Once upon a time, applicants had to wait three days to learn if they were successful or not. That time was cut to 24 hours not long ago, but today approval can be received instantly. A key example is the availability of personal loans with no credit check, where lenders ignore the credit history of the applicant. But fast cash does not mean free money.
While there is greater confidence amongst bad credit borrowers that they can access much-needed funds, fast cash loan approvals are still dependent on meeting certain criteria. And even without the focus on credit history, there is no guarantee that approval will be given.
Remember, lenders are no fools and are only willing to grant quick access to a personal loan when the applicant meets the conditions of the offer. And for this reason, it is important to know what to expect before submitting your application.
What Criteria to Meet
The real reason for offering personal loans with no credit checks is that it gives bad credit borrowers a chance to access vital funds quickly to handle financial emergencies. Thankfully, the criteria they must meet are quite basic, so it generally not difficult to qualify.
Applicants need to be in full-time gainful employment, but there is an added condition that they have held that job for at least 3 months. In absence of any credit history, income is the most important factor when seeking fast cash loan approval. It is, after all, the only indication regarding the ability of the borrower to repay.
It is also necessary for the application to have an active checking account. The reason is that, should the loan be approved, it is the only way in which the funds are transferred to the borrower. However, with the relevant bank details provided, it also means that repayments can be taken automatically from the account, so the personal loan can be paid off without a hitch.
Terms To Consider
One of the advantages to applying for loans online is that your ideal terms can be found. The whole process of applying for a personal loan with no credit checks involves providing personal information, meeting the criteria and then simply clicking the appropriate boxes before submitting the application.
The ease with which people can fill out an application form means it takes no time at all. And with no added delays created by lenders checking credit details, the idea of fast cash loan approval is very real. In fact, a funds transfer can take place within a few hours of the application being submitted.
The terms that can be selected include the size of the personal loan, which typically ranges from $100 to $1,500, and the repayment term, which can be as short as 14 days. Bear in mind that the shorter the term, the greater the pressure to repay it; the longer the term, the lower the pressure.
The small print is always important when considering a financial contract, with hidden charges often are detailed there. Getting personal loans with no credit checks seems the perfect deal, but can include severe penalties for late repayments. And high interest rates (30%), repaying a $1,500 loan over just 30 days can cause major financial problems elsewhere.
However, a great advantage with fast cash loan approval is that the funds can be used to deal with real problems. And because they are repaid so quickly, a series of loans can be borrowed over 6 months, thus clearing a lot of debt.
This may be expensive, but your credit score can be improved dramatically. So, even with small personal loans, real financial progress can be made.