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Tips for Getting Payday Loans without a Credit Check
Credit checks are almost a prerequisite if you want to qualify for a loan. In fact, for every loan, lenders actually do a hard credit check which can hurt your existing credit score. However, what happens exactly if your credit history does not exist at all? Does this mean you can no longer apply for a loan? Not exactly. It may be impossible but here’s how.
It’s hard to get a loan that does not involve credit checks but it’s not impossible. However, there are numerous cons to using this option. When there’s no credit check, your loan will almost certainly involve restrictive terms and conditions such as a ridiculously high interest rate. If this is the case, what can you then?
How to Get Approved without Credit Checks?
Check Your Credit File
It certainly will not hurt to check your credit history. Even if you think that you have no credit history at all, there’s a chance that you have at least a thin credit file. Get a copy of your credit report so you know your very own financial standing. With your score, you can possible work out a better loan option with better terms.
Be Prepared With the Necessary Documents
Even with a thin credit file, it can still be pretty difficult to qualify for a loan. With that being said, you need to be prepared with other proof that can assert your own capability and ability to repay your loan. This involves tax returns, pay stubs as well as bank statements.
Argue Your Case with a Lender
The next step you can do is to approach a financial institution and be prepared to explain your situation. In cases like this, your best bet would be your local credit union or a peer to peer lending platform. Both are generally more flexible when it comes to terms and conditions and are more inclined to turn to alternative sources of information aside from credit scores.
How to Reduce Payday Loan Payments
If you’re having trouble with your loan payments then don’t worry because there are certain ways to reduce your loan. But first you should try to cut out those expenses you don’t actually need. It is quite hard to live up for an expensive lifestyle and if ever you are living with it then it’s time to cut-off those unnecessary things. Focus on your goals and priorities. If you apply for a loan then you should be responsible for repaying it because that’s what you promised to your lender. Remember, having late payments will hurt your credit score and make it harder for you to get a loan in the future.
Do you have credit cards? If you have, then you should minimize your spending with your credit cards. They will only tempt you to buy fancy things and spend it with things you don’t need. Another way to reduce you loan payments is to get a debt consolidation loan. This is a way to merge all your debts into single payment where you could pay it at a lower interest rate. You can consolidate your debts by a personal loan or through your credit card but this will have longer terms so that means you’ll have to pay it in a lower monthly payment. You can also get a part-time job that you have a passion with. It will be helpful to increase your income and be able to repay your debts. There are many ways to reduce your loan payments you just have to plan it ahead before you get any loan application.
Do you have clothes and stuffs you don’t use any more and want to free up some space in your closet? Then sell it! It is quite common for people to sell their pre-loved things through online or garage sale. This could add up to your income. So don’t give up and cheer up, you just have to set your priorities and manage your funds and expenses well.