No Credit Check Installment Loans

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Applying for installment loans while you have bad credit can cause damage to your credit ratings as the credit checks done by lenders are recorded in your credit file and may discredit your credibility to get loans from other lenders. However, you can avoid this scenario by simply going to lenders who don’t run hard credit checks. Here, you will know more about installment loans without hard credit checks and how to find your ideal offers!

What Are No Credit Check Installment Loans?

Installment loans are types of loans in which you repay the amounts you borrow in fixed schedules, usually one payment a month, over the agreed period of time. These loans are typically available for big amounts and the online application is relatively easy without involving facial recognition or voice analyzers.

Nowadays, many lenders are willing to offer installment loans even for people with bad credit as they realize that borrowers’ bad credit may not always be the result of their own fault. These lenders agree to only run soft credit checks which leave no marks on the borrowers' credit reports so it won’t affect their credit ratings. These lenient practices are not only advantageous for people with bad credit but also for those who need money urgently as the process tends to be quicker.

Can I Get an Installment Loan With No Credit Check?

Strictly speaking, it is almost impossible to get an installment loan without undergoing any credit check. Some states even make it a legal requirement to run credit checks before lenders can issue any loans. However, not all lenders require you to have high credit ratings. Many of them are willing to grant approval even if your credit score is below standard.

And if you want to completely avoid the risk of damaging your credit, you can always go to lenders that agree not to run hard checks and only run soft checks instead. This way, your credit will not be impacted even if you got rejected for the loans.

How to Borrow Installment Loans If I Have Bad Credit?

First, it is better to choose lenders that specialize in dealing with bad credit installment loans. These lenders would agree to overlook your bad credit and instead put their main concern on other factors that directly affect your capability to repay the loan. These factors include:

  • Current income: You have to have stable sources of earnings in amounts that are sufficient to comfortably repay the loan on time.
  • Current credit: You have cleared all your previous debts or at least most of them.
  • The loan functionality: Lenders will be more willing to grant approval if the loans have the potential to improve your financial situation.

How to Be Eligible for an Installment Loan?

While lenders may be willing to overlook your bad credit, you still need to fulfill the eligibility requirements. You are eligible if you meet the following conditions:

  • Must be 18 years old or older
  • A legal US resident
  • Have a steady source of income
  • Not in bankruptcy
  • Own a bank account

How to Get an Installment Loan With CocoLoan?

CocoLoan’s service helps find your ideal loan options by connecting you to potential lenders from reliable networks. You can enjoy this service by simply carrying out the following steps:

  • Fill out the form on our website: Submit your loan request to let us know what kind of installment loans you are looking for.
  • Receive offers: Review options from potential lenders and start comparing the rates and terms.
  • Close the deal: Choose the right options and sign the agreement through a secure web portal.
  • Get the money: The money will be deposited into your bank account within one or a few business days at the longest.

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Do CocoLoan Lenders Require Credit Checks?

The answer is yes. As a legally regulated loan broker, CocoLoan is linked to lenders that are bound to follow the law. In addition to helping prevent possible fraud and deception, Lenders, for the most part, run credit checks as a way to prove the legality of their business.

That being said CocoLoan’s service is flexible enough to help you avoid most risks that may damage your credit ratings. If for example, you want to avoid hard credit checks, many of our lenders have the tendency to run soft credit checks on you.

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How long do I need to pay back my installment loan?

Generally, installment loans can be completed within at least three-time monthly payments. The amount of each payment is determined by the loan amount, repayment length, and interest rates.

Can I repay my installment loans early?

Yes, you can. Paying off the debt before the fixed schedule can save you money on interest. However, some lenders may charge an early payment fee.

Do installment loans have variable rates?

Installment loans include personal, auto, and mortgage loans. While personal and auto loans have fixed interest rates from beginning to end, mortgage loans have variable rates which means that the interest rate can change during the terms of the loans.

How much does an installment loan cost?

The total cost of an installment loan is the principal cost (the amount your borrow) plus the interest rates over the agreed term. Some lenders may also charge origination fees or penalties such as late payment fees. So, make sure to include them all in your calculation.

What credit score is needed to get an installment loan?

It depends on the lenders. While having a high credit score can ease your way of getting approved, having a low credit score doesn’t mean you can’t get approved. Some lenders may still grant approval if your credit score is slightly below standard, while some others may completely overlook your credit score and focus on other factors to decide if you can qualify for the loans.

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Get Installment Loans With No Hard Credit Check Now!

Put an end to your search in finding suitable lenders! CocoLoan has long-listing reliable lenders that are willing to offer ideal installment loan options without running hard credit checks.

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