Sometimes we need money, in a hurry. Life happens in an instant. One minute you're minding your own business and the next your car breaks down while you're taking the kids to school, or you're in the shower and the water runs cold - the water heaters broke! Maybe you just got a little behind on some bills and the painful late fees need to be avoided. Let's be honest, we have all been there.
If you need a payday loan, time is nearly as important as the money itself. Emergencies require speedy solutions! When you find yourself in this predicament you will come across several companies claiming to offer payday loans online, no credit check, instant approval to help. Gone are the days when you had to search for the best 'loan, payday near me' then get yourself downtown to wait in line at a payday lender location. Online payday loans offer a quick and easy solution that only takes a few moments from your day - barely even disrupting your daily schedule.
Although, with so many options available on the market, how do you know which one is right for you? How do you know which lenders to trust and who will charge the least interest? If you need a payday loan you definitely do not want to be paying back more interest than you have to! That's where Loanza comes in. We are here to help you understand your options and then help you get the best loan you can. We proudly work with all of the best online payday loan companies and can save you precious time and do all of the leg work for you!
Let's start with the basics. What exactly is a payday loan?
Generally speaking, payday loans are short-term loans of small dollar amounts, usually paid back with interest when you received your next paycheck within two to four weeks. They are traditionally designed to tide you over when you are short of cash between wages or have an emergency unexpected expense to pay. They are an alternative to bank loans or credit cards and are usually designed for people with bad credit in mind. A few years back you would find yourself in a cash flow tight spot and have to search for 'payday loan near me' online or in a local directory, and then visit a payday loan lender in person. These days the payday loan market is much more flexible. Online payday loans offer the ability to apply quickly from your phone or laptop and receive an instant decision, then get the money the same business day, sometimes in as little as 15 minutes. Same day payday loans can really save your day in a time-sensitive money emergency! The loans themself also offer more flexibility with lenders now offering short term installment loans of larger sums of money that you can pay back of longer periods of time if needs be. It is important to remember that part of the terms and conditions of payday loans is that each repayment has added interest attached and, if you miss an installment, loans can come with missed payment fees!
Payday loans, in general, lend themselves well to those of us troubled by a bad credit rating. It's no secret that they are a suitable option when you struggle to loan money from traditional lenders like banks. Suffering from bad credit does not mean that you won't be able to repay money that you borrow short term, it's all about affordability which is where direct lenders come in. They offer a convenient way to access quick cash in the form of installment loans, short term loans, and payday loans.
A credit check is carried out when you make an application to borrow money whether it be a mortgage, credit card, or loan. When you make an application online or in a person the lender will carry out a credit check with a credit bureau. There are three major credit bureaus in the US, basically, they keep a record of, and analyze our credit reports. Credit reports are records of our credit history from several sources, including banks, credit card companies, direct loan companies, and collection agencies. Based on your financial behavior you are given a credit score. A credit score is made up of points, the higher it is the safer it's deemed to lend money to you and the more likely the borrower is to pay it back in time. Credit scores are impacted by loads of things such as: how much debt we have, how many times we have missed repayments if we regularly pay our bills and installment loans on time, how old our credit accounts are, how many types of credit we have and how often we have applied to get credit also known as credit inquiries. If you are considering applying for an online payday loan, chances are you know you would not get approval from a commercial bank due to poor credit. There are a few reasons why you might prefer not to have a credit check:
Privacy - You may have privacy concerns when it comes to having your private information reviewed online.
Existing Bad Credit - You are worried a credit check will prevent approval because you already know you have bad credit.
No Credit History - You might have poor credit simply because you don't really have a credit history.
The thing is, lenders use a credit check to decide whether or not to lend you money, how much money you can get and the interest rates that will apply. If lenders are offering payday loans online no credit check and instant approval that implies that they will just skip this step altogether. No credit check, no credit score review - they will just give you an instant decision and hand over the money on the same business day. It sounds too good to be true, doesn't it?
That's because it is, instant decision, instant approval, no credit check, no credit score, instant money loans do not exist.
