No credit check loan seekers are generally worried about two things:
– Whether their low credit score will become an obstacle in getting approved for a personal loan
– Whether a conventional credit check process will negatively affect their credit score
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.
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 number to evaluate a borrower. At Bridgepayday, 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. Advanced analytics improves our lending decisions.
Bridgepayday reports loan repayment activities to the major credit bureaus. Hence, if you take a loan responsibly and then pay it back on time, then your positive record will reflect in your credit reports. On-time 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 works with a network of lenders and matches the borrower to the best payday loan option available.
The rates and terms offered by Bridgepayday are also quite competitive. Bridgepayday is eligible to lend in multiple states.
In certain states, borrowers may be eligible to qualify for more than one of our lending products. Online payday loans are instant and easy. But there are some steps to follow
Check if you are eligible for the loan and how much can you borrow. Very simple process with a short request form. (insert a link to form)
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).
Imagine that you are the borrower. You do not have a good credit score and have been looking for quick same day loans that can help you with an emergency.
Emergencies come when no one expects them. They impose critical financial responsibilities on you. In such situations, payday loans become an instant loan solution to the emergency.
You find out about Bridgepayday, a company that makes loans available to all credit types. So, you submit a loan request form to check your eligibility.
Bridgepayday conducts a soft credit check to evaluate your profile. Your credit score does not get affected in the process.
You get approved for the loan and receive a notification from Bridgepayday. You read the loan details and the terms on which the loan is being offered.
You find everything alright and so you accept the loan offer. Once you sign the paperwork, Bridgepay then conducts a hard check which may temporarily affect your credit score.
You receive the loan money and you use it to solve a financial shortfall which you have been facing. You then make regular timely repayments.
Bridgepayday sends information about the timely repayments to major credit bureaus and they take note of your responsible actions. Your credit report reflects your timely repayments and you gradually build up your credit.
A no credit check installment loan does not mean that there won’t be any scrutiny of your credit history. It simply means that there will be no hard pull which can negatively affect your credit score.
Rather, 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.
Examples of no credit check loans can be 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 without credit check. for longer periods.
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.
The borrowers might get the impression that installment loan 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.
The fees definitely come into play if the loan is not repaid back on time. However, no credit check loans also have benefits like a simple application process, quick processing, and timely disbursal of the loan amount.
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 don’t. Soft credit checks may not be visible to other lenders as well.
A soft credit check does not require the consent of the borrower. You may have noticed pre-approved credit card offers and pre-approved payday loan offers.
These pre-approvals are done through soft checks. Because these checks can be done without the borrower’s knowledge, 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. In fact, 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.
When you request for a loan and submit the form online, Bridgepayday will conduct a soft credit check on your profile. The soft check will not affect your credit score. Based on the soft check, Bridgepayday will send you a decision on your loan request.
If you are approved, then you can accept the loan terms and sign a contract. Only upon signing the contract will Bridgepayday then conduct a hard check.
The hard check will affect your score for a short duration. However, if you repay the loan on time, then your timely payment record will be shared with major credit bureaus and your credit score will be affected positively as a result.
At the same time, if you do not make your payments on time, then your scores can see some negative impact as well. This is where you will be advised to apply for a payday loan consolidation for easy repayment.