It isn’t easy to get a large amount of quick cash with no credit check involved. Your best option for getting $5,000 quickly is to find a lender that works with borrowers who have less-than-perfect credit scores. There are lenders, and specific types of loans out there, that are designed for borrowers with poor credit.
If you’ve been in the market for a personal loan before, then you’ve likely seen lenders advertise “no credit check loans” or “fast cash no credit check,” but is it wise to take them up on this offer? The short answer is: probably not.
Lenders use credit checks as a way to ensure that the borrowers are trustworthy and have a track record of paying back loans and meeting their financial obligations. If a lender is willing to offer you a loan without checking your credit, it could be a red flag that they’re not a credible or trustworthy source of cash.
If the lender doesn’t care to check your credit score, it could mean that they aren’t concerned with whether or not you pay back the loan on time. This may mean that the lender actually makes more money when borrowers pay late, or rollover their loan, than they do when they pay on time. But how is it possible for them to make money if the borrower doesn’t repay on time? Well, it all comes down to added fees and interest.
Rolling over a loan means that the borrower gets to extend the life of the loan for a new term, and the lender adds fees and interest. Many borrowers who can’t repay the loan are offered a rollover. And many borrowers who roll over their loans, end up doing it several times. This means they only pay the interest, or a small percentage of the loan, then start a new term.
Unfortunately, many small-dollar lenders use rollover as a way to squeeze more money out of their borrowers. In the long run, the borrower will pay much more in interest and fees from rolling the loan over, than they would if they paid off the loan by the initial due date.