A popular form of No Credit Needed financing is presented as a short-term loan. These loans are expected to be repaid within a matter of weeks or months, not years like traditional loans. Financial institutions will look at alternative information of your financial history in order to approve or deny you for funding.
How to Apply for No Credit Needed Financing
It’s important to note that you must be at least 18 years old to apply for financing and will need a working checking account to finish the application.
- Gather - you will need your full name, physical address, current email address, phone number, date of birth and social security number.
- Apply - Start the digital application online as there’s no paperwork needed. [click the …]
- Approval - Within a few seconds of submitting your information, you’ll find out if you’re approved or denied.
- Payments - You will be making payments from the time of the agreement. Interest will not be charged and those payments will be scheduled based on your work payday, depending on weekly, biweekly or monthly. The payments will be deducted from your check and sent directly to SNAP.
- Interest - interest is not charged if the loan is paid back within 100 days. The total of the payments made are applied to the outstanding loan balance.
- If not paid within 100 days - The amount borrowed then becomes a 1 year loan with interest as agreed upon at the time of signing.