We understand that you’d rather not waste time pouring over hundreds of potential loan services while you are in dire need of money https://ipass.net/.
As such, we have compiled a list of five of the best loan service portals that exist right now that give out loans without a credit check. The companies we have chosen are based on systematic research which considers different parameters. Through elimination, we kept the companies that passed our stringent evaluation through systematic elimination that got harsher every step till only five remained IPass don’t check credit. Some of the parameters we used for our screening are:
- No Credit Check
It’s paramount that the companies we mention in this article don’t give your credit score much importance when facilitating loans. As such, for this list, we limited ourselves to companies that either don’t care about your credit score or will facilitate your loan even if your credit score has reached rock bottom.
- Annual Percentage Rate
While these online platforms don’t lend money themselves and thus don’t fix the interest rate. The moneylenders associated with our top five companies are known to be fair, offering lower interest rates than what you’d expect from a typical moneylender.
- Easy Loan Approval
A lot of loan service portals have draconian requirements to get loan approvals. Such high requirements make it difficult for people with lower credit scores and less-than-ideal collateral to get any kind of loan. We have listed loan service platforms with more relaxed requirements, and moneylenders do fewer background checks when reviewing your loan application. This process makes it easier to get a loan.
- Variable Amount
We limited ourselves to only loan service companies that offered the widest range of the loan. You can expect loans as low as $600 and as high as $10,000, sometimes even higher. Please note that no loan company offers hundreds of thousands of dollars as a loan without a credit check. It is impossible to do so on such short notice.
We ensured that the companies we suggest are not practicing unethical practices such as loansharking, withholding information (such as interest rates), unfair debt collection practices, etc. The companies listed are followers of high American legal standards like the Truth in Lending Act (TILA), Dodd-Frank Wall Street Reform Act, Fair Debt Collection Practices, etc.
Your loan application contains personal and sensitive information such as your home address, social security number, and bank account details. It is critically important that this info remains secure and contained. So we chose the online platforms with the highest cyber security offered by reputed third-party security firms such as Norton.
- Customer Feedback
We ensured that the companies that make it to the top five have excellent customer reviews and a high average review score. We delved into numerous customer testaments to judge if they are genuine and see if any problematic elements pop out regarding the company. It gave us a good idea of each company’s reputation among customers allowing us to go for the reputed ones.
- Loan Repayment
Another important category for our selection was the ease of loan repayment. Convoluted loan repayment policies can confuse people, sometimes causing them to miss deadlines. It is a strategy used by loan sharks to delay loan repayment to continue raking in interest. We took extra care to ensure that the companies we recommend do not practice such scummy tactics and offer easy repayment options.
A Guide To Loans With No Credit Check
The online market is teeming with money lending platforms. A simple online search will bombard you with numerous such websites. While they all promise fair practices, moderate interest, and ease of repayment, the ugly truth is that the online loan facilitating business is a dark and dangerous ocean with many loan sharks prowling around looking to hunt for desperate people and pull them into a debt trap. Navigating such murky waters requires experience, tact, and a helpful guide. In this guide, we’ll take you through some important points that you should consider when choosing an online loan platform for an
- Credit Checks
The entire point of you searching for these loan facilitating platforms is that you’d like a loan without the draconian scrutiny of credit checks done by banks. So it’s only logical that you’d only look out for and proceed with companies that offer loans with no credit checks, or even if they do credit checks such as for your credit report, their margin of eligibility is very low.
- Loan Terms
If your loan is approved, make sure to review the loan terms such as approved amount, interest rate, repayment deadlines, repayment options, consequences for non-repayment or delayed repayment. Remember that you are not obligated to accept the loan after it has been approved. Accept the offer only if the terms are to your liking. There are plenty of fish in the sea.
- Interest Rates
The online platforms mainly facilitate loans and won’t have interest rates listed. Once your loan application is processed, a moneylender will contact you and tell you about the interest they charge. A fair moneylender should charge somewhere between 22-25% APR even with poor credit. If the money lender asks for more than 35%, it’s a loan trap, and you should not accept the offer.
- Proper Documentation
Make sure you have all the necessary documentation before you submit your loan application. Documentation includes a government-issued identity card such as a passport or driver’s license, proof of your US citizenship (passport, birth certificate, etc.), or permanent residency (green card). You will also need your bank account statements and proof of employment.
- Loan Amount
Check if the amount of loan the platform offers meets your requirement. Most online platforms will offer no credit check loans within a range of $600-10,000. But sometimes, the limits go lower or higher. Online loan companies are unlikely to give you loans for a very high monetary sum, such as a home or education loan. You need to approach a bank for that.
Reputable online loan platforms do not charge any fees for facilitating your loan and getting you connected to a moneylender. They instead get their fees from the lenders. Ensure that the company you are going for doesn’t charge you fees for the “privilege” of this service. It is a mark of a less-than-reputable company.
Your loan application contains personal and sensitive information such as your home address, social security number, and bank account details. It can cause a lot of damage if the information gets leaked or hacked. Ensure that the money lending portal has good cyber security, such as Norton protection.
Some online loan companies will also sell your information for the free service they provide. The information is sold to money lenders and some advertisement companies. Keep an eye out for such a disclaimer. This process has increasingly become standard practice for almost all such companies, so it’s something you’ll have to accept, but you should be an informed customer nonetheless.
- Customer Reviews
Customer reviews can often give you all the information you need to understand if the loan facilitating company has a good or bad reputation from the experience of past customers. Don’t just fall for a high review score (x number of stars). Please read a few customer testimonials as well to get a good idea of the details. Individual customer experiences can resonate with you and give you vital information crucial for your specific case.
- Fair Practices
Shady companies or money lenders may try to con you into taking a loan with a bad deal. To avoid loan sharks, debt traps, or money lenders sending goons to your doorstep, ensure that the company you reach out for a loan are strict adherents of US money lending law and fair practices such as the Truth in Lending Act (TILA), Dodd-Frank Wall Street Reform Act, and Fair Debt Collection Practices, etc. It means that the money lenders affiliated with the company will not practice illegal or unfair money lending.
- Speed of Approval
If you are in urgent need of a loan, it might be prudent to approach companies that not only have a high rate of loan approval but offer expedited loan approval. Some companies can even process your application and get the money to you in one day.