If you’ve experienced difficulty making the repayments on past credit agreements, you’re no doubt discovering that it’s not as easy to get loans as it used to be. This is because any missed or late payments are reported to credit reference agencies and are recorded for a period of 7 years.
The easiest loans to get are usually available from non-mainstream providers, such as payday companies, doorstep lenders and pawnbrokers. They offer some of the fastest loans on the market for bad credit applicants who want to borrow money with no credit checks.
Fastest Loans with Very Bad Credit from a Payday Cash Lender
Provided that you’re a U.S. citizen, at least 18, have a full time job and a valid checking account, you’re guaranteed to be accepted for an easy payday loan. This means that you’re going to be offered one of the fastest loans for $1,000, typically receiving your money by bank transfer within just 24-hours.
Interest rates vary heavily between lenders, but easy loans with no credit check from a payday lender tend to accrue 20% to 25% interest per month. Some states have their own laws in place. These typically involve a restriction on the maximum APR or even an outright prohibition.
You can borrow the money for any purpose, but will be required to repay the principal and any interest that has accrued after a period of 30-days. Although you don’t stand to lose any collateral if you fail to do so, the debt will be passed to a collection agency who will pursue you for the balance.
Easy to Get Loans from a Doorstep Lender
Don’t confuse a doorstep lender with a loan shark, who should be avoided at all costs. They offer some of the easiest loans to get, even if you’re unemployed. You can borrow up to £500 and a local agent will collect payment each week. You’ll need to show that the repayments are affordable.
Companies, such as Provident personal credit, may allow you to borrow larger sums of money once you’ve established yourself as a good, reliable payer. They offer easy loans with no credit checks or collateral for up to a year to people who don’t qualify for finance anywhere else.
Pawnbrokers Provide the Easiest Loans to Get with Bad Credit or No Credit
If you’re out of work or don’t have your own checking account, you’re going to need an alternative to an easy payday loan. Pawnbrokers offer the fastest loans because they provide their customers with cash, subject to the provision of collateral, within just minutes of entering their doors.
The collateral, such as gold or silver, will need to be assessed by an internal expert. You’ll normally be able to get a quick cash advance for up to 50% of the items value. This ensures that there is sufficient equity to cover any interest that accrues. The equity could also be used to extend the borrowing term.
You’ll normally receive your money in cash along with a receipt documenting the specifics of the transaction. You can redeem your collateral by clearing the balance on-time. If you’re having difficulty finding the money, visit them in good time and ask them for an extension to the repayment deadline.
Easy Loans with No Credit Checks from a Family Member
If you want to avoid the usury rates of interest charged by bad credit lenders, consider a family loan. If you’re going through a difficult period and a member of your family has sufficient money set side, it’s worth asking if they’re prepared to help you until your personal circumstances improve.
Although it’s one of the easiest loans to get with bad credit, there are potential pitfalls. If you find yourself unable to repay the debt, this could lead to ill-feeling. Always keep your friend or relative informed if you are experiencing difficulties. Don’t just ignore the issue as it won’t go away.