1,500 Dollars Private Cash Loan With No Credit History Or Poor Credit ScoreDo you need a fast 1,500 dollars loan today but are afraid if your no credit history or poor credit score will prevent you from getting approved? It's a known fact that people with low 550 credit scores will find it almost impossible to apply successfully for a 90 day loan from banks and financial institutions but it doesn't mean that you will not be able to borrow $1,500 dollar elsewhere. As a matter of fact, there are numerous non-bank lenders you can turn to for your credit needs and in this article, we take a look at these direct loan providers that give small consumer loans for people with bad credit, how they work and whether it is feasible for you to use them. Sign up at lenders with highly competitive cost for the unemployed.
For those with low credit score, categorized as having a credit score below 500, you are considered as risky to mainstream lenders and this group of people will find it extremely tough to get credit from banks and high-street financial institutions. Post subprime crisis, banks are tightening their lending criteria and even if you have a fair credit score between the 580-620 range, you are also considered to pose moderate risk.
Therefore, for people with bad credit or no credit history, many of them are turning to state licensed finance companies that provide short-term loans with no credit check. These non-bank loan lenders advertise themselves as being able to offer you a high risk cash loan even if you have bad credit and despite the higher fee associated with such lending, they are very popular with consumers.
How No Credit Loans WorkSome of these no credit check loan providers operate as temporary loan companies, where the term 'instant cash loan' is becoming a catch-all phrase encompassing these short-term 90 days loans that are accessible to people with no credit history. A short-term short term loan, is basically a loan against your future paycheck and most emergency loans are available in relatively small amount with a quick payment period of one month. As an example, if I need to borrow $1500 dollars with no credit check, I can apply for a 3 month temporary loan and if approved, the money will be transferred to my bank account within one day and I will only pay back when I get my next salary.
Collateral is not required for borrowing money with emergency cash loans but because they are income-based lending, applicants need to provide verifiable job, stating information on their current employment and paycheck. Common lending criteria from immediate cash loan companies include a minimum monthly salary of $1500 dollars, steady employment at your current workplace for at least 3 months and you have no outstanding debts from other loan companies.
From my observations, most signature loan companies also preferred that your salary is paid through direct deposit to your savings account. This is to ensure that they can debit the money directly from your bank account when your repayment date is due.
Going into their financing fee, guaranteed unsecured lending firms are generally high-cost, and the interest rate is significantly higher than what your bank quotes you. It is not uncommon to pay $20 for every $100 you borrowed for a 3 month cash loan. While critics are quick to paint them as modern day cash loansharks, a sense of perspective is appreciated given the fact that BBB recommended instant loan companies are providing credit to risky borrowers without the presence of collateral when nobody would bother.
With a legitimate no dishonest cost high risk loan that you can apply with no credit check, it is possible for anyone to borrow money with no credit history or poor credit score. If you need to borrow 1,500 dollars for 3 months, why not find an online instant lending company to enquire more? Get in touch via this contact form for free loan quotes.