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Cash Loan - No Credit

Your credit score shouldn’t affect your ability to get a cash loan. Cash loan lenders are usually very willing to lend money to people with no credit or bad credit.

The reason that people with bad credit or no credit can often get a cash loan is obvious. A cash loan is based is on the amount of the money the borrower has or can lay their hands on. This means that the amount of cash a person can borrow through a cash loan is based on their income not their credit worthiness.

Cash loan lenders offset the risk of lending to people with bad credit by charging high interest rates. Lenders further reduce their risks by making the length of the loan very short usually a few weeks. This means that a borrower has to pay the loan back with interest in just a few weeks or a month. Many cash loan lenders will charge a fee to renew the cash loan in order to make more off of it.

Cash Loans and Credit

A person with no credit or a history of bad credit shouldn’t have any trouble getting a cash loan if they can prove they have the income to pay it off. Instead of credit histories cash lenders verify the income of the borrowers.

A borrower will have to prove that they have money available to pay the loan off or a steady source of income such as a job. Instead of your credit history, cash loan lenders will want to look at bank statements, pay stubs and other documents that indicate your actual income.

Cash loan lenders are often called hard money lenders because they lend hard money to people with hard money. Many people turn to cash loan lenders and hard money lenders because they are easier to work with than traditional banks.

Credit Rates and Cash Loans

Your credit history can still affect your ability to get a cash loan and the amount you’ll pay for the cash loan. Many cash loan lenders will give better interest rates to those with good credit ratings.

Some online lenders can give those with good credit a much lower interest rate. Online lenders may also give those with good credit ratings more credit.

Many lenders will not work with those who have really bad credit. Borrowers who have exhausted all the traditional sources of credit such as home equity and credit cards may still be able to get cash loans. Lenders will make cash loans to such individuals because they expect to be paid back in cash.

Cash Loans and Credit

A person’s credit is the amount of money that they can borrow. When a person has bad credit it is usually means that they have used up all the credit that they have available to them - for example an individual who has maxed out his credit cards.

Such a person will still be able to get cash loans but the amount of credit available from cash loans will be significantly lower than the amount of credit they qualified for. The reason for this is obvious: the amount a person can borrow in a cash loan is based on their ability to pay the loan back in cash.

Cash loans are no substitute for credit. A person should exhaust all other possible sources of credit before turning to a cash loan.