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3 Ways to Get a Personal Loan without a Credit Check

No credit check personal loans not only are possible, but you have several options when it’s time to borrow money. Since the traditional banks and lending institutions are tightening lending standards and turning down people of all ages, it’s getting harder to get personal loans or credit cards if you have no credit.

Whether you’ve just turned 18 and you have no credit history, you’re 25 years old and have bad credit due to maxing out your cards or existing student loans, or you’re simply a middle-aged “credit ghost” who’s always paid in cash, it’s gotten harder to start or improve your credit history. As soon as people perform a credit check, you’re denied.

I’ve put together a list of ways you can borrow the money you need without going through a detailed background check and certainly without the credit check process. These are legitimate, legal personal loans you can make. The interest rate might be higher, but you’ll be able to get a loan whether you’ve just started your first job and you need $100 for an emergency or you’re an entrepreneur needing $25,000 to start a business or a small business owner needing to expand. Below are three options you should know about.

Personal Installment Loans

Personal Loans and Financing

Personal Installment Loans, Social Lending, and Cash Advances Are Three Ways to Get Financing without a Credit Check.

The personal installment loan lets you borrow between $1500 and $2500, then repay it in a series of installments.

Sometimes you’ll need to undergo a credit check with these, but people with no credit or bad credit tend to qualify for these loan situations. This is balanced by the fact that you’ll pay higher fees for this opportunity.

These loans are meant to help people get through an emergency or afford something they couldn’t normally afford. If you’re about to be overdrawn, check to see if the overdraft fees are higher than the personal installment loan interest payments. If you’re going to buy a new couch or bed for your house and you can’t afford to buy it outright, see if the personal installment loan payments are less than the financing would be for the furniture.

Peer to Peer Loans – P2P Financing

Peer to peer loans are the latest cashflow option in the financial world. The “peer to peer loan” is also known as “social loans“, “P2P loans”, or “person to person loans”. In this situation, you end up borrowing money from a private person instead of a lending institution. Person to person lending services and communities have sprung up all over the Internet, where these sites serve as part-broker, part-arbiter for loans between average people. Some of these institutions offer loans themselves, especially the nonprofits and otherwise.

P2P lenders have lower overhead than a standard lending institution, so you’ll usually save money on your loans. These creditors may perform a credit check or may have no credit check. Even if they do, they’re going to be more flexible and loan money for more reasons than a conventional bank. As the bank and financial institutions have become more rigid and conservative these past few years, business owners and entrepreneurs have become increasingly exasperated by the traditional lenders in the USA, UK, and around the globe. Social lending has become the alternative method of financing ones business. From 2005 to 2012, the amount of money which has changed hands through person-to-person lending has risen by a factor of 50.

Individual lenders don’t have the overhead of a bank. Private lenders also don’t have to worry about investor pressures, so they tend to be more flexible to work with. And if you no longer trust dealing with the traditional bankers and money men, peer to peer financing is a way for small business leaders to get the money they need to rebuild Main Street without borrowing from and kowtowing to Wall Street.

Payday Loan Services – Short Term Personal Loans

The payday loan service offers a short term personal loan between $100 and $1,500. You walk in with a paycheck stub to prove you have a job and can pay back a loan. You tell the cash advance business how much money you need and you get a cash advance without sending faxes or having to go through a credit check. You write a check for the amount of the loan and the interest, which can be as much as 15%. When the next payday comes, the service cashes the check. If you can’t pay back the money, you can renegotiate, though this only gets more expensive.

I wouldn’t suggest using one of these services except in a dire emergency, but they can be useful if you need to borrow quickly and don’t need a bunch of questions. Just don’t get in the habit of using short term personal loans like these to make it to next payday, because it eats up a lot of money in interest payments. This should be your last resort before you go to a loan shark.

In a world full of microlenders, you should not have trouble finding better options. Keep searching online at sites like Weemba and see what you find.

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