Category: Loans with No Credit Check

No Credit Check Signature Loans

Applying for any kind of loan becomes a bit of a chess match doesn’t it? You and the lender sit across the table from each other – you’re looking to get as much money as possible while sharing as little information and paying as little interest as possible. The lender wants to lend money – as much money as they profitably can. They just want to make sure all that money gets paid back. So whether you want a small signature loan with no credit check or a full blown $5000 loan no credit check, you better know how to put the lender at ease about your ability to repay.

Do you realize you’re asking quite a bit of the lender? You’re saying you want to borrow hundreds or thousands of dollars a) with no collateral or security on the money they’re risking with the loan, and b) you’re hoping they won’t want to take a close look at your credit history and track record of making timely payments on previous debts.

Here’s the challenge: you wouldn’t be seeking unsecured loans no credit check – signature or otherwise – unless you had something to hide in your past borrowing behavior. That’s where things get a little sticky. You tell the lender you’re hoping to secure a signature loan without a credit check, he immediately jumps to the conclusion (and probably rightfully so) that you’re actually seeking a bad credit signature loan. And that may not be a loan his bank is interested in giving.

Here’s the best advice I can give you. There’s one thing you might be able to use to get a lender to offer you a personal signature loan without credit check: a huge pay stub. Actually, a series of large pay stubs. All a bank cares about is recovering the money it lends out, plus a reasonable interest rate. If you can show them you’ve got income that far exceeds the payment that will result from the loan they give you, they MIGHT be willing to let you go without digging into your credit history.

Getting a bank to approve guaranteed signature loans is going to be tough sale because they’re only going to consider the amount of money you make as it relates to all your debt payments, not just the payment associated with the loan they’re about to give you. So you may be back to square one.

Unless…you’re willing to borrow a standard, run of the mill payday loan. All most payday loan lenders require is a pulse, a bank account with direct deposit, and proof of income. But are you really sure you want to go down the path of borrowing payday loans? It’s an awfully slippery slope.