1Apr2018

Why No Credit Check Loans are Your Solution to Unexpected Expenses

April 1, 2018

bad bredit, bad credits, cash advance Bad Credit Loans 11

Nearly 1 out of every 5 Australians would struggle to come up with $500-$1000 to cover an emergency expense.

That means when a tyre pops, an injury occurs, or a roof needs repair, almost 20% of the country is left scratching their head, wondering what to do.

For many people, the solution to this problem is obtaining a loan. Loans can be an easy way to get past an emergency financial stumble between paychecks and are relatively easy to get at any financial institution… for people with good credit.

Life throws curveballs at you, and you’re not always able to afford them. Fortunately, no credit check loans can help you during these times. Here’s why.

But How Can You Get the Help You Need If Your Credit Is Average or Poor?

If you’re one of the millions of people around the world struggling with credit issues and need access to temporary financial support to get through a difficult time, no credit check loans could be the solution you’re looking for.

What Are No Credit Check Loans?

No credit check loans, as their name suggests, is money you can borrow from a loan provider without the need to have your credit checked. Loan amounts vary from provider to provider but on average can range from $50.00 to over $1000.00.

Approval is based mostly on verifiable income, the application process is non-invasive and you can have the money you need fast.

If any of the following apply to you, you may want to consider getting a loan that does not require a credit check:

You have a poor credit history
You have no established credit history
You need quick access to fund an emergency expense (car repairs, home repairs, health expenses, etc.)
You want to apply for a loan that specialises in helping applicants with below excellent credit

Why Choose a No Credit Check Loan over a Traditional Loan?

While loans without credit checks are generally associated with customers that have below average credit, know that even people with excellent credit may opt for this type of loan for a variety of reasons.

Traditional loans tend to require large amounts of paperwork and paperwork means progressing time. No credit check loans generally process faster since less information needs to be verified to get your loan funded.

Also, getting your credit checked may hurt your credit score.

There is a lot of varying information on this topic, but the key to understanding which kinds of checks harm and don’t harm your credit score depends on the type of credit check being conducted.

There are two types of credit check inquiries, hard and soft.

An example of a soft credit check is when you use an online service to look at your own credit score. This type of check should not affect your credit.

Hard credit inquiries (or hard pulls) are the type of credit checks that are generally required by lending institutions. With a hard check, lenders request a more in-depth look at your credit history to determine whether or not you are eligible for the loan they are offering

Hard inquiries can damage your credit score between 5 and 10 points which can be a big difference to borrowers.

For that reason, many people, regardless of the type of credit they have, may opt for no credit check loans.

Why Do Lenders Offer Loans Without Credit Checks?

Large amounts of prospective customers looking for loan products, through no fault of their own, have poor or no established credit. The reasons why people have poor or no credit vary and taking the time to understand those various reasons is why no credit check loan options are a safe bet for lenders.

For example, not having credit history can be a result of your age. Somebody who is going to college for the first time and needs extra cash to pay for moving expenses should have options to attain the money they need to get to where they need to go.

The same goes for people with poor credit. Many people have temporary lapses in employment which results in unpaid bills that can damage their credit. This temporary hardship is not an indicator of their willingness to pay back their loans in the future and therefore, they don’t represent a significant risk to lenders.

Considering those two things:

The number of prospective customers with less than excellent credit
The low pay-back risk many of them pose since their credit issues were out of their control

is why lenders have developed loan options that are mutually beneficial to both them and borrowers in the form of no credit check loans.

What You Need to Get a No Credit Check Loan

Requirements vary from lender to lender but generally, all you’ll need to qualify are:

Verifiable income
An active bank account
And be of legal age to take out a loan

To Sum It Up

If you’re in need of fast cash for life’s unexpected occurrences but are worried that your credit history will stop you from getting the help you need, no credit check loans can help.

Loans that do not require credit checks are a safe means of getting the money you need and rely almost solely on your verifiable income for qualification. Credit is not a factor and will not be checked during the application process.

Why You Should Apply for No Credit Check Loans

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How We Can Help

At Cigno Loans, we offer no credit check loans that are tailor-made for your particular financial needs. We believe in responsible borrowing and lending and to that end, one of our loan advisors can guide you through taking out a loan that fits your lifestyle and gives the help you’re looking for.

We help people through tough financial situations every day. We fully understand the pressure they’re under, and after we’ve given them the help they need, they come to find that our team is more understanding than other lending institutions.

Remember, we’re here for you every step of the way. If you ever need help with any of your lending-related questions, let us know!

If you’re interested in a loan that won’t check your credit and offers competitive rates, you can apply today!

