Why No Credit Check Loans May Be Beneficial in an Emergency

If you’re among the 77% of Americans who constantly worry about money, the idea of an emergency is likely extremely scary. Having money in reserve isn’t possible for everyone. You’re far from alone if you don’t have savings to deal with a natural disaster, job loss, or economic crisis.

That’s why no credit check loans exist. They can serve as immediate assistance in the event of an emergency. Read on to learn the basics of payday loans and how they can help you get back on your feet.

The Basics of No Credit Check Loans

No credit check loans are also called ‘payday loans.’ They don’t require a lender to make a hard inquiry into your credit score. This means that they don’t analyze your credit during the approval process.

These loans are ideal for people who have bad credit. They don’t need to worry about being denied because of their low scores. They’re also great for those who have no credit simply because they haven’t had the chance to build any yet.

After applying for payday loans, you’ll be approved quickly. You’ll get all the money you asked for ASAP. This is one reason that they’re a popular option for those in need of fast funds.

It’s important to note that you’re not guaranteed approval for a no credit check loan. Approval will depend on how much you’re asking for, what your projected monthly payback is, and more. However, approval is likely when you work with a company that will pair you with a lender based on your needs.

Debunking Misconceptions Surrounding Payday Loans

There are many misconceptions and myths about personal loans that may discourage you from applying. However, they don’t hold much weight in reality.

One of the most common things people say about payday loans is that they hurt your credit. People claim that the hard inquiry will not be worth it. However, there is no hard inquiry when it comes to no credit check loans, so this isn’t something to worry about!

They also believe that landlords, credit card companies, and other lenders will see a payday loan and fail to give you aid.

This is only true if you fail to make your monthly payments when paying back the loan. In many cases, no credit check loans can actually help you build credit!

You will be able to build on many different aspects of your credit score at once, including:

• Credit mix
• Length of your credit record
• Credit utilization ratio

Even if your score plunges temporarily, you’ll get a huge improvement to the overall score when you pay back the loan in a timely manner.

Many people also think that payday loans are a bad idea because of their interest rates. While some loans do have 35.99% interest – a pretty hefty percentage – not all of them do. In fact, many lenders will approve you for only a 5.99% APR.

It’s important that you look into what your specific rates will be. This will greatly depend on the lender you’re paired with. It’s important to read over the terms of your agreement carefully so you know what you’re getting into.

What Does the Application Process Look Like?

The application process for no credit check loans is easy. All you need to do is go to FastLoanDirect’s website. You’ll be prompted to fill out an online form.

Choose the amount of money you’re looking to borrow. $500, $1000, and $5000 loans are standard. However, you can pick any sum between $100-$35,000.

You’ll then be prompted to enter some information about yourself. Your name, contact information, and personal identification information will be on the form.

At this point, we’ll take your information and connect you with one of the lenders we work with. Since we vet all of our lenders, you won’t need to worry about being paired with someone honest.

After that, you’ll work with the lender to negotiate your APR, loan amount, and payback period. You’ll sign a contract with them, and voila! A direct deposit will appear in your bank account the next day.

There are tons of benefits you can get from this simple process!

They Offer Immediate Assistance

One important advantage of no credit check loans is that they offer immediate assistance. You could have money as soon as 24 hours after filling out a form. It will only take a couple of days at the most.

This is important because you won’t need to worry about your loan coming through. You’ll know when you get the cash that you’ve been approved and have the assistance you need. You also will be able to pay your rent or bills ASAP to avoid problems with landlords and utility companies.

They Come in a Lump Sum

When you get a payday loan, you’re not going to have money doled out to you at intervals. You’re going to be given everything you ask for upfront.

This means that you can use the money to set a realistic and reliable budget. You can use what you need exactly when you need it. You’ll be in full control of both your spending and your savings.

They’re Flexible in What They Can Do

Payday loans are best used in emergencies. You can:

• Pay the rent on time
• Get your utility bills taken care of
• Purchase groceries at supermarkets
• Get other basic necessities at any store
• Purchase clothing, diapers, and pet supplies
• Order items online

However, some people also use no credit check loans to live richer and fuller lives! Other uses include:

• Wedding planning
• Down payments on houses
• Buying cars and other vehicles
• Starting a business
• Traveling to new places

Basically, the loan you get is just cash. You can use it to buy anything you want. There’s no need to reveal what you’re going to use it for, either.

Debt Consolidation Is Easy

You can also use loans to pay off your credit card debt. This may sound strange at first brush since it’s essentially a loan to pay off another loan, but it makes sense when you consider it as debt consolidation.

If you have multiple credit cards with debt on them, you owe several outstanding loans. It can be stressful to keep track of due dates and pay off each card on time. When you take out a personal loan, you can use that sum to pay off all your cards at once.

You’ll be left with only one single loan to pay back at that point. Additionally, many no credit check loans have lower interest rates than credit cards. You may save money in the long term.

They Don’t Drain Your Savings

Many people who take out bad credit personal loans have no money in the bank. This is an awesome reason to take out a loan, but it’s far from the only one.

If you have some savings, you likely think of it like a cushion. If an emergency happens in the future, it’s nice to have some money in reserve.

Taking out a personal loan and using it instead of your savings lets you keep that cushion. This can afford you peace of mind in case anything worse happens in the future.

Payment Schedules Are Predictable

You’ll be given a fixed interest rate when you take out your emergency loans. The term of payment will also be fixed. This means that you know exactly how much you’ll need to pay on predetermined dates.

This is different from a credit card that has a revolving monthly payment. That payment depends on how much you spend. Personal loan payments don’t vary and are 100% predictable.

You’ll be able to budget more easily and spend more consistently.

No Collateral Is Required in Many Cases

Collateral is a term referring to anything that you give a lender as a promise to pay back your loan. It is often a piece of property or an automobile. In some cases, it may be expensive jewelry or a similarly valuable asset.

No credit check loans are considered “unsecured” debt. Unlike “secured” debt, they don’t require you to give any collateral to the lender.

This is important because collateral can be extremely stressful for borrowers. If you’re late on your payments, you could lose something precious. Payday loans let you get money without adding this stress.

Boost Your Financial Health Today

Now that you know how no credit check loans can help you through an emergency, it’s time to request fast cash. FastLoanDirect helps pair you with lenders that will tailor an offer to you.

Whether you want $100 or $35,000, assistance is available. Apply for a loan today and get an APR rate as low as 5.99%.