A no credit check loan does not mean that there will not be any scrutiny of your credit history. It simply means that there will be no hard pull which can negatively affect your credit score.
A soft check is conducted by the lender whereby your personal information and income levels are analyzed. The lender basically evaluates whether you are capable of paying off the loan that you are requesting.
You must always be careful about the term “no credit check”. It can be used to allure borrowers into thinking that they can get away without credit checks or without any credit inquiries appearing on their credit reports.
Borrowers might get the impression that direct lenders who advertise “no credit checks” are their only alternative. But borrowers must remember that no credit check loans also carry high-interest rates and fees.
Examples of no credit check loans can be called quick payday loans, installment loans, personal loans, lines of credit, and other lending products.
Such loans are normally suitable for short-term emergencies or shortfalls which require immediate attention. Borrowers generally try to find no credit check loans at brick-and-mortar lenders and online direct lenders.
You also have the option of requesting installment loans for longer periods.
When you apply for a payday loan with Bridgepayday your credit will be checked. However, it will be checked in a way that protects your existing credit score and helps you build it rather than lower it. This is called a soft credit check.
A soft credit check is a credit inquiry in which the lender pulls up certain information about a borrower which allows evaluation of the borrower profile without affecting the credit score. Some credit bureaus record soft pulls while some do not. Soft credit checks may not be visible to other lenders as well.
A soft credit check does not require the consent of the borrower but if you apply for a loan it will be carried out.
These checks can be done without the borrower’s knowledge. A credit scoring systems like FICO do not take them into account when calculating a credit score.
Hard credit checks or hard pulls affect a borrower’s credit score negatively or positively depending if you have good or bad credit.
They can affect a borrower’s credit score for up to 2 years. Hard pulls or hard inquiries also get recorded by credit bureaus on the borrower’s credit report.
If there are instances of multiple hard inquiries within the space of a few days or over a short duration, then that looks bad on your credit report.
It makes lenders think that you have been vigorously looking for more debt and that you are a high-risk borrower. Applying for loans at multiple lenders who all conduct hard checks can lead to this type of situation.
The approved loan may be available as soon as the next business day. Personal loans are efficient for bad credit history. This is because the procedure does not need much paperwork or data.
A soft credit check is what Bridgepayday uses to verify your loan eligibility. In such a process, we first ask you to submit a loan request form with some important pieces of information.
Then, that data is analyzed and a “soft pull” is made on your credit profile in a way that does not affect your existing credit score.
While you might think that payday lenders look at only one thing to evaluate your eligibility, then that is not entirely true. The credit score is not the only way to evaluate a borrower.
We use a number of other data points which many lenders do not and evaluate if a person with a not-so-great credit score can still get a loan. As we specialize in bad credit we can often get you a loan where others cannot.
Bridgepayday reports loan repayment activities to the major credit bureaus. If you take a loan responsibly and then pay it back on time then your positive record will reflect in your credit report. Timely payments will improve your credit score in the long run.
Bridgepayday works with lenders by offering them lines of credit up to $3,500 and personal loans up to $10,000. Bridgepayday has a network of lenders and matches the borrower to the best loan option available.
In certain states, borrowers may be eligible to qualify for more than one of our lending products. Online payday loans no credit check are instant and easy. But there are some steps to follow
To be eligible for a loan you need to have a regular income, a permanent address, an email address, a SSN, a bank account and have no previous defaults.
Bridgepayday will conduct a soft credit check on your profile
If you are eligible for a loan and are approved, then you will be notified by email. Check the terms, rates, and loan products. If you find everything alright, then accept the offer.
If you accept the loan offer, then you should see the loan amount transferred electronically to your account within one business day (in most cases).
The fees definitely come into play if the loan is not repaid back on time. You should contact your lender to rollover the loan.