Hard Cash Loans and No Credit Check Loans

Sometimes, when you are in need of money, but cannot afford to wait for your next several paychecks, you start thinking about getting a loan. If you play it smart, a loan can be very beneficial, especially when you are in a bad situation which requires you to pay a big lump sum as college debt, a debt to a friend or medical bills.

However, do not think that the only situation where you should consider is when you are in “trouble”. A lot of people consider getting one when they want to buy their own house or maybe a car and sometimes even business owners who want to buy their own office. This shows you just how helpful it can get when you need it.

Unfortunately, at the times when you need cash the most, you won’t get approved and you will have to resort to some kind of alternative. And that alternative is called hard cash and no credit check loans. So, how do they work?

What is hard money and how does it work?

Most companies will require you to provide them with proof that you will be able to repay them in the future. The best way to find reliable proof is by checking your credit score and your recent profits and income to ensure whether you will be able to pay the money you have borrowed. So, if you have a good credit score which is obtained by paying all your debts on time or by having a history of paying loans on time then you will probably be approved for one.

But, if you do not have a high enough credit score, this is the moment when problems start appearing. A lender will consider your request, but they will go through a much longer process which is already a problem. What’s the point of waiting for weeks and weeks when you need the cash tomorrow? Not only will you have to wait a long time, but there is also the chance that you won’t get approved at all.

So, what’s so different about hard money lenders? Well, the main difference is that they simply do not care about your score, your income or whether you will be able to repay in the end. The amount they lend to you will be completely dependent on a thing called collateral. Collateral is basically the worth of some kind of physical property you are willing to offer the bank or lenders. Depending on the value of the collateral, they will provide you with a certain amount of cash. So, if you do not repay them in time then they will sell the collateral to get their money back.

Keep in mind, this type of borrowing does not last more than five or six years. Even if it did, you should repay them before that because the interest rate can be quite high the longer you keep it.

Why should you use it?

Now you understand what it is and how it works, but you are still unsure why you should use it, right? Well, here are some benefits of using hard money loans to help you decide.

  • Much faster approvals

We believe that the best benefit of this type of loan is the much faster approval. Lenders can provide you with an approval in just a few days, but only if you provide them with all the documents they require from you. Once they analyze whether the collateral you have offered has enough value, they will tell you the amount of money they are willing to lend to you. Once they finish the approval process, you can get paid in a day or two which is at least ten times faster than normal loans which can take several months.

  • Repaying on your terms

When you borrow cash from a private company, you will have a lot more freedom when it comes to repaying them back. You can customize the terms or the repayment plan, you won’t have to depend on a bank to plan how you need to pay back the money. You can easily come to a much more favorable agreement.

What are no credit check loans?

We went through the process and benefits of borrowing from private companies that will provide you with hard money, but what does a no credit check loan mean? Check out, if you want to know more about no credit check loans.

Well, to put it simply, they are provided by lenders who do not do any credit check on you and will lend you the money you require, but you will have to repay it in a couple of weeks, and in extreme situations in a month or two. These are usually considered by people who are planning to pay it back with their next paycheck.

Why should you consider using this alternative?

Here are some benefits of a no credit check loan.

  • They are fast

Just like borrowing hard cash, getting a no credit check lend is also incredibility fast and sometimes even faster. Unlike regular borrows, the process can take under 24 hours which is great for those who are looking to get fast cash. It is fast because the lenders have no need to do research on your credit card score, on your income to come to a conclusion whether they should approve your request or not.
  • Anyone can apply

Another great benefit is that simply anyone can apply. Whether you are bringing in a hundred thousand dollars every year or if you are below ten thousand, they do not care and you can easily apply. All you will need to do is fulfill their online form or fill the form in person.

  • Higher chances of approval

You will not have to worry about wasting time looking for a lend since no credit check loans have a very high approval rate which means the chance of you getting a loan are very high.



Peter is a freelance writer with more than eight years of experience covering topics in politics. He was one of the guys that were here when the started.