Loans For No Credit History

Posted onDecember 24, 2011 - 9:55 pm by Admin | 0 Comments

Cash loans for terrible credit don't come cheap, but they do provide a short-term solution to a genuine financial crisis. When the banks have refused your credit application and you urgently need a way to pay the bills, a bad credit history loan could provide the answer. They're not a long-term solution.

Depending upon your personal circumstances, you may be able to get secured or unsecured terrible credit loans with no credit checks. There's no major difference in the cost of borrowing, but the provision of collateral means guaranteed approval for the applicant. This is because you are now assuming all the risk.

Types of Terrible Credit Loans with No Credit Scoring

  • Pawn shop loans: Provided that you're able to offer collateral, such as gold or silver, you can get a poor credit rating loan from a pawnbroker. They hold onto the item until you've cleared the balance.
  • Payday cash advance: Borrow $1,000 with no collateral or security from a payday loan lender. You'll normally need to be in full-time work, but some lend you money when you're out of work.
  • Family loans: If a member of your family is in a better financial position, they may be prepared to lend you some cash to help you to get back on your feet.
  • Doorstep lenders: UK customers may be able to get an unsecured doorstep cash loan. Once approved, your local agent will collect payments from you on a weekly basis.
  • Credit card cash advance: If you have a charge card from the days when you had a good credit rating, you can make a withdraw for a percentage of your credit limit from an ATM.
  • Car title loans: Those who've cleared a minimum of 75% of all outstanding car finance may be able to borrow money against the equity in their vehicle.
  • Homeowner loans: If you can demonstrate affordability and have sufficient equity in your home, you may be able to get a secured loan against your home.

Peer-to-peer lenders, such as prosper.com, used to lend money to poor credit customers, but this changed following a lawsuit. You'll now need a minimum of a fair credit score to get approval.


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