virtually guaranteed and require you to only meet minimal qualifications.
Get a Loan without a Credit Check
Getting a loan without a credit check is simple as long as you can meet some pretty basic qualifications. You must have all of the following:
· Proof that you are over 18 years of age.
· Proof that you have had a steady job for six months with a reliable income.
· Proof of a current checking account or savings account.
· Proof that you are a citizen or a permanent resident of the United States
Once you present this information to a lender, you can gain approval for your loan without a credit check required.
What to Expect
Getting a loan without a credit check is simple, clearly. However, before you begin the process of doing so it is important to know what you should expect from lenders. Generally, these loans are offered in amounts that range from $100-$1,500, though some lenders will give you up to $5,000 without a credit check.
Once you get the loan, you will agree to a repayment period that can range from two weeks to two months. The idea is to use the money from a cash advance loan to stand in for your paycheck and then reimburse your lender once you get paid. This short term is what allows a lender to issue a loan without a credit check; the amount he offers you will be based on income.
Borrowing with Bad Credit
When you are in a situation where you must borrow money with bad credit, it is nice to know that there are options. Whether you opt for a secured loan or an unsecured loan without a credit check, lenders online can work with you and your bad credit to get you the cash you need.
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