If you are looking for a loan in a hurry then you may wonder whether no credit check loans will be quicker. It is possible that they might be quicker but it will depend on the one that you choose and what you are comparing it to.
- If you Have Savings – if you have some savings then it is very possible that using these will be the fastest way to get money. Often, we keep our savings in an instant access account and that means that we are able to get hold of them as soon as we need them. However, this can depend on where we have our money. There are some accounts where we have to give notice on withdrawals and this means that we will have to wait for the money and this might not be soon enough for when we need it. For others we may be able to get money quickly but we may lose a bonus or interest and this might be something that we are not willing to do.
- If you Have an Overdraft– and overdraft is often given to someone alongside their current account. These are expensive and normally start charging interest right away at 35-40% APR. Not all current accounts will have them and this means that you might not have this option at all. You may have already used it all up. However, if you do have one, then it will be a really quick and easy way to get money as you can draw out the case, do a transfer or write a cheque.
- If you Have a Credit Card– if you have a credit card then this could be a quick option for you. If you are able to buy what you need with a card then you will be able to have it right away. However, if you need cash, then you will have to draw it out with the card and so you might need to go and find a cash machine to be able to do this. When you take money out on a credit card as cash you will have to start paying interest on it right away, unlike other purchases when you have an interest free period between when you buy the item and get the statement so make sure you check how much this interest will be and consider the cost of doing this.
- Borrow from Someone you Know – if you decide to borrow form someone that you know then this could be a fast way to get money. It may not necessarily be free as they may decide to charge you interest, but if they have the money available then it could mean that you will get it quickly. Of course, you may not necessarily know someone that has that sort of money available to them or you may know someone but may not feel that you want to ask them. It can be tricky at times to ask people for money and so it can be a good idea to think about whether this is a good option for you or not.
- Compared with Other Loans – it is also worth comparing the speed of organising a no credit check loan with other loans. If you are looking at traditional loans, they will have to be arranged within banking hours and they could take a period of time to organise. With a no credit check loan, some lenders will be available 24/7 to be able to process the loans for you and they might be able to get you the money you need within a few hours. Although this is not as fast as the above options, if you do not have those options available to you or you would rather pick a different option, then this type of loan could be another quick option for you.