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No Credit Check Loans 5 Must-Know’s Before Applying For A No Credit Check Loan
No Credit Check Loans Stay Away From Payday And Title Loans If you have bad credit and need a fast cash loan, taking out a payday or title loan is pretty much the last thing you should do. Both payday and title loans are short term loans that come with interest rates around 15 to 25 percent. But those rates can be seriously misleading. When measured as an annual percentage rate (APR), payday loans have an average rate around 390 percent, while title loans have an APR of 300 percent.
No Credit Check Loans Make Sure The Lender Checks Your Ability To Repay This is something that a lot of payday and title lenders don’t do. That’s one of the reasons those loans are so dangerous. With a traditional unsecured personal loan, the lender will lose money if you can’t pay your loan back. That’s why they always check to make sure that you can afford your loan.
No Credit Check Loans Find A Lender That Does Soft Credit Inquires Just because a lender checks your credit score, that doesn’t mean they’re going to turn you down. And if they’re only running a soft inquiry on your credit, then applying for the loan won’t show up on your credit report.
No Credit Check Loans Do Shop Around Shop around! Different lenders are going to be offering different loan products with different terms and different rates. Even if it’s tempting, or you’re running short on time, don’t just take the first offer you receive.
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