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Which type of loan is right for you? Payday, emergency, or installments. Funding Zest has them all.
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If your application is approved your lender will send funds to your bank within one working day!
There are basic criteria that everyone who applies for a loan must fit. You can be eligible if you…
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Millions of Americans are not extended loans each year. This is because they have a poor credit record. For that reason, they frequently search for the term ‘no credit check loan’. Do you have a poor credit history because of missed loan payments? Have you missed payments on other financial obligations? These will result in a poor credit score. If you’ve ended up with a bad credit record then you may indeed be checking for a no credit check loan.
Finding a loan that doesn’t require a credit check can be difficult. Most lenders in the United States do credit checks in some form as a means to determine whether or not you’re eligible for a loan. It’s a quick process. It’s automatic and electronic.
It gives lenders more information. It’s a view into whether or not you’re a good match for a loan. The credit history that is displayed during this check shows any credit cards that you’re using and any other obligations. These obligations could be loans or payments for phones, financing of cars, or utility bills.
This check also tells lenders what your history has been paying back loans. If their credit check shows that you have been very efficient about paying back loans in the past, then it’s more likely they’ll give you the loan you need now.
If a credit check shows a not-great financial history, that could hurt your chances. If you have a record of not making payments either on time or not at all that could block you from getting a loan. Or, if you have lots of other loans a lender may not offer you a loan.
There are loans available that don’t require a credit check. These can be a credit union loan or a title loan, where you use your car as collateral against the loan. There are other no credit checks loans. These include bridging and invoice factoring.
We have lenders who place more importance on factors other than the credit check. In order to approve your loan, your lender may need to change the amount of your loan, make the repayment schedule a bit longer or ask for you to put something of value as collateral.
Even if you have bad credit apply today with Funding Zest. We can lend a hand. We understand how difficult it is when financial issues crop up. It’s why we work hard to get your funds to you ASAP.
If your Funding Zest loan application is approved, your lender will send funds to your bank account by the next working day.
A credit check is used by lenders when you are going for a loan, including short-term loans. This check gives the lending company a way of seeing how you performed financially in the past. They get to see your history of other loans or payments that you’ve been required to make and how well you have paid them back.
When lenders need this credit check, they pay a small fee to companies that have the credit information. These are called credit reference bureaus. In the US there are three different companies that carry out credit checks and hold your information. These are Experian, Equifax, and TransUnion.
As a consumer, you are allowed one free copy of your credit report from each of these bureaus once a year. The information these bureaus hold is in real-time. So your potential lender is seeing your up-to-date financial situation.
If the credit check meets the lender’s criteria, then they could extend you the loan. But if your credit check shows outstanding debt and late loan payments the lender could be concerned that you are high risk.
Well, there are a few places that don’t worry about credit records or credit scores. Credit unions and lenders that use something as security or collateral. And we’ll explain them now.
Credit unions. These are credit institutions. There are around 6000 credit unions in the United States. They’re like banks, but these are operated by members. These members pay an annual fee for the benefit of being a member. When you borrow money from a credit union you get lower rates and you can earn an annual ROI (return on investment) for being a part of a credit union. Credit unions are nonprofit and they’re built to serve their members. They don’t necessarily look at a credit record. Their rates can be more reasonable and terms more flexible. You would need to become a member.
Title Loans – A title loan is another loan that doesn’t require a credit check. It’s because you put up your car for collateral. So, the loan is based on how much your car is worth. They will give you up to about 25% of the value of your car, assuming it’s in good condition and that it works. So to be able to take out a title loan you need to own the car outright or the majority of it. With this loan, it’s as if you’re signing over the deed of your car. You still get to use your car but the lender holds the deed. So they are the temporary owner. Usually, title loans are about $1,000. In the event that you don’t repay your title loan, the lender can take the car and recover their losses (of you not paying back their loan) by selling your car. Read up on payday loans and how they differ from title loans.
Bridging – Another way of getting a loan where you don’t have to have a credit check is bridging. With bridging you borrow money against your home for a short period usually three months to two years. This is called a drawdown. It’s often used so you can get money to buy something else,. It works whether you’re buying a new property, buying something from an auction at a good price, or making some other large purchase. It’s just like the title loan on your car but for this loan, you can put your house as collateral. Now the lender owns part of the property. If you can’t pay back the lender for the loan you’ve taken then they could take your home in part or in full.
Invoice factoring – This is otherwise known as Invoice Factoring, invoice loans, or invoice discounting. Primarily businesses use invoice factoring. It allows you as a business to use money that you will be receiving in the future from unpaid future invoices. Companies that need money now use this to make other purchases or sales.
Say you’re a caterer and you have a big event coming up and you have to get the supplies for that event. Well, you can use invoice factoring to get the money you need until the invoice has been paid. And this even goes for construction companies and others who need to get in supplies to make something happen. In order to get this type of loan, you just show your lender the contract you have with the vendor or the future invoice. This way no credit checks are necessary.
Before you apply, figure out how much money you need to cover your expenses. Applying for too much could cause your loan to be rejected and it could harder to pay off.
See if there are any alternatives to taking out a no credit check loan. Can you borrow from friends or family?
If you decide that applying for a no credit check loan with Funding Zest is your best option – look for any one of our ‘Get Started’ buttons.
When you press it, our 100% online application pops up. It’s so super simple that you can finish it in under 5 minutes. There’s no obligation and we don’t charge any fees. Try if for FREE.
We will ask for a few basic details:
. Your instant on-screen decision will appear.
If you’re approved, your lender sends the money within 24 hours.
You will agree with your lender on what day of the month your repayment will be taken from your bank each month. These will be taken in equal monthly installments so you know what to expect and can plan.
You will be reminded when funds are withdrawn from your account, to prevent any surprises. Your payments will be taken automatically so you don’t have to do anything.
Yes, you can. There are several ways you can drive up your credit score. Start by requesting a credit report for free.
That way, you’ll know your existing score and you can see what’s happened, good and bad, to bring it up or down. Knowing where your score is currently, helps you plan how to boost it.
A couple of things you can do right away:
Before you do these things, get your credit score so you’ll be able to see what positive effect these changes can make – right away.
Obviously, if you’re in need of fast cash some of these won’t be possible but do what you can. It’s worth trying because every little bit could help your credit score.
Funding Zest and our lenders will consider all credit histories. So, even if your bank has turned you down for a loan, apply today. Funding Zest can lend a hand.
We have payday loans from as little as $100 all the way up to $35,000. Our Funding Zest lenders look at your monthly income, credit history, and whether you can afford to repay the loan.
There’s usually a fair bit of flexibility in how long you can have to repay your loan. Repay in just a month or take up to 5 years to pay it all back. You agree on the terms with your lender before you sign your agreement. Then equal monthly installments are withdrawn from your account each. It’s automatic so you never miss a payment.
Yes! We pair you with a lender that’s most likely to approve your loan and give you favorable rates for your needs – all for free!
We get a commission from your lender if they successfully deliver your loan for you. f from the lender if your application is approved and successful.
Funding Zests considers all applications, like no credit check loans, but a credit check is usually done automatically whenever you apply for a loan no matter what kind it is.
No. Funding Zest is a broker. We pair you with the right lender with the greatest chances of approving your loan!