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.
You must always be careful about the term “no credit check” when looking for a cash advance. This term can, for example, be can be used to allure borrowers into thinking that they can get away without credit checks appearing on their credit reports.
Borrowers might get the impression that direct lenders who advertise “no credit checks” are their only alternative. But you must remember that no credit check loans also carry high-interest rates and fees.
An example of no credit check loans is quick payday loans.
Others include installment loans, personal loans, cash advances, fast cash loans, lines of credit, and other lending products. Some credit card issuers also do not check your overall rating.
Such online cash advances 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 online, your overall rating is put into consideration. 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.
With a soft credit check, it means that the lender is only checking certain information about a borrower which allows evaluation of the borrower profile without affecting the credit score.
Some credit bureaus and online financial institutions record soft pulls while some do not. Soft credit checks may not be visible to other lenders. No credit check payday loans have an easier application process and they also have minimum requirements. Before signing, read the terms and conditions and credit rates.
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.
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 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.
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 cost you incur on payday loans no credit varies. The fees definitely come into play if the loan is not repaid back on time. You should contact your lender to rollover the loan.