The appeal of a real no credit check
loan is certainly great for many borrowers who may be victims of
less-than-stellar credit. When on the lookout for a loan, finding a lender to
help you out when you have bad credit or no credit may seem impossible. This is
why many of the lenders who claim to offer real no credit check loans are
actually frauds. In fact, many of these lenders get in trouble with the FTC and
end up with terrible business ratings from the likes of the BBB (short for
Better Business Bureau). Therefore, when you absolutely need to find a
legitimate way to access fast cash through a no credit check loan, there are
specific steps you need to follow.
Primary Considerations
Before you follow these three steps,
you first need to make absolutely certain that a no credit check loan is the
best option for you. Remember, there are several alternatives out there such as
private loans from friends and family members. Also, be wary of most people who
claim to offer no credit check loans, since many times this is a code phrase
for a payday loan or cash advance loan which cannot help you in the long term.
The best way to get a true no credit check loan is through BBB accredited
lenders who offer loans with a cosigner.
Step 1: Determine Who Will Be Your
Cosigner
The key to getting a real loan with
no credit check is to use a cosigner whose credit score is far better than your
own. This person will use his or her good credit score to insure your loan and
basically agree to take the fall should you fail to repay your debt. Therefore,
the person that you choose as a cosigner should be someone close to you and
with whom you share a great deal of trust. Backing out of a loan with a
cosigner can ruin a relationship forever since that person will be forced to
repay your obligation.
One other option is the use of
collateral such as a home, land or a car as a means to insure your loan. If you
can put up your collateral in a secured loan then a cosigner may not be
necessary.
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