Max and Zoe Sharp suffered through July 2022 like they had offended the gods. First, their central air conditioning needed a repair for $800. Then their beloved Great Dane, Henrietta, developed a serious eye condition called entropy, the treatment for which would set them back over $500. The Sharps simply didn’t have the money.
Despondent, Zoe spoke to a friend at work about their lack of options for fixing both problems. Henrietta’s eyesight was suffering from her condition by that point, and Zoe and Max had gone days in the hot Oklahoma summer without air conditioning. Zoe’s friend suggested that Zoe and Max investigate getting a signature loan to tide them over.
Signature loans, as the name implies, rely solely on the borrower’s signature for repayment. Because borrowers often need money fast, urgent loans no credit check fits the bill. Consumers don’t have to pledge collateral; the process can take as little as 30 minutes. Even if lenders check credit, borrowers with bad credit can still qualify.
Once the lenders issue the unsecured installment loans with no credit check, the service doesn’t stop there because reputable lenders want to help their clients create manageable debt repayment plans and build better credit. And it’s worth mentioning that not everyone who takes out a personal loan faces desperate circumstances.
According to statistics, more than one-fifth of Americans hold a personal loan. Reasons for borrowing money on a signature loan vary, but some common ones include consolidating debt, funding home projects or repairs, making a large purchase, or starting a small business.
Borrowers sometimes believe that their options regarding loans for bad credit mean only payday loans, which have harsh repayment terms and little protection for borrowers. Payday loans have become so crushing that many states have tightened payday loan regulations to protect consumers. However, even borrowers with bad credit can qualify for signature loans.
Signature loans, considered installment loans, are governed by the principles of installment loan repayment. Each payment comes with a refund of a portion of the principal amount borrowed and interest on the debt. The regular payment amount, typically scheduled to be paid monthly, stays roughly the same throughout the loan term, making it simpler for the borrower to set their budget in advance to make the required payments.
Although many reputable lenders provide a signature or personal loans, they can also help with matters such as taxes and financial planning. Borrowers may visit a lender needing an urgent loan but leave with more than the money they came in for. Lenders can counsel borrowers on topics such as “Is Debt Consolidation a Good Idea?” or “How Much Should I Save for an Apartment?”
Few people can see far enough ahead to predict financial shortfalls, and living paycheck to paycheck prevents most people from building an emergency fund. Having an emergency strategy in case of unanticipated financial demands takes little planning. Identifying reputable signature loan lenders can make all the difference between a bump in the road and a full-blown disaster.
Consumers who aren’t faced with a crisis should consider these factors when determining whether a signature loan is the right course of action:
When time counts, borrowers can speed through the signature loan process by arriving armed with the following items and information, ready to complete their applications:
With just a signature and these items, most consumers can secure no-credit-check installment loans within a half-hour. The peace of mind a signature loan can offer in times of unexpected circumstances may, in the end, very well outvalue the loan itself.
If you want a loan without the hassle of stringent credit checks, contact us at Bell Finance today!
