does have some stringent eligibility conditions. You’ll need to be at least 18 years old, be a citizen or legal resident of the United States and earn over $1,000 per month after deductibles. You also need to have an email address and home address when applying.
Some people have trouble finding a decent loan that doesn’t require one. Since online lenders generally aren’t in your local area, they rely on background checks and credit checks to ascertain your ability to repay a loan.
One barrier to finding a loan online is finding one without having to submit to a credit check
Online lending networks like the ones listed above will perform soft credit checks when you make your application. This is a basic credit check that doesn’t affect your score and might not even affect your chances of a successful application. This basic credit pull gives lenders access to a modified version of a personal credit report.
Lenders use the information from a soft credit check to determine if they can pre-qualify you for a loan or not. This is a sign that they believe you can make the payments. You may have to go through a hard credit check before getting final approval, but you’re likely to pass if they’ve already pre-qualified you anyway.
If you would rather bypass the credit check entirely, then your only option would be to go with a local payday loan lender or a local title loan agency. Keep in mind that there’s a price to pay for the convenience of bypassing a credit check – you’ll be faced with exorbitant interest rates and other fees instead.
A payday loan, also known as a cash advance loan, is the most expensive loan option there is. Whether you get one online or in person, you can expect to pay incredibly high interest rates. Lenders offering these loans also require proof you can repay the loan in time, typically between 2 and 4 weeks. The good news is that getting one of those loans is easy if you meet all the requirements. Continue Reading Can I Get A Loan Online Without A Credit Check?