When you’ve got good credit it might sound stupid to get out no credit loans. No credit loans cost more interest rates and sometimes even have set up costs (which are also higher). All of this might sound like there are only negatives to getting no credit loans when you’ve got good credit.
The truth, however, is that there is one very big reason why and when you should take out a no credit loan. When you are in urgent need to get some cash as fast as possible no credit loans are your best bet. All normal loans take time, time to do credit checks.
No credit loan providers do not do credit checks. Their application process is automated so you get a decision about the acceptance or denial of your application pretty much immediately. The faster the application and acceptance process the faster you get your money as well of course. So if you need money and you need it urgently and as fast as possible, taking out a bad credit loan is the better option. You might have to pay higher fees but you also get your money much faster.
What you need to take into consideration is that bad credit loans are usually limited to the amount of money you can take out. Bad credit loan providers usually do not give loans over $1,000 to $2,500. As such, if you have good credit and need more money than that than sadly you will have to go with a normal loan process which takes a lot longer and where you have to wait for the money longer as well.
When you take out the bad credit loan you should make sure that the provider is hassle free though. You can do that by looking at online reviews over the lender.