No Credit Check Installment Loan: What You Need to Know
Nowadays, installment loans no credit check can easily be accessed online. In today’s digital era, you don’t need to go to financial institutions just to obtain a loan
By just browsing the internet, you can get access to hundreds and thousands of cash loans available in your country. Provided that, we know how hard it is to borrow money from friends, relatives, and even family members. But, you don’t really have to beg for it. All you have to do is search for online installment loans.
That is what Payday Champion is for. We are here to help people (like you) with a poor credit score to obtain installment loans no credit check.
Installment Loan No Credit Check – What Does it Mean?
As the name implies, a no credit check installment loan does not involve conducting a credit check on all borrowers as part of the application process.
Furthermore, a credit check (also called as a credit search) means reviewing loan applications to determine if a person is creditworthy or not. It refers to the process of checking a person’s credit history (and other financial files) from credit reporting agencies. Such financial files include the following below:
- Monthly compensation and/or income
- Credit card statement/s
- Bank account statement/s
- Debt-to-income ratio
- Credit history
- If you have a poor credit score (or the other way around)
- Amount of credit the borrower owes and how he is managing to repay it
- Financial association/s (if the loan applicant has a joint bank account, etc.)
What does Installment Loan Mean?
In line with this, the loan applicant (you) and the lender will agree to some terms and conditions. This agreement includes the following:
- Loan repayment term – This comes with a fixed set number of scheduled payments. Majority of the installment loans come in two payments.
- Interest rate – The amount added on top of the loan’s principal amount.
Types of Installment Loan
There are different types of installment loans. Here are the following:
- Personal loans – These installment loans are utilized to consolidate outstanding debt or repay existing credit card debt. Aside from that, these loans can also be used to finance other recreational and occasional activities such as your summer outing vacation.
- Payday loan – This is a popular online loan nowadays. It is utilized when a borrower needs money urgently and the next payday is still weeks ahead.
- Home mortgage loans – These are the most popular long-term installment loans. Mortgage loans are exclusively used to get a rent-to-own property or finance the downpayment of your dream home.
- Auto loans – Also known as car loans, this type of installment loan is used to obtain your dream car. Aside from that, auto loans are also used to finance car repairs, etc.
- Short-term loans – Refers to loans that need to be repaid in less than a year. These are used to finance your business.
Types of Installment Term
Loans like this are repaid in a fixed schedule of monthly payments (installment) and a specific timeframe. The loan repayment term comes in two types:
- Short-term – Installment loans that last from 3-6 months only
- Long-term – Installment loans that last for a year, years, and even decades to repay
What are Bad Credit Installment Loans?
Specifically, bad credit installment loans are a lifesaver for people with bad credit. Especially for loan applicants who didn’t pass the traditional credit check.
Why Choose Payday Champion for No-Credit-Check Installment Loan?
Payday Champion is a legitimate financial referring service company in the United States of America. Our job is to connect you to direct lenders installment loans. With that intention, here are the reasons why you must choose to trust our services:
No collateral required – When you choose Payday Champion, you don’t need to secure collateral just to obtain an installment loan no credit check.
No co-signer required – At Payday Champion, you don’t have to find a co-signer just to get a loan no credit check. All we need is your basic information and supporting documents.
Check Out Our No Credit Check Loans Today!
Apply and obtain a no credit check loan on Payday Champion today. Most of our direct lenders work Monday-Friday, but some work 7 days a week for your convenience.
If you are still having doubts about obtaining loans even if you don’t have a perfect credit score, tell us about it by leaving your comments below. Should you have any more questions, please do not hesitate to contact us. We are always ready to answer all your inquiries.
My Name is Jay has and I have a passion for financial writing. I am the chief writer on this blog. I do my best to verify all the information but if there is anything amiss please let me know and I will do my best to correct it.