No turn down installment loans are one of the financial products that you can find on the market today.
You may find out about them from an ad and want to check out what they really are.
To get guarantees of being approved before even submitting your application seems like a great opportunity for all people, especially those with bad credit.
Maybe it is too great to be true?
You will find some interesting information on this topic in this article.
What Are No Turn Down Installment Loans?
No turn down loans are those that you are promised to be approved for whatever your situation is.
Such offers seem to be very attractive for people who have already applied for personal loans but have been denied.
Is it really enough just to submit your application?
Well, of course, it is not!
It is important to understand that all those lending companies that you can find on the Internet have the same purpose — to get the profit.
Nobody wants to give you money for nothing and eventually they want to ensure that you will be able to repay everything back.
Even if they do not require providing any documents and even state that no credit check will be run, such businesses will do everything possible to check your creditworthiness and other information about you, such as your employment status, the level of salary, and more.
Also, if you read the information published on the website carefully, you will notice that they do not guarantee to provide a loan for you.
Who Offer Such Loans
Offering this type of loan may just be a marketing move to attract your attention; therefore, if you find a company offering that, you should read all the information published on the website carefully.
Likely, you will find that there is no guarantee of being approved.
However, this does not mean that you should not dedicate some time going through the conditions of the company because they may be reasonable.
Often, you can find such offers on lending platforms.
The companies running them are not a direct lender but they allow you to submit a single application to show it to several loan providers, which increases your chances of being approved.
It is very convenient and you may consider applying through such a service, but you should keep in mind the disadvantages of such a way:
- You will not find out conditions until you actually submit your application;
- It may be risky to provide your sensitive information on such sites.
The thing is that there are many complaints that you can find on the Internet regarding providing personal information and never being connected with any lender.
Absolutely no turn down loans?
So, people suspect that they were caught on a hook by such companies just to obtain their personal data.
This does not mean that all lending platforms are the same, but before you apply with one, just check the following information:
- The business is reputable (it has been around for several years and it has high ratings from the customers);
Need Money Now? Don’t Wait!
Examples of Costs & APR
TwentyMilliSeconds.com is not a lender – as such, we do not have control over the APR you will be offered. We display a Representative APR only as it is based on data offered from multiple lenders. The following represents sample rates, is for informational purposes only, and may not reflect the actual APRs offered by your lender or lending partner.
Loan Amount $1,000, Interest Rate 24.00%, Loan Term 12 months, Fee 3.00%, Repayment $94.56, APR 29.82%, Total Repayments $1,134.72, Total Cost $164.72
If you borrowed $5,000 over a 48 month period and the loan had a 8% arrangement fee ($400), your monthly repayments would be $131.67, with a total pay back amount of $6320.12 which including the 8% fee paid from the loan amount, would have a total cost of $1720.12. Representative 18.23% APR.