Non-traditional lenders sometimes mislead borrowers when they offer real no credit check loans. When lenders make such an offer, they invite the scrutiny of the Federal Trade Commission (FTC) and sometimes end up facing some extreme legal challenges. Also, lenders who mislead potential borrowers usually end up with much less than satisfactory ratings with the Better Business Bureau (BBB) due to the number of complaints and negative feedback they get.
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Indeed, there are lenders, many of the available online, that do offer real no credit check loans, but they are usually of the cash-advance or payday loan variety. For any substantial loan, no credit check is basically a false come-on. To get a real no credit check loan, you will need to check the BBB listings for online firms that offer cosigner loans. Here are some steps to follow to land your real no credit check loan.
Step One: Find your cosigner.
The most difficult step in the process is finding a trustworthy person who is gainfully employed and has a better credit history than you do. This person must be made aware that should you default on the loan for any reason, he or she will be liable. You also will need to step up to the plate and convince the cosigner that you are trustworthy as well.
Your cosigner could be your spouse, or someone else who is interested in helping you through a financially rough time. The amount of funds you receive will depend on the bona fides of the cosigner. It should be pointed out that if you have substantial collateral, such as real estate, stocks and bonds, or even a late model car, you may dispense with finding a cosigner if you are willing to put that property up as security for the loan.
Step Two: Shop diligently.
To find the best interest rates and repayment terms, you will need to shop widely. Start with the BBB accredited lenders you can find in the online listings offered by the bureau. Never should you have to pay upfront fees, usually called pre-approval fees, processing fees, or consultation fees. Sometimes they are illegal, sometimes they are just a way to pinch more money. Reputable lenders do not charge them.
Also, you can find online brokers who will take your general information and then do a search for you to find lenders who may lend you money based on your desired loan amount, interest rates charged, and repayment terms offered. You may also want to surf online financial forums to see what kind of experience other borrowers have had with certain lenders.
Step Three: Discuss the rates and terms.
Once you have decided on a few lenders, it is time to enter into earnest discussions regarding interest rates and repayment terms. You will have already established a budget so that you have a good idea of what you can afford to pay every month. Of course, you will want to find the lowest interest rates possible and you must have repayment terms that are comfortable for your financial situation.
Do not deal with lenders who act as if they are doing you a favor because you have a poor credit history. You are doing them a favor by bringing them your business. If a lender is not willing to negotiate or compromise regarding the essentials of the loan, do not be hasty and sign up anyway. Politely excuse yourself from the negotiation and inform the lender that you need some extra time to consider their offer.
Meet your obligation.
As with any loan product, be sure to repay the loan according to the terms and conditions of the contract. Your credit rating will improve and you will keep the friendship of your cosigner.
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