No lender lends money without doing at least some kind of credit check. It’s misleading to say that that they offer “no credit check loans” or “online installment loans instant approval.” That would be bad for business! Here at Loanza we want you to avoid lenders that make false promises or use clever wording that tricks you into thinking that a credit check won't be carried out. We want to be completely upfront about how payday and installment loans work and then help you find the best instant decision loan for your specific needs. If you have bad credit don't worry - we can still help. The lenders Loanza work with have a great record for approval, helping you get the loan you need regardless of your credit score. Instead of focusing on your past, they will make their decision on your ability to repay back loans and can still offer you a same day payday loan based on one thing - affordability.
We mentioned above that your credit score can be affected by the number of credit checks you have carried out and how often have applied to get credit also known as credit inquiries. The thing is there are two types of credit check, a hard credit check, and a soft credit check. A hard credit check is a kind that you are best to avoid. If online payday loans are promising no credit check then it's likely they actually mean no hard check.
A hard inquiry is attached to a specific application for a specific loan. As we explained above your credit report is pulled from one of the bureaus and passed by the lenders who will use it as part of the decision making process regarding your loan approval. This type of check will show on your credit history for at least two years and it will cost you a few points. Having repeated hard checks showing on your credit history can be looked upon unfavorably by future lenders, especially if they are within a close period of time, or they are rejected. There is a chance that too many short term loan amounts showing can hinder your chances of getting a loan for a larger amount of money in the future, for example, a mortgage. You have to give specific permission for lenders to carry out a hard check online.
A soft credit check does not show up on your credit report. This is the type of check that can be carried out by you, your employer, or a potential lender. Lenders do not need to get your permission to carry this out and it will not show on any hard or soft check carried out by future lenders. The reason they do not show or apply points to your credit score is that they are not tied to a specific loan, they are a general inquiry. Lenders can use this to check instant details like identity, employment, and affordability of potential loans. You can be offered instant approval payday loans based on soft checks. If lenders are offering a loan with no credit check, chances are they mean loans with only soft credit check.
Yes, with a soft credit check, instant approval is still available with many of the online loan options. We know time is of the essence when you're in a cash flow emergency. Most of the direct lenders that Loanza works with can offer same-day payment!
It's a bit of a nightmare, isn't it? Whatever life emergency has left you in need of a fast loan should be your main focus at the moment. Unfortunately, when you start looking at loans it can become a bit of a minefield. Which loans should you be looking at exactly, which loan is right for you? What if you can't get the loan you need because of your bad credit? There is a reason why you have found yourself reading an article titled Payday Loans Online No Credit Check Instant Approval, and luckily you have found this one. Here at Loanza, we can help you find the loan you need.
At Loanza we are here to help, with our expert knowledge. We proudly work with all the best direct lending companies in the USA and we can help maximize your chances of getting the loan you need at the best interest rates available, regardless of your current credit rating. Loanza is not a loan broker, lender, financial institution, or an agent of a loan broker or lender. We are simply a service provider who can introduce prospective borrowers to prospective lenders. In one quick and simple online process.
Many lenders don’t require great credit and some will offer loans to you even if you have poor credit or without hard credit checks. They’ll still have other eligibility criteria you need to meet to be considered – primarily they’ll be interested in your ability to repay the debt.
Apply to Loanza within two minutes. We will perform a soft credit check to connect you to the best loan available to you at the best rates available. Then simply review your loan terms, sign your agreement, and the loan can be deposited the same day if approved. Some lenders will offer offer 'soft search' loan and others will carry out a full credit approval which will show on your credit history. Please make sure that you read the fine print before submitting your application. Like we mentioned your loan could be accepted with a credit check but if you really want to avoid that showing on your history make sure you read everything carefully before signing.
The wonder of an online loan with Loanza is that the money can be in your bank account on the same business day, in a lot of cases you will get the money within less than an hour!
Nothing, Loanza's service is 100% free to use. We can find you the ideal same day loan completely free of charge. Be wary if you choose to use another service provider as many of them do charge an extra fee on top!
Payday loans are designed for emergencies such as;
We recommend against the use of short-term or payday loans to finance luxury items.
If you are concerned about hard inquiries, please know that you can take simple steps to help minimize their impact on your credit score and prevent getting into further bad credit by only applying for loans when you really need to. Cash advances with a soft check allow you to get the money without damaging your credit scores. Many payday lenders don’t perform 'hard credit checks' (the type that shows on your report). However, before you take into consideration which option to choose please remember that high-interest rates may apply.