Read more about loan advice, money saving tips, and finance on our blog!

29Nov2017

Business Man Pointing the Text: Bad Credit? We Can Help!

Bad Credit Loans: It’s Still Possible to Get a Loan, Even if You Have Bad Credit

November 29, 2017

CignoBlog

bad bredit, bad credits, personal financial management Bad Credit Loans 17

Do you find yourself unable to get ahead?

No matter how you manage your money, how much you save or how many extra shifts you take, you just can’t seem to get a break?

Finances seem to work in cycles: if you are in a good place, you can use that to make investments and wise purchases.

If you find yourself in a bad place, it seems there are few options that don’t put you further behind.

Sometimes all you need is a loan to gain an advantage. While it probably isn’t enough to pay off your debts, it can be what you need to get started.

But how do you even qualify for a loan with bad credit?

Below we’ll look at the advantages and disadvantages of a bad credit loan, and what options you have.

What Is A Bad Credit Loan?

What is a bad credit loan, anyway?

A conventional loan is usually tied to your credit score. By having proven your ability to make smart financial choices, the lender will offer an amount of money at a set interest rate. Having a high credit score usually results in a lower interest rate.

These loans are generally high-dollar value and can be long-term.

Bad credit loans, on the other hand, are for people who can’t count on their credit score to provide them with a loan.

What Causes Bad Credit

Having a bad credit rating can make it very difficult to gain financial advantages. Things that can cause someone to have a poor credit rating are as follows:

Late payments
Failure to pay
Owing collections agencies
Filing bankruptcy
Foreclosure

What the above all have in common is the failure to satisfy a financial agreement. Whether it’s the failure to pay off a credit card or letting a phone bill go to collections, accepting money, products or services without paying them back will hurt your credit score.

How Bad Credit Loans Can Help

There are two major ways a bad credit loan can help improve a difficult financial situation.

The first helps manage the short-term stress of being in a difficult situation while the second can actually help you turn things around for the long-term.

Get Some Breathing Room

One of the most difficult things about having money problems is feeling trapped. It can be overwhelming to be unable to meet your needs when money seems to go quicker than it appears.

A bad credit loan can help give you a boost. By receiving a lump sum payment, you can often get a handle on the most immediate concerns.

Being free from those pressing issues can give you the breathing room you need. Take it and make a plan for how to keep moving forward.

Better Your Rating

Believe it or not, but that bad credit loan can actually be your key to improving your credit score.

By borrowing money and paying it back on time, you’re actually demonstrating your ability to be financially responsible. Taking out one loan and paying it back won’t immediately improve your situation, but it helps. Most importantly, it puts you on the right track to make real and meaningful improvements.

Where to Find Help

People with poor credit ratings are often too risky for the big financial institutions.

This can lead you to a number of smaller organizations that offer smaller, shorter-term loans that aren’t dependent on your credit rating.

There are things to be careful of, though.

As people in this situation can be quite desperate, there are businesses out there designed to take advantage of that desperation.

Taking a loan without properly understanding the terms can actually have a much worse impact on your situation, regardless of what temporary relief it may offer.

Especially with the rise of the internet, it’s never been easier for scam agencies to target those in need.

Some things to look out for are:

Upfront fees
Collateral
Unregistered business
No physical address
Spam emails

Any agency that deals with bad credit loans should have protocols in place. These will include requiring you to prove your identity, as well as demonstrating that you do have the means to pay back any amount you borrow.

You’ll also want to know that they report to credit agencies when you pay back your loans. Unless they do this, your credit score won’t reflect your proven financial responsibilities.

The agency should also be realistic about your situation and offer you some options if you have difficulty paying back what you owe. While you’re always responsible for your agreements, it would be counter-intuitive for an agency to lend to an at-risk customer and fail to accommodate for the risk.

Whether it’s a one-time forgiveness or a flat-free late-charge, they should have reasonable alternatives to help you manage your responsibilities.

Final Thoughts

Money management is one of the most important responsibilities we have. It has a massive influence on our ability to achieve our goals.

Falling behind doesn’t make you a bad person. There are a million reasons why people can and do fall behind every day.

Needing a bad credit loan can be what you need to get that fighting chance at improving your situation.

Be realistic about where you are and what you need. You can find a lending agency that is willing to help you work towards financial freedom.

Don’t settle for the first agency willing to lay money down. Find someone that respects your situation and will help you improve it.

We are regularly helping people in difficult financial straits get the opportunity they need to overcome these difficulties. We work every day to help them break free from poor credit and get the life they want to live.

