No Credit Check Loans: What You Need to Know
No Credit Check Loans
If you have bad credit, getting a loan can feel almost impossible. Even if you have NO credit, you can sometimes be completely cut off from the benefits of the financial system. Before you sign up for a no credit check loan, here’s what you need to know.
1. Payday Loans
Most payday lenders will loan you money based on your employment status. They can give you an “advance” on your next paycheck, generally around $100 – $500. When you get your next paycheck, you will pay off the balance and any interest or fees.
2. Pawn Shop Loans
If you have something of value, such as jewelry or collectibles, you can take it into a pawn shop in exchange for a loan against the value of the item. Most states regulate the interest rates of pawn shop loans, but they vary widely between 2% per month to 30% per month or more.
3. Title Loans
Almost as ubiquitous as payday loans, title loans allow you to take a loan out against your vehicle title. With a title loan, if you own your car free and clear, you can use it as collateral to get a loan. As with other types of “bad credit” loans, title loans usually come with short time frames and high interest and fees, but no credit check
4. Loans from Relatives or Friends
Thinking outside the box, another source of cash without a credit check would be by taking a loan from family or friends. If you go this route, the terms and structure of the loan can be very flexible – whatever you and your friend/family decide.
5. Algorithmic Trading
The Medallion Fund has employed mathematical models to analyze and execute trades, many of them automated. The firm uses computer-based models to predict price changes. These models are based on analyzing as much data as can be gathered.
6. Asset-Based Loans
There are many other types of asset-based loans where the lender considers the collateral you are putting up rather than the strength of your credit. You could go to a bank and get a line of credit based on the value of a stock portfolio.
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