If you’ve ever experienced tough financial times and you have poor credit then you know just how few resources are available to help you overcome financial emergencies. One of the many reasons that people experiencing difficult times with money can’t get loans is the damage a credit check could do to their credit score.
Today we’ll go over what a credit check really means, your options for loans when you have a low credit score, and other important information for those looking for help during a cash flow problem.
Getting a short-term loan with no hard credit check is possible, here’s what you need to know.
What is a Credit Check?
A credit check, or a credit search, is when a company looks at information from your credit report to understand your financial behavior. They want to see how much credit you currently have, if you’ve paid back on time, and how you’re managing your current credit and your credit check will show all of this.
There are two types of credit checks: a hard check and a soft check. Here’s why the type of credit check matters, and what it may mean for you.
- Hard Credit Check: This credit check is typically used for loan and credit card applications to assess your creditworthiness. A hard check will pull your full credit report and will evaluate your credit score. Hard credit checks require approvals and may impact your credit score between 1 to 5 points.
- Soft Credit Check: This credit check generally occurs when a person, organization, or lender is looking at your credit for a background check or part of a pre-approval process. Soft credit checks won’t affect your credit score at all and don’t require approval.
Now that you know about credit checks, let’s turn our focus to getting a loan when your credit score isn’t the strongest. For starters, we want to point out that there are many reasons someone may need a personal loan without a credit check and not be able to obtain one easily. It could be due to poor credit or even a lack of credit history. However, it is possible for people of all credit types to get a loan.
Getting a Loan When Your Credit Score is Low
There may come a time when unexpected expenses pop up. Whether it’s due to medical bills, vet visits, utilities, car repair, or even moving expenses an installment loan could be the answer to your financial woes.
Installment loans don’t always require a hard credit check and at Loan at Last, we are committed to giving our customers transparent loan terms and a payback schedule that accommodates you.
We do not use a credit report from one of the big three reporting agencies, but rather alternative reporting agencies such as Clarity and Factor Trust – at Loan at Last, people of all credit types are welcome to apply for a loan.
An installment loan from Loan at Last can help you navigate cash flow problems by providing you with the money you need to:
- Avoid late fees
- Avoid overdraft fees
- Prevent service outages for water and utilities
- Buy gas or make car repairs so you can get to work
Our installments loans are designed to be short-term solutions that can help you get your life back on track. Connect with our customer service team to learn more about installment loans and what option is the best for you.
Loan at Last Can Help!
At Loan at Last, we lend to people with all types of credit backgrounds. To get started, fill out our online loan application here or give our customer service team a call at (844) 676-8550 Monday-Friday 7AM-8PM CST and Saturday 8AM-4:30PM CST, or send a message to firstname.lastname@example.org.