Borrowing a new line of credit is difficult when you have a poor credit score. And if you don't want to go through the process of a credit check, there are some alternate options to borrow loans. This includes borrowing from a friend, which is technically known as peer-to-peer lending. In this, you borrow money from a friend or family member, and they don't run a credit score check before lending money. Like this, there are many other options available; let's learn about them. 1. Payday loansThis category of loans doesn't require a credit check; you can apply for this from your bank or any authorised financial institution. It just has one disadvantage, which is a high interest rate. So, if you can manage to pay a high interest on your immediate money requirement, apply for this loan. 2. Cash appsWith the online application, sending a loan request is easy. And there are multiple cash apps where you don't need to go through a credit check to borrow a personal loan. Such apps include: Jupiter, FIBE, MoneyTap, HomeCredit, etc. Do consult with a financial advisor before borrowing any new loan, as this will secure you from any bad financial decision.3. Borrow from a friend or family memberThe most secure and reliable option to borrow a loan with zero credit verification is by borrowing from your friend or family. There is a trust from person to person, and the lending happens without any official documentation. So no party is reliable for paying the money under a stipulated period, at a specified interest or any terms and conditions.If the need for funds is not that urgent, avoid borrowing any loan without a credit check. Because as a responsible borrower, your first job is to maintain a healthy credit record before you seek a new loan. (Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
How to borrow loans without a credit check: cash apps, payday loans, peer-to-peer lending
