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No Credit Check Loans:

Myth or Reality?

No credit check loans exist in the grey area between myth and reality. They are no myth and are also not entirely true. A loan approved for a borrower on running soft credit checks is what's known as a no credit check loan.

Generally, it is required by the Consumer Financial Protection Bureau (CFPB) that every lender runs a credit check on their customers.

However, since these hard credit inquiries can harm your credit score, some lenders opt to run soft credit checks, which do not reflect in your credit report, and so, can be likened to no credit checks.

These loans aren't available from every lender. Using CocoLoan, you can find soft credit check lenders and connect with them in one place.

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How Do Loans with No Credit Check Work?

  • 1

    Submit Your Application

    Fill out the short, simple request form with your personal and financial information; just the basics. Then, submit.

  • 2

    Receive Decisions

    On submitting, you will be connected with different lenders who will review your application. If approved, you will be sent a quote.

  • 3

    Get Funded

    Once satisfied, sign the quote. Most often than not, your cash should be withdrawable by the next business day at the most.

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Am I Eligible to Get a No-Credit-Check Loan?

What's your employment status? Are you gainfully employed and what's your monthly take-home? Do you have a checking account?

To be eligible for a no-credit-check loan, you must:

  • be 18 years old or older;
  • have a valid checking account;
  • have a government-issued ID;
  • have a valid email address;
  • have a stable monthly income of at least $800.

Common Types of No Credit Check Loans

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    Payday Loans

    Payday loans are short-term loans taken out between paydays. They may be unsecured or secured and are to be repaid with your next paycheck. Your income scores more points towards qualification than your credit score.

  • Title Loans

    Bring collateral into the mix and your credit score matters little. Title loans are loans secured with a car title. A lender would generally approve you for a loan equal to 25%-50% of the car's value.

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    Loans for Bad Credit

    As the name suggests, they are loan options designed for bad credit borrowers. They involve only soft credit checks and may have higher interest rates than some other loans.

Benefits of No-Credit-Check Loans

No paperwork involved

The entire application process is done online. There is zero paperwork involved and the process is straightforward. In fact, you should be done with the application in three, simple steps.

Bad credit friendly

No credit check loan offers are favorable to bad credit borrowers. Since lenders play down the credit score requirements, there's a good chance of qualifying for one even if you have bad credit.

Quick funding

Unlike bank loans, no credit check loans are processed really quickly. Lenders can fund an applicant's checking account as soon as the same day or the next business day.

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FAQs:

  • Do No Credit Check Loans Really Exist?

    Payday loans are small-dollar, short-term, and high-interest loans. They're designed to help borrowers with financial crises until they get their next pay. We can offer payday loans with repayment terms ranging from 1-2 months and amounts up to $5000.

  • What Can I Do to Raise My Credit Score?

    The first step to this is requesting a free copy of your credit report, checking to see if there are any errors, and requesting a correction if there are any errors.

    You may also raise your credit score by settling existing debts, and borrowing from only lenders that report payments to the major credit bureaus.

  • When Can I Receive the Loans with No Credit Check?

    What time of the day did you apply? You can receive the requested cash within the same day if you apply early enough. Otherwise, you can get funded as soon as the following business day.

  • Where Can I Apply for $500 No Credit Check Loans?

    At CocoLoan, you can get connected with multiple lenders who can grant $500 loans in one application. The lenders only do soft credit checks and won't hurt your credit score.

  • Can I Get $5000 No Credit Check Loans?

    In general, borrowers can get $500, $1000, and a maximum of $5000. However, the actual amount you can get depends on your state's lending laws and your lender's evaluation of how much you can borrow and conveniently pay back within the loan term.

  • Are There Any No Credit Check Loans with Guaranteed Approvals?

    No, and that's because there are no guarantees anywhere. But you can find loan offers with high chances of approval. Loan brokers like CocoLoan, for instance, can connect you with lenders with up to 97% approval rates.

  • What Are the Differences Between Soft Credit Checks and Hard Credit Checks?

    Hard credit checks are inquiries into an applicant's credit profile from any of the major credit bureaus. They need the applicant's permission and can affect their credit score. Soft credit checks are basically background checks on an applicant. They won't affect their credit score.

  • Where Can I Find a No Credit Check Loans Guaranteed Approval Direct Lender?

    A simple web search via Google should help you with a list to work with. However, some of the lenders that pop up may not be operational in your state of residence or may have high-interest rates at the time of applying.

    That's why we recommend using CocoLoan to connect you to reliable lenders licensed to operate in your state and with low-interest deals.

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Get a No Credit Check Loan Today via CocoLoan

On CocoLoan, your chances of getting a loan offer are higher-than-usual. You also get no credit check loan deals with competitively low-interest rates. Fill out our short, simple form now.

Check Your Eligibility Now!