No credit check loans guaranteed approval & instant payday loan

No credit check loans guaranteed approval & instant payday loan

If you need quick cash to cover an unexpected expense, you lender payday loans Oklahoma may consider applying for no credit check loans. Regardless of your current credit rate, you will have a real chance of getting approval. But don’t let the name trick you though.

When it comes to legit quick loans online, lenders are not going to give you money just like that. They don’t conduct a detailed credit check but they use an alternative way of checking one’s creditworthiness — one that doesn’t influence your credit score. This is what they do at InstantCashAdvance. And this is what makes the loans with no credit check application process so fast and easy.

Why lenders perform a credit check?

Lending companies check your credit history to estimate your creditworthiness and ability to fulfill repayment terms. This way, they can identify the risk of lending you money. People with a bad credit reputation usually get loans with higher interest rates, because lenders see them as potentially unreliable customers. Many people with a low credit score below 600 face difficulties securing online loans with no credit check. So, every time they submit an application and get rejected, they get a record on the credit report, which pulls their credit score even more down.

You still have a chance to get approves, having a poor credit background. Compared to traditional hard checks, some lenders decide to perform “soft checks” that don’t affect your credit score at all. Thus, when you apply for a loan with no credit check, your application will be reviewed in terms of your employment, current loans, and other credit details.

What no credit check really means?

When it comes to loans, no credit check means that the lender doesn’t conduct a detailed examination of your credit situation. Instead, they conduct soft checks which focus on other factors, not credit rates.

Generally, the application for no credit check loans from direct lenders is straightforward. If you do it online, you will most likely get a response within 24 hours. In many cases, you can submit an application, get approval, and see quick loan money on your bank account or debit card the same day.

Credit score determining factors

A person’s credit score is estimated by lenders using the data from your credit report. The FICO scoring system takes the following factors into consideration:

  • Payment background (35%): Your payment history gives a better understanding of your financial responsibility and punctuality.
  • Amounts owed (30%): The so-called credit utilization demonstrates how deep in debt you are. It also determines whether you can handle the repayment scheme on time.
  • Credit history length (15%): This factor demonstrates the period of time when you used a credit. The lengthier the period of your credit history is, the better your credit rate is.
  • Requested type of loan (10%): Lenders consider your credit history apart from credit card use, installment loans, mortgages, and business accounts. It is not only the credit types that are tracked.
  • New credit and inquiries (10%): Before you add a no credit check loan to your general debt, it’s important to understand how reasonable it is. Registering a few credit accounts within a short period can be risky, especially for those with a negative credit reputation.

Types of no credit check loans

At “Instant Cash Advance”, you have access to a wide range of loans with no credit check. Depending on your personal preferences and needs, you can choose one of them:

Small Payday Loans

Payday loans are short-term unsecured loans that are issued with a credit check. They are often a costly option for the borrower as they tend to have an annual percentage rate (APRs) of 400% or even higher. The APR is the general value of the loan, which consists of your interest rate, fees, and repayment timeframes. If you have a bad credit score, you will most likely have to pay higher APRs.