Here at 514Loans, we offer no credit check loans 24/7, making it convenient and easy for you to get the money you need without the hassles that come with traditional lenders.

While this convenience and expedience are much-needed services in today’s society, there are a few unfortunate myths surrounding no credit check loans, so we thought we’d take this opportunity to dispel some of them.

Myth #1: No Credit Check Loans Are Predatory

While it is true that there are some predatory lenders in just about every industry, not all no credit check loan providers fall into this category. Reputable lenders, such as 514 Loans, adhere to regulations and offer transparent terms and conditions, allowing you to make an informed choice about whether you want to borrow the money or not.

Myth #2: No Credit Check Loans Are Only For Those With Bad Credit

While it’s true that those with bad credit will find no credit check loans extremely useful, anyone can use these loans to gain quick access to funds.

Credit checks are notoriously admin-heavy and take a lot of time. Therefore, if you want a loan quickly, then it’s sometimes the more attractive option to sidestep the credit check process, as it can slow things down.

What’s more, avoiding a credit check can also help in avoiding inquiries on a credit report, which can lower one’s credit score.

Myth #3: No Credit Check Loans Have Exorbitant Interest Rates

Again, while it is true that there are some lenders on the market who offer extremely high interest rates for no credit check loans due to increased risk, this is not necessarily the case for all lenders.

Generally, it is true that a no credit check loan will have a slightly higher interest rate. However, it is not necessarily what one might call exorbitant. In most cases, traditional lenders will provide interest rates that are comparable – if not worse – to those of online lenders.

To ensure that you are getting a good interest rate on par with your risk rating, try shopping around for loans to see what you’re offered elsewhere.

Here at 514 Loans, we offer no credit check loans 24/7 with competitive interest rates. To take advantage of this convenient way to overcome your financial shortfall, apply on our website now.