Online Loans No Hard Credit Check, Instant Decision on Loan Approval

If your current financial situation has you living paycheck to paycheck, month to month, a sudden expense could leave you broke and unable to cover daily living expenses. At worst, it could ruin your credit and undo years of hard work spent building a decent score. Therefore, your best bet to overcome sudden financial expenses is to apply for an instant decision on approval payday loan online.

Instant approval payday loans are designed to help borrowers in a bind by providing them with quick access to cash. The whole process is done online, so you can apply for a loan and get it within hours. With a traditional bank loan, you might have to wait days or even weeks for it to be reviewed and approved.

What Happens If You Change Your Loan Amount?

Instant approval payday loans may be called “instant loans” but there are a few things that can affect whether or not you qualify. For example, changing the loan amount can put your pre-approval at risk.

Instant approval payday loans are generally approved based on your income and ability to pay back the amount in a timely manner. If you increase the amount suddenly and substantially, it could make you less likely to qualify for the loan.

During the application process, it's best to be as transparent as possible. Although you may not qualify for pre-qualification, if you meet the lender's requirements, you may be able to get a larger loan after submitting your information. 

What is Alternate Credit?

Alternative credit is a form of credit built separately from traditional institutional lenders. Banks and credit unions usually want loan applicants to have a long credit history and a high credit score. Alternate credit bureaus, on the other hand, are meant to make it easy to get money without the strict requirements.

This way, anyone who needs financing can access it. The idea is to increase financial inclusion and help people build credit without dinging their scores with hard credit checks.

What Do You Mean by “No Hard Credit Check”?

When a credit lender assesses your history, they access your official credit report through a process called a hard credit check. Unfortunately, this tells the institutions that keep track of your credit that you're using more credit, which temporarily lowers your score.

We understand that many of customers use our loan-matching services because they lack substantial credit and are afraid that a hard credit check will ding their scores. That's why you select direct payday lenders who hardly ever do hard checks. Instead, our lenders use a soft credit pull to gauge your creditworthiness and then qualify you for a loan based on your income.

Essentially, a soft credit pull is standard practice for verifying your identity but it will not show up on your credit report. This way, you can access a loan without harming your creditworthiness any further.

What is it Called a “Hard” Credit Inquiry?

The two terms “hard” and “soft” inquiry refer to the amount of impact they have on your credit score. Basically, a hard inquiry will be harder on your score than a soft inquiry. Whereas a soft credit pull simply verifies information and identity, a hard inquiry directly impacts your score and gives lenders access to your credit history.

What Does a Credit Report Show?

A credit report is a detailed account of your credit history. It includes information on every account you've ever had, both good and bad. Lenders use this information to decide whether or not to give you a loan based on your creditworthiness.

Your credit report includes information such as:

  • Your name, address, and Social Security number
  • Your employment history
  • Your credit accounts (including credit cards, loans, etc.)
  • Any bankruptcies, foreclosures, or late payments
  • Your credit score
The longer your history, the more information a lender has to determine your ability to pay back debt. As long as you have been consistent with past payments, you shouldn't have anything to worry about.

Why Do Lenders Pull Credit Reports?

Before they can qualify you for a loan, traditional lenders must verify that you are who you say you are and that you're capable of repaying the amount you've borrowed. The best way to do that is to check your credit report.

This report gives lenders an idea of your financial history and helps them to decide whether or not you are a good candidate for a loan. A credit report is a good indicator of future behavior. If you have a history of late payments, for example, it's likely that you will continue to make late payments in the future.

On the other hand, if you have a history of on-time payments, it's likely that you will continue to make on-time payments in the future. Essentially, lenders use this information to determine your creditworthiness. If you have a good credit score and a history of on-time payments, you're more likely to be approved for an loan instantly with no hard credit checks.

The problem, though, is that many institutional lenders will not qualify loan applicants if they lack substantial credit history. Even if you have paid your debts on time, if you have not developed a history dating back several years, you're at risk of denial.

Do Predatory Lenders Approve Everyone?

No, predatory lenders do not approve everyone. In fact, they're very careful about who they lend to. The entire point of a predatory lender is to take advantage of people in financial distress. If they approved everyone who applied, they would quickly go out of business.

Predatory lenders are more likely to approve people who are:

  • Desperate for money
  • Unaware of their alternatives
  • Unable to get approved for a loan from a traditional lender
In other words, they're more likely to approve people who they know they can take advantage of. If you're aware of your alternatives and not desperate for money, you're less likely to be approved.

What is the Difference Between a Payday Loan and a Predatory Loan?

The difference between a payday loan and a predatory loan is the interest rate. Payday loans have high interest rates, but they're not designed to take advantage of people. The high interest rates are simply a way to recoup the costs of lending money to people with bad credit.

Predatory loans, on the other hand, have incredibly high interest rates and various hidden fees that are designed to take advantage of people in financial distress. Whereas payday loans are generally comparable to or less than an applicant's income and set with short-term repayment plans, predatory loans are designed to swamp the applicant in debt that they cannot pay back in a reasonable amount of time.

Getting an Online Loan with Instant Decision on Approval

Instant approval payday loans online with no hard credit checks are designed to provide easy financing when you're suddenly faced with an emergency expense. Our lenders rarely require a hard credit check, so your score should be unaffected, and if this is your first request, you could qualify for up to a $255 loan in as little as 5 minutes. Returning customers can get a loan of up to $5000. Our lenders rarely require a hard credit check so your score should go unaffected and you could qualify for in as little as 5 minutes if this is your first-time request. Returning customers can get a loan up to $5000.