A no-credit loan refers to a type of loan that requires no hard checks on credit history. In simpler terms, credit history doesn’t play a significant role in the approval of the loan.
According to UnityLoan, loans with no credit checks alongside payday loans, quick cash loans, same-day, and title loans are the easiest types of loans to get with bad credit. However, they often have the highest APR (annual percentage ratio). This is something that prospective loanees must keep in mind.
UnityLoan offers a unique proposition by floating the need for a cosigner to stand in for loanees with bad credit. This simply means that loanees with bad credit can access no-credit-check loans without the need for a cosigner.
But why is this news? One of the major challenges associated with no-credit-check loans has to do with the requirements of partner lenders. This explains why it may be extremely difficult to access no-credit-check loans without a cosigner or a title as collateral of some sort.
Let’s take a closer look at UnityLoan and its offerings.
What is a No-Credit-Check?
As stated earlier in this article, a no-credit-check loan is a type of loan that does not require hard credit checks, which means that individuals with bad credit may have access to bad credit loans as long as they have verifiable methods of loan repayment.
UnityLoan takes it a step further. Eliminating cosigners from the application process ensures more seamless no-credit-check loan disbursements. UnityLoan also has a slightly higher interest rate than most of the other loan brokers.
UnityLoan also emphasizes the need to meet eligibility criteria for the loan you intend to get. As it turns out, meeting the requirements is a surefire way to get varying offers from lenders thereby giving you the power to pick the most favorable quote from several lenders.
Does this peak your interest, keep reading to understand how to apply for no-credit-check loans from UnityLoans.
A Second Chance for Loanees?
A couple of decades ago when all we had were traditional financial institutions, loan applications often ended up disapproved especially for individuals with bad credit profiles. These days, brokers like UnityLoan have succeeded in providing a second chance for loanees with bad credit.
With UnityLoan, individuals can now apply for no-credit-check loans and get loans from lenders within 12-24 hours if they meet all eligibility requirements.
To apply for UnityLoans no-credit-check loans, here’s what’s required.
- Fill out a form: To apply for a no-credit-check loan from UnityLoans, loanees will be required to input relevant data on the application form. Simply fill out a short form with your biodata and details about your finances.
- Get approval: After filling out the application with your biodata and financial details, the application will be viewed by partner lenders based on their listed criteria. The lenders will proceed to send quotes with help from the provided information and at their discretion.
The loanee is expected to study these terms, and accept or reject the loan terms offered by partner lenders.
- Sign off: During signoff, the loanee should have either accepted the terms or rejected them. If the loanee accepts the terms, then all that’s required is the disbursement of the loan amount.
Loanees need to note that certain fees such as application and processing fees may be withdrawn from the disbursement amount.
What to do to Get a No-Credit-Check Loan?
Only a few decades ago, a valid response to this question may have been a resounding ‘No’, but thanks to UnityLoans, the answer today is yes!
While most traditional financial institutions like banks stick to the status quo, many brokers and elements of the new financial age offer loans with bad credit. Plus, loanees can access these loans within 24 hours of a hassle-free application process.
To access credit facilities from UnityLoans, simply meet these requirements.
3.1 All applicants are required to have a verifiable income source: All prospective loanees are expected to provide proof of income. This way, the lender can provide a quote based on this information among others.
3.2 Borrowers should be 18 years and above: All loan applicants must meet all regulatory requirements. One of such regulatory requirements is the minimum age of a loanee.
3.3 U.S citizens only: Due to regulatory concerns, only permanent residents and citizens may access no-credit-check loans.
3.4 Provide a verifiable I.D: Individuals who seek to apply for loans must ensure to provide verifiable IDs as part of the requirements for loan applications with UnityLoans.
Choosing the Best No-Credit-Check Loan Broker
4.1 Ease of Access: UnityLoans offers several loan solutions tailored to meet the needs of most prospective loanees. Loan solutions such as installment loans, payday loans, fast cash loans, same-day loans, and no-credit-check loans create the perfect opportunity for loanees to access a variety of options.
4.2 Speed of loan disbursements: With UnityLoans, no-credit-check loan payouts take less than 12 hours. However, it’s pertinent that loanees meet all eligibility requirements. Failure to meet all requirements will often lead to loan denial.
4.3 Cosigners not required: Most no-credit-check loan providers often request cosigners from loanees for such loans as a risk mitigation measure. UnityLoans does not require a cosigner for a no-credit-check loan.
UnityLoan offers a unique proposition among no-credit-check loan providers nationwide, while the loan broker is unavailable in some states, it continues to garner cult-like followership in areas of operation.
UnityLoan stands out as a foremost leader in the loan brokerage industry, providing a second chance to loanees with bad credit and doing so without cosigners.
All that’s really required is proof of repayment of loan for the most part. Prove this, and meet other eligibility requirements and you should get a loan from UnityLoan.