No matter how much ever you try to plan your finances and expenditure, there will always be sudden financial needs that you would need to cater to. While getting money has become easier online, some people with bad credit or low credit score find it hard to meet their financial exigencies.
When a credit check is done, most people with bad credit fail to get security and do not get the loans they seek. Hence, the need for no credit check loans began more real. However, the real question is, are no credit check loans legal?
The credit broking platforms in the US are governed by the lending regulations that are dictated by the United States regulatory authority. Credit checks need to be done for every applicant. Despite the regulation, there are lenders who are willing to provide loans without credit check to individuals. Let us know more about it.
Are No Credit Check Loans Legal?
As mentioned earlier, it is not possible in the US to have loans with no credit check. The regulatory requirements suggest that there needs to be a credit check to be done on every borrower. As individual lenders express interest in providing loans to people with low credit, the extent of credit check has reduced.
As a result, a new concept of credit check has evolved. This is known as a soft credit check. When a soft credit check is done on an individual, which is just ascertaining bare minimum information about someone.There are few things you definitely need to know about the so-called ‘no credit check loans’ and how to get them.
Are you eligible for a No Credit Check Loan?
First and foremost, you need to ascertain whether or not you are eligible for a no credit check loan. The US regulates a bunch of requirements that an individual must fulfill to be able to avail the benefits of such a loan. Below are the needed requirements:
- You should be 18 years or older
- You should be a citizen of United States of America
- You should have a valid bank account (and you will also need to share a bank statement as proof of your income)
- You should be having a Valid ID
You will need to offer scanned proofs of all your claims. For instance, a scan copy of your ID proof, address proof, income proof and bank statement proof will be needed. Once you have everything handy, you can apply for the loan.
Where to Apply for Legal No Credit Check Loan?
If you are struggling with a bad or low credit history, it is important to know that you are at the right platform for loan application. No major financial lender will lend to a person with a low credit score, as it will be considered as an unsecured loan. So, your options are limited but this is when US Bad Credit Loans come to rescue.
This is an online credit broking site that acts as a platform connecting lenders to borrowers. The loans are not offered by the platform, but directly by the lenders who are a part of the platform. The process of loan application is extremely simple on US Bad Credit Loans.
US Bad Credit Loans: How to apply for a No Credit Check Loan?
This is one of the most simple sites you will ever see. The sheer interface of this platform is extremely user friendly. Even if you were a first timer at going for an online loan, you will find this site very handy. In an array of very simple steps you can apply for a loan and get the loan.
Let us understand the simple procedures that ensure that your financial needs are met through limited credit checks:
Application of Loan
The application for the loan is an important process. You should keep all relevant documents like address proof, ID proof, bank details and proof of income or employment handy with you.
Approval of Loan Application
You will get a loan only when your application stands approved. US Bad Credit Loans has a panel of experts who go through every loan application to ensure that the declarations made by the borrower are genuine.
Offers by Lenders
Once the loan is approved, lenders get an intimation of the same. The lenders will then roll out their offers for you to consider. You can see the terms and conditions of different lenders. Whichever application seems best suited to your finances and interest, you should go ahead with it.
Receiving the Loan
As and when you accept the offer of a lender, you will be in a position to receive a loan. The loan will be received in the bank account you provide. When you receive your loan, you are in an agreement with the lender and you need to abide by the stated terms and conditions laid out.
Why opt for a No Credit Check Loan from US Bad Credit Loans
The entire process of loan application on US Bad Credit Loans is online. You will need to insert generic and specific details about you in the application online only. This is all part of the soft credit check procedure.
Soft Credit Check
There is no investigative procedure digging in your past history with credit or repayment. The check is only done to assure the lender that you are a genuine person and have a recurrent source of income.
Instant Approval of Loan application
If the details you attached to the loan are correct, you should go through it once again to ensure you haven’t missed out or falsely claimed anything. Once you are satisfied with the details so entered, you can submit your application.
The concept of loans with no credit check might seem unrealistic or illegal to many. But it’s true and functional. A lot of people with bad credit or low credit history have received loans online. When US Bad Credit Loans provides the best interface and easiest processes to meet your financial needs, nothing should stop you from pursuing it. It’s legal and working!