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Loans Available with No Credit Check Tags: available lenders

The majority of people today are in a significant amount of debt. Credit cards are used right up to the limit on a regular basis. Marketing efforts have succeeded in making desires seem like they are necessities. An example is the fact that people replace cell phones every year simply because a new version enters the market. Money management has not been taught in schools for decades so the concept of saving money or keeping a record of income and real expenses has been lost. The average person is so deep in debt, she will not qualify for a bank loan due to a high debt to income ratio.

The Results

Many people have no buffer or amount of cash set aside for use in an emergency. That means there is no money available when the car transmission needs replacement, or someone requires medical attention. In those cases, people turn to non-traditional lenders because they offer loans with no credit checks. Also known as bad credit loans, these loans come with extremely high interest rates that can surpass one-hundred percent.

Problems

It can be difficult to choose a lender that will not place people into deeper debt by lending them money. Most lenders base approval on the current income of the applicant, rather than on a credit score. While this practice leads to high approval rates, it can also be dangerous. A job is no indication that anyone will be able to pay back a loan on time. People who have little to no skills when it comes to managing money are not always successful at making payments.

Another factor is the lack of ability or lack of attention to focus on all the details of the loan terms. Added costs, exorbitant late fees, and penalties for partial payments are often explained in the fine print. If there is not a complete understanding of terms, people can find themselves in trouble. The debt mounts and can be devastating.

Keeping Your Shirt

One way to know which available lenders are client-focused, transparent regarding policies, and have been in business for a number of years is to go to a website that provides information, comparisons, and reviews of several non-traditional lenders. Loan Review HQ provides thorough and objective information for eight such lenders, including NetCredit, Personal Finance Company, King of Kash, and One Main. Also available on the site is a blog section designed to offer guidance and ways to manage money and avoid the need for fast cash loans in the future.

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May 2018 (1)
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