Applying for a loan can be stressful, especially if there are any issues with the current credit rating. Even if a bank decides the applicant qualifies for a loan, the interest rate will be higher because of a less-than-stellar credit rating. No Credit Check Loans are possible for people who have had problems with their credit in the past. One option is what is called a “payday” loan. A company forwards money to a person for a specific amount of time, usually until the next payday.
The major drawback is that the interest rate is very high. That is how the company makes a profit. It may seem like a way out of a situation, but it often causes more problems than it solves. Once the loan is paid, there may not be enough money left for essential monthly bills like rent, food, or a car payment. It can become a vicious cycle, with no end in sight. Try to avoid that situation if at all possible.
No Credit Check Loans can also be approved by a credit union for any member who qualifies. A few of these types of loans are available. A Smart Advance loan is designed as an alternative to a “payday” loan. There is no credit check, the application is easy, a member can borrow up to one-thousand dollars and take six months to pay it back. Those terms are much easier to manage, and the loan will not be overwhelming to pay back. Unexpected situations and emergencies happen, but that does not mean a person has to resort to desperate means.
Other options also include a partially secured loan that can be approved using a personal vehicle to secure the loan. An emergency loan has no fees, low rates, and quick approval. Credit Union membership is easy because residents of a particular area are eligible, as are family members of current credit union members. Those interested should go to Phfcu.com for detailed information regarding joining the credit union, applying for a loan, or opening an account. Accounts can be opened with a minimum balance of five dollars, and a one dollar lifetime membership fee. You can also follow them on Twitter.
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