You may have your own reasons to get a $4000 loan with no questions asked. That is all right since you can find online lenders that give loans with no fax no teletrack for people with bad credit history. Furthermore, there are several types of loans and payment options you can choose depending on your actual credit ratings, amount you want to borrow, for how long, collateral to secure the loan etc. A $4000 personal loan is not a lot but may be more than what many payday loan companies are willing to offer especially when you have poor credit or lower than 620 FICO points.
When you have bad credit and cannot get a credit union or bank loan for $4000, you just have to pay more loan fees compared to someone with excellent credit ratings. That is how banks choose their customers – they will give very low interest loans to people who have very low or no risk of not paying back. That is all right, since you can find legitimate loan companies willing to give $4000 bad credit loans as well. This is recommended when you need to borrow and get the money right away, otherwise you should take the time to improve your credit score so that you eventually have ready access to cheap personal credit and loan options.
Bank Loan with Guarantor For Bad Credit
To get cheaper loans for bad credit, ask the lender for guarantor loans where someone with good credit will co-sign your loan. Your loan guarantor or co-signer will take over the loan payment if you default or is late on the monthly pay back. For example, it is very common to get bank car loans with co-signer or private student loans with guarantor when you do not have the necessary credit to qualify at the banks. Try asking your family or close friends to help you cosign a $4000 personal bank loan since it is not a very big amount.
You may be thinking why not ask them to take out a loan in just their name and enjoy the cheaper rates? This is because you get the opportunity to repair your credit history by paying back the $4000 unsecured installment loan in your name on time every month. After all, it is important to maintain good credit for yourself and not rely on others all the time.
If you cannot get a guarantor loan for bad credit, then unsecured payday loans with no credit check can be more expensive. Furthermore, most legit lenders will give you up to $1500 loans with no collateral. So to borrow more money within the same day or 24 hours, you will have to take a risk and find lenders with no teletrack or telecheck.
Lenders That Give Loans With No Telecheck
However, these no fax payday loans rates are very expensive compared to bank rates, which is why they limit the maximum amount you can get. The no teletrack lenders are taking a big risk for lending money to you with no credit or poor credit, which is why they charge a high APR around 500% to compensate for the high chances of borrowers default on payments.
If your monthly income is only $2000, it can take you more than 3 months to pay back a $4000 bad credit loan from multiple lenders. It is already considerably longer than average short term loans, so you are taking a big risk here even if you manage to find these bad credit loan companies that give loans with no teletrack no credit check.
Pay off the loans as fast as possible and do not be late. Avoid the temptation to extend the loan by another month unless you have no more alternatives. Your interest fees will spiral out of control easily this way. Keep looking for the cheapest lender with not more than 500% APR. Do not agree to loans that are too expensive because it is very difficult to pay back fast.
To conclude, it is way easier to borrow money even with poor credit history than to pay it back timely with no late penalties. Many people just take out multiple high risk unsecured loans at the same time because they managed to find no credit check lenders, but what about the plan to pay back? If you are smart, know the best options for getting cheap bank loans with bad credit and you will be better off.
In case this is the 5th time you are getting a faxless payday loan, it is a clear sign that you are over reliant on such lenders and jeopardizing your own finances without knowing it. All your excess income are going down the drain to feed these lenders, which is why you cannot manage to save any cash at all. Beyond this point, getting a $4000 loan currently is probably worse than not borrowing the money.