A no credit check loan is pretty simple in concept – it’s a loan that doesn’t require the lender to pull your credit history to qualify. Sometimes you could use your income or an asset such as your car as collateral for the loan.
Your credit score can range from 300 – 850, with 300 being the worst and 850 being a perfect score. The ranges that get you the best interest rates or loan options are a little fuzzy, but as a general guideline, you can use the following:
You are legally entitled to get a free copy of your credit report once a year from each of the three major credit bureaus (Transunion, Equifax, and Experian). You can do this easily online at https://www.annualcreditreport.com.
Here are some tips:Don’t close a credit card account. When you have a credit card, it’s still better for you to stop using it rather than close the account.Don’t close a credit card account. When you have a credit card, it’s still better for you to stop using it rather than close the account.
If you do have a bad credit score (generally below 630 out of 850), there are still some relatively simple things you can do to raise your credit score, such as:– Dispute any errors you find on your credit report– Pay off small balance loans– Keep your credit balance as a percentage of total available credit low– Limit new credit inquiries
Here are some of the most common loan options if you have bad credit and can’t get funding from a traditional bank.Payday LoansPawn Shop LoansTitle LoansLoans from Relatives or FriendsAsset-Based Loans
If you have bad credit and still need access to funds, here are some alternatives that may allow you to borrow at more favorable terms without predatory interest rates and fees.Credit Union Payday Alternative LoansHome Equity LoansGet a Co-SignerCredit CardsMake Extra Money