It is impossible to get a loan without a credit check, but it is still possible impossible. Confuse? Let’s deep dive into this topic. There are options by which you can borrow $700 with no credit check. Borrowing money is essential to living a comfortable life by today’s standards.
But did you know how many people in America have bad credit? The answer is- more than you’d expect.
Here are some credit score statistics of United States-
- 659,881 individuals have filed for bankruptcy in July 2020. (US Courts)
- 22% of American consumers do not have a FICO credit score. (Fool)
- ¼ of low-income individuals do not know how to improve their credit scores. (ConsumerFed)
- 37% of subprime scores are represented by millennials. (Experian)
- Only 20% of American consumers have scores of 800 and above. (Fool)
As you see, the ratio of bad credit people increase day by day. We all are living human beings, and unexpected situations can hit the door of anybody. People with bad credit also require emergency cash, and by the grace of God it is possible.
Some private lenders offer bad credit loans with no credit check. These loan providers do not require a good credit history for loan approval, but keep in mind approval is still not guaranteed. Instead of your previous credit history, they look at other things like your income, employment status, and most importantly your ability to loan repayment.
What is considered a Bad Credit Score?
An individual who has bad credit, a.k.a. poor credit, has a FICO score of 579 or less. With bad credit status you are limit to credit cards, personal loans, or secured loans like mortgages. Due to bad credit, you have to pay high-interest rates.
But you know having bad credit is not permanent once you start working to improve your credit score, you achieve a good credit score one day. Check this out: How to Improve Your Credit Score?
According to myFico.com, FICO Scores by Percent of Scorable Population is:
| FICO Score | Rating |
| <580 | Poor |
| 580-669 | Fair |
| 670-739 | Good |
| 740-799 | Very Good |
| 800+ | Exceptional |
How to borrow $700 with no credit check?
At Payday APR™, we know the financial pressure when you need cash ASAP to quickly fix your emergencies. This is why we partnered with topmost lenders that could provide your $700 loan with no credit check in minutes.
Getting a $700 loan without a credit check from such a lender is one of the best ways because they do not force you to submit collateral and their interest rates are low. If you can afford your payments on time, you get $700 loan.
Will the application affect my credit rating?
Our lenders only check your financial condition to determine whether you can afford your loan or not. When you apply with us to borrow a $700 loan with bad credit, our lenders require you to conduct a soft credit check. Offering a loan with 100% no credit checks is illegal.
This is why our lenders conduct a soft credit check to better understand your current financial status. Don’t worry soft credit checks are not left footprints on your credit file.
Once you are matched with a lender and get $700 loan approval, your money directly transferred to your bank account or Metabank Accounts. Most of the borrowers get their loan amount within 10-15 minutes.
What I need to qualify for a $700 loan?
To qualify for 700 dollar loan with bad credit, you need to meet the following:
- Be a U.S. resident,
- Be over 18 years old,
- Have regular income,
- Have income paid into your bank account and,
- Have a bank account with a debit card.
How do I apply?
It is a difficult task to find out the right lender that permits you to borrow a $700 loan with no credit check. To make this process easy for you, we are here to help. Filling out and submitting a short application form could leave the hassle of applying to several lenders.
We increase your chances of being approved for a $700 loan no matter what your credit history is. Our leaders perform soft credit checks that won’t leave footprints on your credit file. Once you are matched with a lender that suits your financial requirements, you could get your money in as little as 15 minutes. Wish you all the luck!
Some other ways to get a $700 loan with no credit check
There are many other ways to borrow $700 without need of showing your past credit history. Here are a few:
- You can ask your family or friends to loan money. These types of loans are cheap and sometimes come free of interest.
- If your bank account comes with an overdraft facility, you can use it. However, sometimes it could be more expensive than a $700 payday loan.
- Using your credit card effectively and smartly could be one of the easiest, simple, and fast ways to get money. Make sure to pay off all outstanding balances of your credit card to avoid penalties and heavy interest fees.
- If your money need is not urgent and you need a large amount of money, then you can apply for a personal loan from a bank. However, securing a personal loan from the bank is a tougher and lengthier process, and not ideal when quick money is needed.
Writer/ex-teacher/lover of milkshakes. Lives with one bookseller and three cats.
Writer/ex-teacher/lover of milkshakes. Lives with one bookseller and three cats.
