Have you ever pulled out your credit report and noticed something called a hard credit check or hard inquiry in there? Here’s what it means - that you have applied for credit in the past two years. While this may look harmless on the surface, hard credit checks aren’t exactly something you would like to see on your report each time.
Hard credit inquiries can negatively affect your credit score. In contrast, soft credit checks do not and are only commonplace with online loans.
But, not all online lenders run soft credit checks. The good news is that iPaydayLoans can connect you with lenders who run only soft credit checks, and in addition, give high loan amounts (up to $5k) and charge fair interest rates.
|How much can I borrow?||$50-$35,000||No hidden fees or charges|
|I have bad credit. Can I apply?||Yes||Bad credit is considered|
|Over how long can I spread the repayments?||1-36 months||Fast decisions|
|Are credit checks involved?||Yes||Soft credit checks only|
|Chances of getting approvals||Good||256-bit encryption protocol|
|How to apply?||Apply online||Easy application|
Is It Possible to Obtain Installment Loans With No Credit Check?
A no credit check installment loan can be mistaken for a loan that’s processed without carrying out any credit checks. However, this is not what’s implied most times. Credit checks are a must-run by every licensed lender in the US. However, pulling out credit reports (hard credit inquiries) can hurt the borrower’s credit reports.
To avoid this, some lenders run soft credit checks. These checks are done for formality’s sake mostly, are not reported to the major credit bureaus and so, do not affect the borrower’s credit ratings. Since soft credit checks are as good as not carrying out any credit checks, installment loans obtained after running soft credit checks are known as installment loans with no credit check.
Installment loans with no credit checks are a reliable source of funding in emergencies because they are easy to apply for, and quickly disbursed.
Are People With Bad Credit Eligible to Take Out Installment Loans?
People with a poor or limited credit history can still get all the cash they need, and their chances of getting this can be high too depending on the lender they turn to. Online lenders most times play down the borrower’s history with credit payments if they have a monthly income that can conveniently cover their regular financial commitments.
Installment loan lenders want to be sure that the borrower can take on more credit without stretching too thin financially. But rather than looking at their credit history to take a cue from this, they look at their monthly income, employment history, how long they’ve worked at their current job place or how long they’ve earned their declared monthly income, spending history and debt-to-income ratio.
What this means is that the borrower can still be eligible to take out an installment loan even if their FICO score is in the poor credit category.
How to Get an Installment Loan Without a Hard Credit Check?
One of the many reasons why a no credit check installment loan is highly sought after is how incredibly easy it is to apply for one. Anyone familiar with the bank’s loan application process can tell how difficult it used to be to apply for a loan.
iPaydayLoans and similar loan brokers have brought ease into the loan request process by hosting the entire process online. Here’s how to apply for a loan on iPaydayLoans.
- Fill out its simple, short form. This form indicates your interest in obtaining a loan. On this form, you will be asked for basic personal and financial information and this should take you about five to seven minutes. Submit the form and you will be connected with a few lenders amongst the 100+ lenders in our extensive network of accredited and certified lenders.
- The lender reviews your submission, runs soft credit checks on your profile and assesses your ability to take on more credit based on your monthly income and spending history, among a few other things.
- If the funding decision goes in your favor, you will be sent a free, no-obligation quote. You are allowed to review the several offers you get before making a decision.
- Sign the offer that best works for you and you should be expecting the approved loan amount soon afterward.
Depending on the lender and your bank’s deposit processing speed, you can get credited as soon as the next hour, within the same day, or the next business day. Our partner lenders can provide you with up to $5k in loans.
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Pros of Installment Loans With No Hard Credit Check?
Simple, straightforward application process
Unlike traditional bank loans that involve extensive paperwork and sometimes queuing at the banking hall, installment loans are done online and involve zero paperwork. All you have to do really is share a few personal and financial information.
Funds are processed quickly
Since not so many checks are carried out on the borrower, nor is there a long list of eligibility requirements to meet, installment loans are usually processed and disbursed quickly. Oftentimes, lenders can facilitate a deposit in the provided bank account as quickly as the next hour, the same day, or the following business day.
Bad credit is considered too
Don't let anyone tell you that good credit is what gets you a loan. Sure, good credit scores give you a higher chance of getting approved for a loan and with higher interest rates. But you can still get an installment loan if you have bad credit. With iPaydayLoans’ partner lenders, your chances of getting approved for an installment loan are in fact, very high; about 97%.
Who Qualifies for Installment Loans Without Hard Credit Check?
To qualify for an installment loan, good credit or not, one must meet some eligibility requirements. While these requirements may be a little different from lender to lender, there are basic ones that apply to all lenders, including:
- Must be 18 years old or older.
- Must not be bankrupt or any close to filing for bankruptcy.
- Have a steady source of income that provides them with enough money to cover their monthly installments conveniently.
- Should be a resident of the state where they are applying for the loan.
- Must have valid contact information.
- Must have a checking account to receive the deposit.
- Needs to provide a government-issued ID like a passport or their driver’s license.
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In What Amount of Time Do Installment Loans Have to Be Paid Back?
The loan term for installment loans is generally longer than your typical short-term loan. Its loan term is determined by the loan amount, the interest rate and the offer presented by the lender. However, it can be as long as two to three years. Many borrowers have had their loans plus interest rates spread evenly over as much as 36 months.