When it comes to borrowing money, having bad credit can limit your options. Banks and other lending institutions often require you to jump through hoops just to get to the cash you need. If you are in need of money and don’t have the time to go through a credit check, there are other ways you can get access to cash.
Ask a Friend or Family Member
One of the best ways to get your hands on cash when you need it is to ask a friend or a family member. For some, this may not be easy because of a sense of pride. But asking for help from a friend or family member when you are in a financial bind can be one of the best things you can do when you need money, but can’t get a loan without a credit check. Often times, they can provide you with an interest-free loan, and the terms of repayment are far more flexible than what you get at a lending institution, such as a bank or credit union. In most all cases you can get loans with no credit check from your friends and family.
Credit Card Cash Advances
If you own a credit card, you can get fast access to the cash you need if your credit card company provides you with a cash advance. Many credit card company’s offer their customers a cash advance credit line in addition to the credit line offered as a card member. All you need is access to an ATM and a pin number in order to get to this money. However, keep in mind that this type of loan carries a high interest rate, so it’s best to repay the loan as soon as you can.
Home Equity Loan
If you own a home, you can receive access to cash relatively easily from a bank if your home carries a line of equity. Homes are typically the best source to find additional cash because they are a form of property whose value appreciates over time. If your home is worth more than it was at the time you purchased it, then you can borrow against the new value of your home. This is how your home’s equity is determined.
Home equity loans typically carry less risk and a low interest rate. You can pay it off over a long period of time, and you don’t need a credit check to borrow against its value.
Another way you can gain access to cash without a credit check is through your local pawn shop. These types of loans are typically for people who are only needing to secure a small amount of cash, however, they can be useful if you need money right away. All you need to do is decide what form of property you want to use as collateral in order to receive the loan.
The pawn broker will give you cash for the value of the property you are using as collateral, and you will be required to repay the loan within a specific time frame. If you fail to repay the loan, by the time set by the pawn broker, you will lose the property you borrowed against.
This type of loan is another way you can receive money without the need for a credit check. However, these types of loans carry with them the greatest risk as a result of the exceptionally high interest rates they carry. They should only be used as a last resort.
If you don’t want the hassle of a credit check, there are plenty of lending options from which you can choose.