If you have any questions or concerns, we’re always here to help. Why not fill out an application form and see how we can help you today.

7Apr2017

Financial Habits to Break Today if You Have Bad Credit

We all have the best of intentions when it comes to our credit.

If you notice that everyone else seems to have their credit under control, while you’re spiraling deeper, you aren’t alone. Nearly a third of Americans have bad credit. How do you keep getting into this?

The answer might lie in your financial habits. In the past, we gave you finance skills you should have. But what about the financial habits you shouldn’t?

Here are ten financial habits you should break if you want to improve your credit.

Not keeping track of charges

It’s easy to lose track of what you charge to your credit card. $5 here, $10 there. It seems so harmless, in the moment.

But at the deadline, these charges add up. And if you’re trying to budget, you’ll be caught by surprise when your bill winds up being much higher than you expected. It will be harder to pay on time if you don’t know what to expect.

Keep track of every expense you have — whether it’s $50 or $5. That way, you’ll know exactly how much you have left to pay when the time comes.

Ignoring due dates

This may seem obvious. But it’s something that 1 in 4 Americans has trouble with.

Don’t let due dates catch you off-guard. Failing to pay them on time is one of the quickest ways to mess up your credit score, so it’s important to know when they’re coming up.

Staying on top of your due dates is one of the first steps you can take in improving your credit.

Spending recklessly

There are many tricks that stores will use to get you to spend. That’s their job, after all. But you can’t fall for them.

Be incredibly wary of any feeling in your gut that tells you that a sale is a “once in a lifetime opportunity.” There will always be more sales. No matter how much you feel like you need the thing they’re selling, you should not buy it unless you have the money to spend.

You’re allowed to indulge occasionally, of course. Just make sure you think it through, and avoid spending recklessly.

Not preparing for disaster

Even when you have your budget under control, it’s easy for things to spiral. A car crash or an unexpected doctor’s appointment can be all it takes to set you back to square one.

You need to start setting aside savings if you want to keep on top of your budget. Even $10 a month will add up if you keep at it for long enough.

That way, when disaster strikes, you’ll be prepared. Even if the worst happens, you won’t have to worry about your finances.

Thinking short term

It’s easy to look at something you want to buy, and think, “I deserve this.” And that’s probably true. But how useful will it be to you in the long term?

You need to be honest with yourself about the value of your possessions. That $60 blouse might make you really happy when you take it home, but what if you throw it out two months later after never wearing it? Is that television worth it if you stop watching it after a week?

The novelty of new items will often wear off quicker than you think. Focusing on the long term is a good way to remember that.

Not writing down your budget

It’s easy to imagine that we’ll be able to remember things on our own. But that’s often not true.

It’s been proven that we remember things better when we write them down. And, more importantly, writing things down makes it harder to cheat. If you keep your budget in your head, you’ll be able to tell yourself, “Well, what I really meant was …”

Avoid this by writing down a clear, concise budget.

Keeping things to yourself

Trying to improve your financial habits is no easy task. And like most difficult things, it’s even harder to do alone.

People are 33% more likely to reach their goals when they have someone holding them accountable. So pick a partner or a friend to hold weekly meetings with to discuss your project! You can even pick someone else with bad credit who you can help.

Turning this into a partnership helps take some of the weight off of your shoulders.

Relying on loans

Obviously, sometimes loans are unavoidable. When you’re going to college, or under similar circumstances, you might have to.

But taking them out frivolously — or as anything other than an absolute necessity — can do more harm than good. A lot of them have fees that are easy to overlook. Plus, you don’t know what your financial situation will be when it comes time to pay them.

Try to use loans only when absolutely necessary, and do your best to pay them off as promptly as possible.

Not understanding your credit

This can be one of the financial habits that you don’t even realize you have.

When your credit card bill comes each month, what do you do? Do you simply pay it off? Or do you take the time to look over it and see how your spending affects your credit each cycle?

If you aren’t doing the latter, now is the time to start. Your credit score is never going to improve unless you know exactly what’s making it bad in the first place.

Giving up

You might feel like you’re trapped in a cycle. You constantly tell yourself that you’re going to get better, but the next time your bill rolls around, it just gets worse.

Saving money is hard. And if we don’t admit that to ourselves, it’s easy to give up.

This is one of those financial habits that requires a change of mindset, not just action. You need to stop thinking that this is going to be easy. It isn’t easy for everyone else, even though it looks that way. It’s not going to be easy for you, either, but that doesn’t mean you should stop trying.

And if you ever need motivation when it comes to breaking bad financial habits, you can always come to us.